The Economy: Crawling Out Of the Slump

Not for months has Alan Greenspan been so downright bullish about the U.S. economy. Speaking last week in Osaka, Japan, the normally dour Federal Reserve chairman said he saw "clearly encouraging" signs that the recession is ending and mounting evidence of a "stronger-than-expected recovery." But back at home, hardly anyone else felt it. Wary Americans seemed a long way from embarking on a spending spree. "I used to go into a store and say, 'I want that,' and not even ask how much it cost," says Liane Adduci, an ad- agency executive in Chicago. "Now I'm much more conservative." The unlikely...