(Good) Signs of the Times

The Asian factor

Most economists feel the only real threat to the economy—and a key reason the second half is expected to slow in comparison—is the ongoing financial turmoil in Asia. That continent's troubles are expected to depress U.S. export sales and trigger increased Asian imports. The Economic Policy Institute initially forecast the crisis would eliminate more than 1 million U.S. jobs, but President Clinton's Council of Economic Advisors contends there will be no impact on employment.