He benefited politically from the gradual worldwide recovery that took place after 1932.

Mr. Bush has acknowledged that some pockets have not benefited from the recovery, and he said as much again today.

"Financial-services stocks are benefiting from the recovery," he said, "and the regional banks have been in pretty good shape."

But the company is also beginning to benefit from the recovery in some foreign markets, notably in Asia.

"Now you want the opposite - more industrially oriented companies, to benefit from the economic recovery overseas."

The export-oriented industries will be the first to benefit from the global recovery and spring back to life.

Paper companies were thought likely to benefit from the recovery.

The company is benefiting from the recovery of industrial markets following the recession and the growth of emerging economies.

Why isn't President Clinton benefiting at the polls from the economic recovery?

"They not only benefit from the natural recovery of the business cycle; they have gone through restructuring efforts way earlier than the basic industrial," he said.