Most analysts had anticipated a modest rebound in factory jobs and the decline was somewhat of a puzzle.

But economists said it overstated the economy's strength, and they predicted only a modest rebound in growth, at best.

Projections are that the market will continue its modest rebound through the end of the year.

And the modest rebound in housing starts has not spilled over to commercial construction like office buildings.

There is even evidence that the Mayor may be enjoying a modest rebound in popularity.

"The market has clearly been oversold, so a modest technical rebound is natural," a trader said.

Many forecasters now say they see problems continuing until the second half of 2002, then a relatively modest rebound.

Television is enjoying a modest rebound in advertising revenue.

But officials pointed to a few rays of light, including a modest rebound in tourism and the residential property market.

Analysts cautioned, however, against overreacting to one month's report and said they expected at least a modest rebound this summer.