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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (61083)	2/28/2002 1:38:55 AM
From: StanX Long	Read Replies (1) of 70976

Greenspan cautiously optimistic on U.S. economy host.wallstreetcity.com WASHINGTON, Feb 27, 2002 (Kyodo via COMTEX) -- U.S. Federal Reserve Board Chairman Alan Greenspan on Wednesday showed a cautiously optimistic view on the U.S. economy, saying the dynamics of the business cycle have reemerged but the pace of recovery may be moderate. "Despite the disruptions engendered by the terrorist attacks of Sept. 11, the typical dynamics of the business cycle have reemerged and are prompting a firming in economic activity," Greenspan said in a semi-annual review of the U.S. economy before Congress. Greenspan said the Fed expects the U.S. gross domestic product (GDP) would grow 2.5-3% in 2002, while the unemployment rate is projected in the 6-6.25% range. "An array of influences unique to this business cycles, however, seems likely to moderate the speed of the anticipated recovery," Greenspan told the House of Representatives' Financial Services Committee. Reiterating his remarks made at a congressional testimony in January, Greenspan said "increasing signs" have emerged that some of the forces that have been restraining the economy over the past year are starting to diminish. "One key consideration in the assessment that the economy is close to a turning point is the behavior of inventories. Stocks in many industries have been drawn down to levels at which firms will soon need to taper off their rate of liquidation," he said. Greenspan said spending by the house sector held up well through much of last year's slowdown and provided to be a major stabilizing force.

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