1993 Outlook: Recovery Amidst Restructuring

The weakest economic recovery in the post-World War II era showed promising strength in the second half of 1992, raising business and consumer confidence that the recovery will be sustainable and may even begin to follow a recovery pattern in 1993 more similar to past recoveries. More than thirty business economists and analysts from around the Midwest gathered in Chicago on December 9,1992, for the sixth annual Economic Outlook Symposium, sponsored by the Federal Reserve Bank of Chicago, to discuss the prospects for the American economy in 1993. The consensus view was for a steady improvement in economic activity in 1993. Nevertheless, economic growth was expected to remain below historic rates of recovery. This issue of the Chicago Fed Letter summarizes the consensus of 24 forecasts submitted at the meeting and highlights the related discussion of key industries important to the Midwest economy.