HOLD THE BUBBLY, FOR NOW.

The article analyzes the problems facing businesses in the U.S. from disruptions caused by the Year 2000 computer crisis. The efforts of companies in the country to avoid disruptions are already distorting the economy. Surveys show that more than a third of manufacturers plan to hire inventories of raw materials, by 23% in the fourth quarter of 1999. Some major advertising agencies report that major clients are cutting back on lose business rather than create demand that they might not be able to fill. Financial markets will be affected too. In the bond markets, the Y2K effect can be seen in growing interest-rate spreads.