Economic Outlook

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: I am delighted to be here today to discuss the economic outlook for 2005 and beyond. But before I do, it would be helpful to review briefly the course of economic activity over the past year or so. The usual disclaimer applies here, however: the views expressed are my own, and are not necessarily those of others in the Federal Reserve System. Looking back, 2004 was the year that the economic recovery from the recession of 2001 finally set down firm roots. Real output grew four percent over the year ending in the third quarter. This is the same rate at which output grew over the course of 2003, so from that point of view, 2004 might not look much better. But this superficial similarity masks the significant improvements in the strength of the recovery that have taken place this past year.

Date: 2004-12-20
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