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Economic Conditions During The 2001 Recession (Part I*)

Source: www.ofm.wa.gov
Topic: Economic Conditions

Sort Desciption: shallow as consumption has cushioned the economic condition that has been suffering. from cutbacks in business investment. Consumer spending was kept ...

Content Inside: W ASHINGTON S TATE O FFICE OF F INANCIAL M ANAGEMENT W ASHINGTON E CONOMIC T RENDS Research Brief No. 15 July 2002 Economic Conditions During The 2001 Recession (Part I*) Contributors: Ta-Win Lin Jim Schimidt The National Bureau of Economic Research (NBER) has officially declared that the national recession started in April 2001 ending a 10-year expansion of the U.S. economy. The economy experienced a significant decline in the second quarter of 2001 and the tragic September 11 th terrorist attack the first one ever on the American homeland delayed the recovery. However Gross Domestic Product after dropping 1.6 percent and 0.3 percent at an annualized rate in the second and third quarters of 2001 respectively stabilized and managed to grow 2.7 percent in the following quarter. The September 11 th attack caused a significant loss of life and physical damage; but the U.S. economy because of its size and diversity proved resilient. For example air transportation the industry hit hardest by the attack represented only 0.8 percent of total national output. In addition the nations advanced technological infrastructure has shown tremendous capability to overcome major disruptions sustain services and support business activities. ** Still the terrorist attack has had some significant ramifications for the economy: defense spending over the next few years will likely go up from the current 3 percent share of the nations total output; and societys priorities will certainly shift to devoting more resources to domestic safety and security. NBER has not declared a precise end to the 2001 recession. This paper discusses the economic changes on the state and national levels that had occurred through the first quarter of 2002. National Conditions The 2001 recession is a shallow one. Gross Domestic Product (GDP) the broadest measure of the national economy began contracting in the first quarter of 2001 even before the recession started. However through three co ...

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