20 Jul 2001 Out of the Stormy Night and into the Fog
Posted at 14:09h in The Friday BriefIncreasingly, economists are saying the worst may be behind us, but recovery is not clearly in sight. Mr. Greenspan’s comments to Congress yesterday pointed to the possibility of a turn in the economy in the second half of this year, but he warned that the current malaise could likely continue for some time to come. Recent company earnings reports have not been as bad as feared while revenues did disappoint more often. Managers in general have done an excellent job cutting expenses in the face of this dramatic slowdown, but their reluctance or inability to provide any meaningful guidance about the near-term future weighed on stock prices.