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A Recovery Trying to Keep Its Legs Suddenly Feels Woozy
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| Contributor | RP |
| Last Edited | RP Jul 12, 2004 03:52pm |
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| Category | Analysis |
| Media | Newspaper - New York Times |
| News Date | Monday, July 12, 2004 06:00:00 AM UTC0:0 |
| Description | Retail sales slowed in June. Auto purchases declined. Several technology companies warned about weak software and hardware spending at the end of the second quarter.
Less than three years since the United States emerged from a recession, a patchwork of unexpectedly soft economic reports is raising doubts about the vigor of the recovery.
"At every client meeting I have,'' said Ethan S. Harris, chief United States economist at Lehman Brothers, "I'm asked whether a slowdown has hit the U.S. economy."
Indeed, stock prices have faltered since the end of June, as corporate earnings have disappointed investors. And bond prices have risen, as evidence of economic fragility has allayed fears that inflation will accelerate. The recent sluggish economic indicators have inspired a note of caution in forecasts which until now had been unabashedly bullish. |
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