UK retailers report signs of recovery

Economic activity fell sharply in the wake of the tragedy of 11 September. With the fighting in Afghanistan, possibility of further terrorism and the new bio-terrorism threat, the short-term outlook for economic growth remains uncertain. Recent statistics do not shed much light on current levels of activity. Looking back prior to the attack, economic releases in the US in August suggested that the first stages of a recovery were in place. In particular, US manufacturers outside the technology sector had cut inventories to levels at which demand would lead to increased production. C...