Continued uncertainty has dampened the sense of optimism that pervaded economic news last month; this month, the tone has been more cautious with a sense of realism. Dominique Strauss-Kahn, managing director of the International Monetary Fund, warned audiences in Tokyo and Washington, D.C., that much of the growth is dependent on government stimulus packages, placing the economy in a precarious position if any of those programs end too quickly.

Several indicators in the past month reversed course, posting declines after …