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The Economy in Perspective

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Stormy weather … Recent developments, along with fresh data for 2001, are prompting forecasters to revise their expectations of economic activity downward for the rest of this year. Increasingly, analysts who had expected sunshine are calling for partly cloudy skies, and some are even predicting another thunderstorm. Economic meteorologists are paying particularly close attention to consumers, whose attitudes and spending are thought to signal upcoming weather patterns. Those who fear that a second economic thundershower will follow close behind the one that struck in March 2001, conjecture that consumer spending simply cannot hold up under the atmospheric low-pressure front brought on by sinking stock portfolios.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-08, pp. 01, 08.01.2002.

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