Commentary

BEA Revises 2000 Economic Numbers Down

The Bureau of Economic Analysis (BEA) today released a comprehensive revision of its data on gross domestic product (GDP). The new data confirm that the recent economic slowdown began in 2000 and illustrate the economic shock of the terrorist attacks of September 11, 2001. The economy contracted in the third quarter of 2000; earlier data had shown weak growth. The revised data confirm that the economy weakened considerably in the second half of 2000. The third quarter of 2001ââ?¬â??when the terrorist attacks occurredââ?¬â??was the worst quarter of the recession. The revised data thus suggest that the terrorist attacks amplified a milder downturn. You can find the JEC report here:

Geoffrey Segal is the director of privatization and government reform at Reason Foundation, a nonprofit think tank advancing free minds and free markets. He is also editor of Reason's Privatization Watch.