The lei consumer expectations and ism then napm surveys all, Microeconomics

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The lei consumer expectations and ism then napm surveys all

Question: The LEI, consumer expectations, and ISM (then NAPM) surveys all predicted a much more robust recovery in 1991-2 than actually happened. What factors intervened to keep real growth at an unusually low rate early in the recovery? Based on your answer, how would you adjust these series in generating forecasts for the 2002-03 recovery?

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