performance in line with their expectations would not en-
tirely eliminate currently large margins of unemployed la-
bor and other resources until perhaps the latter part of
2005 or even later,” according to minutes of the Federal
Open Market Committee’s Oct. 28 meeting.
Copyright © 2003 by Associated Press. Reprinted with permis-
sion of the Associated Press
This article appeared on page 3 of the Business Section of the
Charlotte Observeron December 12, 2003. That same day the front
page carried a much longer article about the positive outlook for
North Carolina furniture companies in 2004.
The U.S. Stock Market—Psychology and Prognosis
Starting in the mid-1980s, a combination of events contributed to a
pronounced and sustained increase in the value of equity shares
traded in the U.S. stock market. (See Figure 2.2.) Figure 2.2 shows
the monthly closing price of the Dow Jones Industrial Average
(DJIA) from 1965 to 2003.
22 The Old Methods No Longer Work in Today’s Economy
0
2000
4000
6000
8000
10 000
12 000
14 000
Sep -65Oc t-66No v-67De c-68Ja n-70Fe b-7 1Mar-7 2A pr-73May -74Ju n-75Ju l-76Aug -77Sep -78Oc t-79No v-80De c-81Ja n-83Fe b-8 4Mar-8 5A pr-86May -87Ju n-88Ju l-89Aug -90Sep -91Oc t-92No v-93De c-94Ja n-96Fe b-9 7Mar-9 8A pr-99May -00Ju n-01Ju l-02Aug -03
FIGURE 2.2 Dow Jones Industrial Average 1965 to 2003
Source:Adapted from data from Yahoo.com.