Bush Paints Upbeat Economic Picture

WASHINGTON —  In some of his most optimistic comments on the economy in recent weeks, President Bush on Tuesday delivered an upbeat report in which he said that “things are looking much more promising.”

Speaking by closed-circuit television to the American Advertising Federation, meeting in Nashville, Tenn., Bush said: “If I can borrow a term from Wall Street, I am bullish on the economy--not overly optimistic, not Pollyannic about it, but while some sectors are still sluggish, on the whole a turnaround in the economy appears to be in the making.”

In late December, Bush was among the last to acknowledge that the economy had slid into a recession. As it begins to pull out, he is touting the prospects for recovery, although he laces his words with caution.

“I don’t want to sound, as I say, euphoric, because frankly some people are still hurting in this country, and they’re hurting badly. And this worries me. This concerns me. But things are beginning to move forward,” he said.

“I think there’s reason to be optimistic. This recession has lasted perhaps longer than we would have thought. It hasn’t been as deep as many had predicted. But let’s see where we go. I think things are looking much more promising as I speak to you here.”

He said that last week’s unemployment report, covering the jobs situation in May, indicated that more than half of the industries in the nation had added to their payrolls and that industrial production is rising.

The index of leading economic indicators had grown for three consecutive months, Bush said, calling the performance “a strong signal that the economic future looks bright.”