9-11

United States Economic Reaction
After September 11






Alexander Won
12-15-02
Tuesday Thursday 10:40



The tragic events of September 11th has left a permanent scar on everyone’s life. This event has not only effected people, it has also effected the United States economy as a whole. Retail stores, airline travel, and small businesses have been struck hard by the September 11th attacks.
Before the September 11th attacks, the United States economy was in a mild decline, despite seven rate cuts by the Fed since the start of the year. According to the National Bureau of Economic Research, the U.S. economy entered into recession in March 2001. Car sales were down, though other retail sales were having a good summer, helped, perhaps, by tax rebates. Manufacturing output had been falling gradually for a year and equipment orders were declining further. Construction, which had been a major advancing sector, was softening (Parry, 2001). The falling stock ma...