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Most of the economic indicators have been up lately, lifting White House hopes that the economy is finally turning around just 15 months before the 2004 presidential election.

Despite persistent Democratic attacks that President Bush's tax cuts and deficits have driven the economy into a recession, economic growth is climbing, manufacturing orders have improved, incomes are up and consumer confidence is rising again.

There is an emerging belief among investors on Wall Street, which has been in the midst of a cautious bull rally, that the signs of an economic pickup are for real. After three long years of economic anemia, caused by many factors -- a bursting tech stock bubble, terrorist attacks, the corporate accounting scandal and two wars in Afghanistan and Iraq -- the American economy is clearly on its way back and not a moment too soon, either.

Among the chief signs of recovery:

c Demand for manufacturing products rose an impressive 1.7 percent in June. That's the second month in a row that factories have seen orders increase -- for things like household appliances, machinery, automobiles and chemicals, the Commerce Department said Monday. Durable goods orders -- more expensive products expected to last at least three years -- rose 2.6 percent. This is the biggest gain in nearly a year. And as orders rise, these companies will be rebuilding their depleted inventories, which will further boost manufacturing growth.

c The Institute for Supply Management's manufacturing index upticked to 51.8 in July -- up from 49 in June. Any figure over 50 percent means manufacturing is growing.

c Then there is the rise in the consumer confidence index in the first half of July. The University of Michigan survey index increased from 89.7 in June to 90.3 -- the third jump in four months.

c Consumer spending has been rising, too, as a result of the Bush tax cuts. American shoppers pushed up retail sales by 0.5 percent in June. That was the strongest rise in three months.

The $350 billion in accelerated income tax cuts that were enacted this spring have led to lower paycheck withholding, which has given families more discretionary income. That is being followed by the child tax credit refund checks that began going out to 25 million families last month and will continue well into August. (Checks average about $400.)