Robert T. Parry, President and Term Paper

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The author feels that with massive job losses, airlines closing, wages coming down, the psychological effects of terrorist attacks were profound and it was for this reason that economic forecasting became difficult. "...business leadership is much more negative about the economy than consumers are. Unfortunately, they are in a position to make their pessimism a self-fulfilling prophecy Optimistic consumers aren't in a position to hire anybody Pessimistic managers can lay people off, and that is what is happening now."

Response: since this article appeared just a few months after the attacks, we get a clearer and better picture of immediate economic impact of September 11. The author has done a good job in summarizing the effects in a precise manner. If you need to know how exactly the businesses suffered after attacks and how quickly people lost jobs, this article should be consulted.

Economic Outlook - consumer confidence following attacks on September 11, American Demographics Dec 1, 2001

Summary: This article takes into account consumer confidence after September 11 which actually drives the economy and gives businesses a reason to prosper and grow. However after September 11, it was seen that consumer confidence continued to decline resulting in lower demand for good and equally slow supply of the same. The author has presented many facts and figures. Some important consumer indexes studies have also been cited. "According to the University of Michigan's monthly report on consumer sentiment, based on 500 interviews, consumer confidence fell to a rating of 81.8 in September, from 91.5 in August. The study shows that the attacks created a brief surge in confidence - up 4.7 points the week after the attack - followed by a deeper plunge (down 16.1 points the following week), though the rating was back up to 82.7 in October."

Response: looking at economic impact from consumer angle helps in understanding just how the economic structure is built and how each factor contributes to its growth.

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Consumers serve as the driving force of economy and when they start withdrawing from the markets, business lose incentives to produce and supply leading to a recession in the economy. This article helps in understanding how consumer confidence came down after September 11 and where it was placed right before the attacks. This article is a useful piece for everyone who needs to understand the impact 9/11 had on consumer confidence and how this in turn affected the economy.

The Economic effects of September 11

Editorial in Australian Financial Review (printed on September 11, 2002)

Summary:

This article talks about economic impact of September 11 attacks on both the U.S. And Australian economies. The author first takes into account the fears that had suddenly risen after 9/11. Businesses suffered and it was felt that slow growth of economy would badly affect the American economy for a while. However the effects were not as bleak as they had first appeared. In fact the author positively claims that consumer spending remained quite strong despite fears and it was so resilient that people felt that economy would move forward to a quick and strong recovery. "In the U.S., the Federal Reserve cut interest rates aggressively, by 125 basis points, to their lowest level since the early 1960s. That action made feasible the 0% financing incentives offered by U.S. car manufacturers which, in turn, prompted the stunning 16% surge in car sales in the December quarter."

Response:

The main reason why I picked this article was because of its positive assessment of economic affects of 9/11. The author has cited figures and facts to state that economy in the U.S. was not as badly hit as it had been previously felt. It is however sad that in his determination to focus on the positive, the author ignored all the negative effects completely such as the slow consumer.....

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