Date of this Version
Business in Nebraska vol. 57, no. 662
The task ofthe Nebraska Business Forecast Council is session was to address the economic consequences of the terrorist attacks on our nation and the implications for Nebraska's economic future. Prior to the attacks in early September, the national economy was teetering on the edge of a downturn. The economy showed no growth in second quarter 2001. Early third quarter data indicated little, ifany, improvement. The weeks following the attacks showed a large downturn in economic activity as the nation's attention was diverted to the impact and aftermath ofthe attacks. The downturn in activity in the lastthree weeks of September, the end of the third quarter, was enough to guarantee that the third quarter would show economic loss.
Similarly, the fourth quarter of 2001, with some exceptions, will undergo reduced economic activity. Consequently, the nation will have suffered at least two quarters of losses in Gross Domestic Product (GOP) when the data are released. The result is that the second half of 2001 eventually will be declared the start of an official recession.
Construction and Mining
Transportation, Communications, and Utilities (TCU)
Finance, Insurance, and Real Estate (FIRE)
Net Taxable Retail Sales