NAM projects sluggish recovery in 2002

WASHINGTON (Dec. 12)—The U.S. economy will hit bottom in the current recession in this quarter and recover—albeit slowly—in 2002, according to the annual economic forecast by the National Association of Manufacturers. This recession is unlike the ones of 1982 and 1990, said NAM President Jerry Jasinowski, in that it was manufacturing-led. "The manufacturing sector went into recession a full six months before the rest of the economy followed suit," Jasinowski said at a press conference. He urged Congress to pass the economic stimulus package before its annual recess, or else "the chances of slipping back into a recession are quite significant."