October 2003

Trends and Resources

HP Impact: Economist assesses 'shape of recovery'

The recession is over. The good news is, it wasn't much of a recession, says David Wyss, chief economist with Standard&Poor's. However, here's the bad news: "It's not much of a recovery." Speaking at ..

Weirauch, Wendy, Hydrocarbon Processing Staff

The recession is over. The good news is, it wasn't much of a recession, says David Wyss, chief economist with Standard&Poor's. However, here's the bad news: "It's not much of a recovery." Speaking at the annual Engineering and Construction Contracting Conference, Wyss reviewed his forecast for the US and global economies. Though energy costs have dropped from pre-Iraq-war highs, US consumers are spending near the maximum and businesses have not taken over the lead yet. Excess capacity and war fears have kept corporate spending on hold. A world "economic stagnation is widening the trade gap," notes Wyss. Economies in Germany and Japan are struggling. Other nations, however, are picking up

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