• Greenspan sees economic recovery near

    Federal Reserve chairman Alan Greenspan cautiously said today that a recovery was emerging in the U.S. economy. Economists interpreted that to mean an end to the interest-rate cutting spree the Fed's been on since December 2000. Greenspan told the Senate committee on the budget that the economy underwent a "significant cyclical adjustment" last year, worsened by the Sept. 11 attacks. "But there have
    Jan. 24, 2002
    Federal Reserve chairman Alan Greenspan cautiously said today that a recovery was emerging in the U.S. economy. Economists interpreted that to mean an end to the interest-rate cutting spree the Fed's been on since December 2000.

    Greenspan told the Senate committee on the budget that the economy underwent a "significant cyclical adjustment" last year, worsened by the Sept. 11 attacks.

    "But there have been signs recently that some of the forces that have been restraining the economy over the past year are starting to diminish and that activity is beginning to firm," Greenspan said.

    Economic data from retail sales to jobless claims to manufacturing activity released in the past couple of weeks have been better than analyst's expected.

    Greenspan, however, urged lawmakers considering fiscal measures to stimulate the economy to be mindful of the pressures that will be on budgets in the future.

    The Senate is scheduled to begin debating a $69-billion stimulus package, an effort that had stalled amid partisan bickering. The package includes tax cuts for new business investment, rebates for low-income workers, extended unemployment benefits and more federal aid to cash-strapped states.

    That Democrat-backed plan is considerably less ambitious than the $200 billion multiyear plan backed by President Bush and congressional Republicans.

    About the Author

    Tim Parry

    Tim Parry is a former FleetOwner editor. 

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Sign up for our free eNewsletters

    Latest from News

    Oxy
    Occidental Chemical, known as OxyChem, produces indispensable chemicals internationally. This small private fleet covers about 2.5 million miles annually, delivering products to customers across the U.S.
    Members Only
    Leadership and training turned this chemical bulk hauler into one of the safest fleets in the U.S. Intensive training and experience pay off for Oxy's Occidental Chemical transportation...
    249455233 | Siwakorn Klomwinyarn | Dreamstime.com
    trucking internal promotions
    By recognizing and developing your internal talent today, you lay the foundation for stronger, smarter fleet operations tomorrow.
    ID 119046131 © Jonathan Weiss | Dreamstime.com
    English language proficiency support
    A FleetOwner survey illustrates how industry readers view the government renewed English language proficiency enforcement. Respondents overwhelmingly support ELP in out-of-service...