Business: The Recession Is Over, But...

TECHNICALLY, the recession of 1970 ended late last year or early this year, when the nation's total output began again to grow faster than its rate of inflation. But is real prosperity back on the scene? In some key parts of the economy, a state approaching prosperity has indeed returned, yet this year's first-quarter results were far from evidence of fast or full recovery. Says Economist Robert B. Johnson, vice president of Wall Street's Paine, Webber, Jackson & Curtis: "It's quite true that the economy is turning the corner. But one thing is sure—it isn't doing it on two wheels."

Whatever the...