Table: What the NBER Is Watching

PEAK-TO-TROUGH PEAK-TO-APRIL 1990-1991 2000-2001

INDUSTRIAL PRODUCTION -4.5% -2.8% PAYROLL EMPLOYMENT -1.6 -0.2 REAL BUSINESS SALES -5.1 -0.9 REAL HOUSEHOLD INCOME* -2.6 +0.8

* Less transfer payments, Sept., 2000 to Apr., 2001

Data: Federal Reserve, Labor Dept., Conference Board

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