THERE IS LITTLE in the spate of economic statistics that was published this week to upset economy-watchers here in America. The economy is growing at an annual rate of 4 percent. The Institute of Supply Management reports that both the manufacturing and service sectors are expanding at an increasing rate. Share prices are showing strength, and the housing market remains buoyant.

Incomes are rising. Even usually glum farmers are finding reason to cheer: their incomes are up 25 percent on last year’s levels. Oil prices are falling as high inventories and warm weather relieve supply worries, and as Iraq slowly but surely returns to world markets in a major way.