What Postwar Pickup?

There's growth -- but not enough to rev up the job engine. And that has the Fed worried that deflation may be on the way

As the U.S. economy limps through its third post-boom year of sluggish growth, policymakers from Federal Reserve Chairman Alan Greenspan on down have been counseling patience: Let the healing process run its course. Yes, the profits, investment, and jobs picture looked bleak during the dark years. But the underlying economy is basically strong, and a second-half pickup is just around the corner.

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