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Slip/Sliding into Recession
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Business New Haven
1/7/2002
By: BNH
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Connecticut appears to be sliding into a recession, according to the People's Bank Business Barometer (PBBB). Todd P. Martin, first vice president and chief economist at People's Bank, said that job losses and a manufacturing slump are the likely causes. The recession probably begin during the second quarter of 2001, Martin said. He added that the national economy officially went into recession in March, citing statistics from the National Bureau of Economic Research. Martin said that given the layoff announcements large companies have recently made, the unemployment rate, currently at 3.2 percent, could rise to 5 percent by the first quarter of 2002. However, initial unemployment claims fell in November. Martin hopes that lower interest rates, lower energy costs as well as federal government spending and tax cuts will “re-ignite” economic growth by the second quarter of next year.”
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