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The Economy in Perspective

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Growing pains … Policymakers and analysts will be closely scanning fourth-quarter data for signs of a meaningful slowing in U.S. economic activity. Meaningful, in this context, refers to the duration of the adjustment as well as its magnitude. Analysts who think the economy is growing at an unsustainable pace look forward to a lengthy period of more moderate expansion. Unless the economy slows for longer than a quarter or so, they fear that its heady condition could easily generate larger trade deficits, labor shortages, and accelerating inflation. A much better outcome, they say, would be a growth downshift sufficient to keep the expansion intact, but without the hazards that could accompany its present course.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-10, pp. 01, 10.01.2000.

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