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Media Advisory
March 4, 2002
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| TO: |
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Business Writers/Editors following the Regional Economy
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| WHAT: |
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Recession in the West: Not a Rerun of 1990-1991
FRBSF Economic Letter #2002-06 dated March 8, 2002
The West's extraordinary expansion ended abruptly in 2001, as the
downturn in the information technology sector (IT) and the September
11 terrorist attacks combined to damp employment growth. This research
puts the current downturn in the West in perspective in several
ways, including the broader context of U.S. trends, the condition
in the West as a whole, as well as by state and by selected sectors.
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| WHO: |
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Mary Daly, Senior Economist
Federal Reserve Bank of San Francisco
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| WHEN: |
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Now available on the Internet at:
www.frbsf.org/publications/economics/letter/2002/el2002-06.html
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| WHY: |
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Relative to 1990-1991, the current recession in the U.S. outside
of the West is likely to be mild and of short duration. The same
characterization holds for California, though for other western
states, the opposite is true. Business reporters researching the
current downturn of the region and are seeking neutral, third-party
input to bring perspective to their stories may wish to contact
Senior Economist Mary Daly directly at (415) 974-3186 or Mary Daly.
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| CONTACT: |
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Lily Ruiz, Media Relations
Lily Ruiz
(415) 974-3240
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