Governor Michael S. Dukakis returned yesterday from Iowa amid popular speculation that his two-day trip was the first step toward an impending presidential bid.

Speaking at an airport newsconference, Dukakis declined to announce his candidacy, but when asked whether he wanted to be president of the United States the governor said he was still deciding.

"To be inspired [the campaign] has got to be something you enjoy and feel good about," Dukakis said.

While still in Iowa, whose caucus next February will be the first official vote for presidential nominees, Dukakis spoke like a candidate. He stressed national themes which underlie the mid-western state's current economic woes.

At a fundraising dinner on Thursday the governor dropped the biggest hint so far about his larger political ambitions.

"In 1975 when I was first elected governor, Massachusetts was in desperate economic shape... I know what it is like to provide leadership when you are at the very bottom," he said at the dinner Thursday.

"It's not going to be easy, it's going to take some national leadership," Dukakis told the audience.

The governor ended his talk on a presidential note.

"I don't know what I am going to do at this point [about the presidency] but whether it is yes or no, you're going to see Mike and Kitty Dukakis back in Iowa," he said, referring to his wife.

Dukakis went to Iowa to attend a National Governor's Association conference on commercial development. But he also took time out from his conference meeting to speak with Iowa politicians and media.

The governor said upon his return to Boston that his schedule during the trip showed him the effort that a national campaign would require.

"I don't think the pace [of a national campaign] is different from state campaigning, only the distances are greater," Dukakis said.

Dukakis has been spoken of as a presidential candidate ever since he won re-election last November by the largest margin in state history. And some in Massachusetts are making it clear they are anxious for their chief executive to become president.

Before Dukakis' plane landed reporters discussed whether the governor could be elected president, and during the press conference, and airport public address system called out, "President Dukakis white courtesy telephone please."

Dukakis laughed, but said nothing.