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The Economy in Perspective

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One step back, two steps onward…Last month, the National Bureau of Economic Research’s Business Cycle Dating Committee announced that U.S. economic activity peaked in March. The NBER arrived at this conclusion after determining that business conditions had subsequently deteriorated in production, inventories, and employment among a broad range of industries. That the peak is now being dated in March came as a surprise to those who thought that the September 11 tragedy pushed the economy over the edge. To others, especially those who follow manufacturing conditions, March seems too late: Many manufacturers date the peak in their activity sometime in the last quarter of 2000.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-12, pp. 01, 12.01.2001.

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