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MIDSIZED MANUFACTURERS SAY ECONOMIC RECOVERY HAS BEGUN, ACCORDING TO SURVEY BY GRANT THORNTON, C.P.A. FIRM;

MIDSIZED MANUFACTURERS SAY ECONOMIC RECOVERY HAS BEGUN, ACCORDING TO
 SURVEY BY GRANT THORNTON, C.P.A. FIRM;
 CHICAGO, June 4 /PRNewswire/ -- For the first time in 18 months, U.S. manufacturers believe the nation's economy is picking up steam, though most don't predict a full recovery until year-end or later, according to a national survey conducted last month by Grant Thornton.
 In telephone interviews with a cross-section of top executives from 250 U.S. manufacturing companies with annual sales between $10 million and $500 million, the Chicago-based accounting and management consulting firm learned that 76 percent believe the country is just entering a recovery from a national recession, while only 17 percent say the nation is still in a recession.
 But despite initial signs of optimism, manufacturers are cautious about how soon the recession will end, the study found. Among the manufacturing executives who think an upturn has begun, only 12 percent foresee a recovery before summer.
 Another 34 percent say the country will pull out of its recession in the 1992 third quarter, while 51 percent look to a full recovery during the last quarter or later.
 Grant Thornton's latest interviews represent a dramatic shift in manufacturers' economic perspective since the firm's study began in February 1990. Only six months ago, the firm found that 74 percent of all manufacturers said the nation was still in a recession.
 Economic pessimism peaked in May 1991, when 88 percent said the economy was still in a recession. Indications that the recession had arrived were first reported by the accounting firm in December 1990, when 67 percent said the nation was in a full recession.
 Interviews on the U.S. economy were conducted for Grant Thornton by the Wirthlin Group, an independent research organization, from May 4 to May 15, and are part of the Grant Thornton Survey of American Manufacturers, an ongoing study.
 Because this study employs a national probability sample, its results are representative of the more than 20,000 U.S. manufacturers within the stated sales range. The sampling margin of error is plus 6 percent.
 Grant Thornton provides accounting, auditing, tax and management consulting services to manufacturers nationwide.
 -0- 6/4/92
 /CONTACT: Liz DeIuliis or John Koegel of Grant Thornton, 212-599-0100/ CO: Grant Thornton ST: New York IN: FIN SU: ECO


TQ -- NY029 -- 6941 06/04/92 10:00 EDT
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Date:Jun 4, 1992
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