"But I think this is going to broaden out, and we're seeing the start of a real recovery."

And there are other signs of a real recovery.

But most European companies say it is still impossible to predict whether a real recovery will occur next year.

There is no doubt that a real sustained recovery is still going to take a while.

"Now we're at least willing to think that maybe this is a real recovery."

It has to happen before we have a real recovery.

"The Administration wants a real recovery for the 1992 election year, not a half-hearted one," he said.

For one thing, they say, the airline industry will almost certainly not see real recovery until 2005 at the earliest.

So is a real, unambiguous recovery just around the corner?

"That's a real recovery and a real bargain for the American people."