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Economic Commentary

The Outlook: No Boom, No Doom

The economy’s mixed performance in recent months has led to a growing perception that a recovery has not yet begun, or that its sustainability is threatened. Recent declines in housing sales and new car sales, stalled industrial production, and minimal growth in employment have caused some observers to dismiss the reported third-quarter revival in economic growth. Pending layoffs by some manufacturers, financial institutions, and retailers are seen as additional warning flags of a faltering economy.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Erceg, John, and Lydia Leovic. 1991. “The Outlook: No Boom, No Doom.” Federal Reserve Bank of Cleveland, Economic Commentary 12/15/1991.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International