set -v doesn't take effect until next line

[Dan Jacobson]

set -v doesn't take effect until next line:
$ echo cd\;who|sh -v
cd;who
jidanni  pts/0        Jun 28 01:23 (:0)
$ set -v;cd;who
jidanni  pts/0        Jun 28 01:23 (:0)
$ who
who
jidanni  pts/0        Jun 28 01:23 (:0)

No big deal perhaps, except forget about using -v in a Makefile the
easy way.
$ cat Makefile
vtest:
        echo a
        set -v;echo a
        set -x;echo a
        sh -cv 'echo a'
$ make vtest
echo a
a
set -v;echo a
a
set -x;echo a
+ echo a
a
sh -cv 'echo a'
echo a
a

same with set +v. Ok, maybe it's all line based, not ';' based.  Darn.