ICS Magazine

New report: U.S. recession may be over

February 25, 2002
WASHINGTON--The recession, shaping up as one of the shortest and mildest on record, may be over already, some economists believe.

According to the National Association for Business Economics (www.nabe.com), 60 percent of the economists on its forecasting panel believe the economy has turned the corner and is growing again. Only two of the 37 forecasters said they believe the downturn will linger into the spring. NABE's newest forecast put economic growth at 1.5 percent for this year and an even stronger 3.8 percent in 2003.

"America's longest expansion in history has been followed by one of the shortest, shallowest recessions on record," said NABE president Harvey Rosenblum, director of economic research at the Dallas Federal Reserve bank.

The Conference Board reported that its Index of Leading Economic Indicators, a key gauge of future activity climbed 0.6 percent in January, its fourth consecutive monthly increase.

Washington, DC-based NABE is an association of professionals interested in business economics and using the latest economic data and trends to enhance their ability to make sound business decisions. There are approximately 3,000 members representing more than 1,500 businesses and other organizations from around the world. Founded in 1959, NABE attracts the attention of the most influential and prestigious economic leaders in business. Past Presidents have included several former Federal Reserve Governors, the current Chairman of the Board of Governors for the Federal Reserve System, Alan Greenspan, and other senior business leaders.