Recession fears mount; Shaken consumer confidence dampens recovery hopes.(Harris Interactive survey after terrorist attack)(Statistical Data Included)

Advertising Age, September, 2001 by Cardona, Mercedes M.

The worst terrorist attack in U.S. history dealt a one-two blow to the economy that could tip the nation into recession, further depressing an already weakened ad market. The assault hit the physical center of the U.S. financial industry, but it also shook consumer confidence, the last pillar propping up the economy.

Gail Fosler, chief economist of the Conference Board, revised her forecast for a second-half recovery; the attack's impact on consumer confidence, combined with existing low confidence, will push the recovery into 2002, she concluded. The Conference Board, a business research group, issued a statement noting its monthly consumer confidence index is not due out until Sept. 25 but will include a before-and-after comparison.

A survey by...

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