Consumers See Economy Glass as Half Full

A new Gallup poll on the economy shows that for the first time since November 2000, Americans are more likely to say that economic conditions in the country as a whole are getting better as opposed to getting worse. These more optimistic consumer expectations for the future of the economy are precipitated by an unusual consensus of economists. According to a recent Blue Chip Economic Indicators report, the overwhelming majority of private economists — nine out of 10 — believe that the current U.S. recession will end during the first quarter of 2002.

Moderator Comment: Will 2002 be much better year for the economy than 2001?

Even the perpetually glum Alan Greenspan in testimony before Congress this week sounded relatively optimistic about the economy’s prospects for 2002. Do not count on a big rebound, however. That might not happen until 2004. [George Anderson – Moderator]