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The Economy in Perspective

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The error of our ways … The Bureau of Labor Statistics announced last week that the nation’s unemployment rate, instead of edging back up in February after an unexpected January dip, declined further to 5.5 percent. Even January’s decline surprised most economic forecasters, who have been projecting a slow recovery in the pace of economic activity and job creation. But the recent labor market reports seem consistent with other incoming data, which collectively depict an economic recovery that is coming together nicely.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-03, pp. 01, 03.01.2002.

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