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Financial Conditions and the Economic Outlook

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  • Jeffrey M. Lacker

Abstract

After gradually weakening through most of the first three quarters of 2008, the economy has taken a dramatic turn downward in the last few months. We find ourselves in the midst of a deep recession that is stretching into its second year. This contraction is more severe than we have seen for some time -- in fact, you have not lived through an economic contraction this severe as an adult unless you came of age before disco. South Carolina, with its relatively heavy concentration of manufacturing activity, has felt the full force of this downturn. The state's unemployment rate has now reached into the double digits and firms have shed jobs on balance for eight consecutive months. In the past year, these job losses have been felt beyond manufacturing, extending across most sectors of the economy in South Carolina.

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  • Jeffrey M. Lacker, 2009. "Financial Conditions and the Economic Outlook," Speech 101646, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101646
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    File URL: https://www.richmondfed.org/press_room/speeches/jeffrey_m_lacker/2009/lacker_speech_20090326
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