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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61727)	3/8/2002 1:15:23 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Recession may be over host.wallstreetcity.com WASHINGTON, Mar 07, 2002 (United Press International via COMTEX) -- Federal Reserve Chairman Alan Greenspan said Thursday the nation's first recession in a decade appears to be over, although he said the recovery this year may not be as vigorous as it has been in the wake of past recessions. Delivering his twice-yearly report on monetary policy to Congress, the nation's top banker indicated he was substantially more optimistic about the near-term economic outlook than he was just a week ago. In prepared remarks to the Senate Banking Committee, he revised comments he delivered to a House committee last week. "The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed," Greenspan said. The Fed chairman said that "tentative indications" suggest "the contraction phase of this business cycle has drawn to a close," and that recent economic data have provided "encouraging signs" that consumer and business demand "is strengthening." On Feb. 27, Greenspan was more subdued about the state of the recovery. In testimony to the House Financial Services Committee, he described a "firming in economic activity" but did not characterize it as a recovery. He said only that the recession was nearing an end.