Out of the Economic Doldrums?(Financial Views: Fall 2003‪)‬

Commentary The economic indicators of the summer of 2003 were among the more closely watched in recent history, with consumers, companies, and investors keeping an anxious eye on an economy that showed signs of breaking from its doldrums. Although a number of risks could change the economic outlook, the end of a difficult period might be in sight if corporate spending steps up to cake some of the pressure off consumers. However, there are enough lingering problems--high unemployment, depleted government coffers, excess capacity--to suggest that the recovery will be tempered. Given these downward pressures, the situation could again slip into the trough that has lingered in the market.