Q1 2002 : February | March
Q2 2002 : April | May | June
Q3 2002 : July | August | September
Q4 2002 : October | November | December

February

Regional Employement Statistics (opens new window)

Business Week, "More Guarded Optimism from Greenspan" http://www.businessweek.com/investor/content/feb2002/pi20020228_5810.htm
o "Yes, the economy is likely to improve, the Fed chairman testified on Capitol Hill. Just don't expect it to be vigorous or quick"

Business Week, "PwC: Sharing the Hot Seat with Andersen?" http://www.businessweek.com/bwdaily/dnflash/feb2002/nf20020215_2956.htm
o "So far in the Enron scandal, Arthur Andersen has borne all the weight of the accounting profession's failures. But that's about to change. BusinessWeek has learned that congressional investigators are taking a keen interest in PricewaterhouseCoopers' role -- or roles -- in deals between Enron and its captive partnerships."

Business Week, "What's Crimping the Tech Rebound" http://www.businessweek.com/bwdaily/dnflash/feb2002/nf20020213_4644.htm
o "Strong consumer buying is always welcome, of course. But consumers account for only 6% of U.S. technology purchases, and they can't be counted on to extend their holiday buying spree. Government spending, which is expected to be strong this year, is also just 6% of sales. With education and other categories chipping in a measly 4%, that means corporate customers account for 84% of tech spending. And businesses have yet to pry open their wallets."

Business Week, "The Tidal Wave Bearing Down on Telecom" http://www.businessweek.com/bwdaily/dnflash/feb2002/nf2002027_9764.htm
o "It started with Global Crossing's undersea-cable boondoggle. Now, debt-burdened players large and small face a major shakeout"

Business Week, "A Double Dip for the U.S. Economy?" http://www.businessweek.com/bwdaily/dnflash/feb2002/nf2002025_1905.htm
o "The consensus at this year's World Economic Forum: The shape of growth in America will be more like a W than a V"

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March

Regional Employement Statistics (opens new window)

Business Week, "It's Too Early for a Tech-Stock Rally" http://www.businessweek.com/technology/content/mar2002/tc20020315_6636.htm
o "With the Nasdaq up nearly 10% since the end of February, you'd think technology investors would be celebrating. But plenty of party poopers are out there. Merrill Lynch chief U.S. stock strategist Richard Bernstein recently recommended that investors focus on utilities, consumer products, health care, and defense -- anything but tech stocks. His worry, which investors might be wise to heed, is that the recent rebound in tech stocks has been premature."

Business Week, "Why Consumers Can Afford to Be in Debt" http://www.businessweek.com/bwdaily/dnflash/mar2002/nf2002038_3012.htm
o "The recession is history. At least that's the opinion of Federal Reserve Board Chairman Alan Greenspan. In fact, Treasury Secretary Paul O'Neill, during his recent tour of the Middle East, denied that the world's biggest economy even fell into a traditional contraction. "It seems quite clear now that our economy never suffered a recession," he said."

Business Week, "It's Still Too Early to Celebrate" http://www.businessweek.com/bwdaily/dnflash/mar2002/nf2002036_6882.htm
o "Wall Street's upswing is a very positive sign, but the economy's full recovery won't begin until business begins spending and hiring again"

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April

Regional Employement Statistics (opens new window)

Business Week, Market Survey: http://www.businessweek.com/bwdaily/dnflash/apr2002/nf20020424_1051.htm
o "Of the 600-plus people who responded to our Apr. 17 survey on how consumers are doing these days, 49% said their financial situation is O.K., assuming no sudden reduction in their income. An additional 32% said they're in good shape, with plenty of cushion. Only 13% said they're in distress financially."
o "According to this unscientific survey, people are feeling slightly better than they did when we last asked these questions in December, 2001. Back then, 47% of respondents said they were O.K., 31% felt in good shape, and nearly 15% were in distress."
o "One reason for the restrained optimism may be the outlook for pay raises. While 38% of those who responded expect to get a raise this year, 50% don't."

Business Week, Housing Market Survey: http://www.businessweek.com/bwdaily/dnflash/apr2002/nf20020411_6753.htm
o "Now is a reasonably good time to refinance a home, but it's less clear whether this is the right time to buy. At least, that's the view of the nearly 1,200 people who responded to our Mar. 27 Reader Survey."
o "By a narrow margin of 39.5% to 36.9%, respondents said this isn't a good time to buy a home -- presumably because of the recent runup in prices across the country (see BW, 3/11/02, "The Homes Keep Selling") or perhaps beause of uncertain job prospects."

Business Week, "Fed Watchers Look to the Oil Patch" http://www.businessweek.com/investor/content/apr2002/pi20020415_0217.htm
o "As the Middle East crisis simmers and the situation in Venezuela remains uncertain after President Hugo Chavez was ousted and reinstalled in the space of a weekend, the oil-price outlook is nothing if not volatile. The recent surge in prices -- fanned by the Israeli-Palestinian crisis and tightening global crude supplies -- has certainly generated a great deal of analysis of the economic implications, especially the risks to growth and price stability. But one key trend has been somewhat overlooked: In the aggregate, commodity prices actually have been relatively tame"

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May

Regional Employement Statistics (opens new window)

Business Week, Wall Street Sentiment Survey: http://www.businessweek.com/bwdaily/dnflash/may2002/nf2002059_3717.htm
o "Of the more than 500 readers who responded to our May 3 online survey, "Cleaning Up Wall Street's Mess," only about 17% would rate the ethics of top corporate officers as good or excellent, vs. the 38% who rate them as fair and the 44% who rate them as poor."
o "When it comes to assigning blame for ethical lapses, 30% of respondents cite the individuals involved, while 58% cite both the individuals and their companies. In fact, a rather large 42.7% say they've been in situations where their employer required or expected them to do something they regard as unethical."

Business Week, "Raising Prices Won't Fly" http://www.businessweek.com/bwdaily/dnflash/may2002/nf20020524_4376.htm
o "So in industries from winemaking to carmaking, almost everyone must keep slashing them -- and that's hurting profits"

Business Week, "For Venture Capitalists, Paradise Lost" http://www.businessweek.com/smallbiz/content/may2002/sb20020522_9460.htm
o "Silicon Valley vet Craig Johnson explains how they're "recalibrating" after the tech wreck doused them with "freezing-cold water"

Business Week, "The Greenback's Setback: Cause for Concern?" http://www.businessweek.com/magazine/content/02_20/b3783053.htm
o "The dollar has garnered a reputation as a Teflon currency, and for good reason. No matter how bad things looked for the U.S. economy in recent years, the greenback always emerged unscathed. First there was the March, 2000, collapse of the Nasdaq. Then the recession a year later. And, finally, the September 11 terrorist attacks. Through it all, nothing seemed to dent the dollar. But now, some of the luster is starting to wear off."

Business Week, "Lots of Workers Are Still Getting Raises" http://www.businessweek.com/bwdaily/dnflash/may2002/nf20020510_1588.htm
o "When a downturn hits, companies cut costs like a helium balloonist ditching ballast to avoid an ocean landing. In the 2001 recession, U.S. corporations slashed capital spending and cut millions of jobs. Curiously, though, one thing didn't suffer -- pay raises. In the first quarter, wages and salaries after inflation rose at a strong annual rate of 2.8%. That's a bigger inflation-adjusted gain than in any calendar year of the 1990s."

Business Week, "Bad for the Jobless, Good for Rates" http://www.businessweek.com/investor/content/may2002/pi2002056_4497.htm
o "While April's unemployment rate spiked, hourly wage hikes were subdued, leaving the Fed with one less inflation worry"
o "The U.S. economic recovery continues to press forward, and yet something is missing: robust job growth. The April employment report released on May 3 revealed a surprisingly sluggish gain in new jobs -- 43,000 were added for the month -- and a decline in the average number of hours worked per week, despite ongoing evidence that production and sales remain strong."

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June

Regional Employement Statistics (opens new window)

Business Week, Trust in Corporation Survey: http://www.businessweek.com/bwdaily/dnflash/jun2002/nf20020621_8356.htm
o "When it comes to finding someone who'll give them an accurate portrayal of how companies are performing financially, investors have little confidence in corporate leaders or auditors. And they don't believe Washington can do much to improve the situation."
o "For instance, some 92% have "only some" or "hardly any" confidence that the market treats individual investors fairly. Some 93% have "only some" or "hardly any" confidence in those who run big companies. About 95% feel the same way about big auditing companies, such as Arthur Andersen."

Business Week, "When the Chips Are Down" http://www.businessweek.com/investor/content/jun2002/pi20020628_7071.htm
o "Times have been tough for semiconductor-sector investors recently. A multi-year recovery for worldwide chip sales began in the first quarter of this year, but, since then, the group has been hitting a few bumps as demand for PCs has turned out to be weaker than expected."

Business Week, "How to Hide $3.8 Billion in Expenses" http://www.businessweek.com/bwdaily/dnflash/jun2002/nf20020628_9459.htm
o "When WorldCom Inc. (WCOM ) revealed on June 25 that it had uncovered a $3.8 billion accounting fraud, everyone from the smallest investors to President George W. Bush reacted with shock and outrage."

Business Week, "Adelphia vs. Deloitte in a Game of Blame" http://www.businessweek.com/bwdaily/dnflash/jun2002/nf20020627_5863.htm
o "Auditors at Deloitte & Touche, the accounting firm that Adelphia dismissed on June 9, are required by law to respond to their dismissal by June 28 in a letter that Adelphia would then file with the Securities & Exchange Commission. In that letter, the cable outfit's ex-auditors are expected to claim that Adelphia's current board interfered with Deloitte's ability to conduct a full audit after the March revelations, according to a source with knowledge of the document."

Business Week, "What's Crippling Capital Spending?" http://www.businessweek.com/bwdaily/dnflash/jun2002/nf20020614_7805.htm
o "The market decline is raising the cost of capital to companies, depressing business confidence, and prompting chief executives to concentrate on cost-cutting and accounting rather than equipment expenditures and expansion. "The stock slump is putting corporate management on the defensive," says John Lonski, chief economist at debt-rating agency Moody's Investors Service. The result: The economy could end up expanding far more slowly in the second half than at the 3.5% pace many forecasters expect."

Business Week, "A Jobless Recovery? Not This Time" http://www.businessweek.com/bwdaily/dnflash/jun2002/nf20020614_2809.htm
o "Tough luck if you're out of work. That's the word out on the Street. Many Wall Street economists are downright dour about the job market."

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July

Regional Employement Statistics (opens new window)

Business Week, Market/Consumer Survey: http://www.businessweek.com/bwdaily/dnflash/jul2002/nf2002073_0199.htm
o "If the economy seems like it's running on idle, maybe that's because consumers feel the same way. In fact, our June 21 Reader Survey seemed to find readers in a darker mood than when we asked a number of the same questions on Apr. 17."
o "The percentage of people who feel that their jobs are "very secure" also fell -- to 20% in the latest survey, from 42% in the earlier one. Some 36% think the economy will be on the way to recovery six months from now -- but that's down from 53% who felt that way in April. Some 45% of those who responded to the June survey think the economy will still be struggling six months from now, vs. the 31% who felt that way in April."

Business Week, "End of the Telecom Turmoil" http://www.businessweek.com/technology/content/jul2002/tc20020729_8667.htm
o "WorldCom's climactic fall may signal an era's end. Unfortunately, the new era will be marked mostly by a dearth of competition"

Business Week, "So Far, 2002 Isn't Computing for PCs" http://www.businessweek.com/investor/content/jul2002/pi20020726_0858.htm
o "PC sales figures for the second quarter of 2002 are out, and the outlook remains murky. International Data Corp. (IDC), a market-research outfit based in Framingham, Mass., confirmed what many semiconductor and computer makers have already told us: PC demand remained weak in the second quarter."

Business Week, "The Earnings Recession? "That's Over" http://www.businessweek.com/bwdaily/dnflash/jul2002/nf20020726_9331.htm
o "Just as investors are losing faith in Corporate America, the nation's private sector may be emerging from its longest profit drought in more than 30 years. Based on results from 377 companies in the Standard & Poor's 500-stock index, second-quarter operating earnings are 1% higher than a year earlier, led by consumer-products companies and banks. Through July 26, moreover, the number of S&P 500 companies that topped analysts' forecasts outpaced the number that came up short in the second quarter by a wider-than-usual 5-to-1 rate."

San Jose Mercury News, "Silicon Valley jobless rate rises" http://www.bayarea.com/mld/mercurynews/3653790.htm

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August

Regional Employement Statistics (opens new window)

Business Week, Market Survey: http://www.businessweek.com/bwdaily/dnflash/aug2002/nf2002082_2637.htm
o "Investors think the gyrating stock market will affect both the economy and their spending -- but they haven't given up on stocks."
o "An overwhelming 82% said they think the recent swings in the market will affect the economy. And 62% said the uncertain market will prompt them to spend less of their income than before (though 34% remain undaunted)."
o "Like just about everyone else, those who responded aren't quite sure where the market's bottom will be. Some 44% said they think the markets haven't bottomed yet, while 26% said they have, and 30% said it isn't clear yet."

Business Week, Consumer Survey: http://www.businessweek.com/bwdaily/dnflash/aug2002/nf20020814_7163.htm
o "Consumers' ability to single-handedly prevent the economy from sliding back into recession is in question."
o "Asked how confident they are that their personal financial situations will improve over that period, the participants were split: Almost 48% are very or somewhat confident that they'll be doing better, while 50% are not very confident or not confident."

Business Week, Opinion Survey of U.S. War on Iraq: http://www.businessweek.com/bwdaily/dnflash/aug2002/nf20020823_5518.htm
o "Americans think President George W. Bush is going to start a war with Iraq -- and that such action would be justified under certain circumstances. But they're leery of the U.S. acting alone -- or sending American troops to do the job."

Business Week, "The Hard Consequences of Easy Loans" http://www.businessweek.com/bwdaily/dnflash/aug2002/nf20020828_0019.htm
o "There's plenty of blame to go around for the New Economy's boom and bust. But most of the attention has focused on the role of equity markets. Largely overlooked are debt markets, which also have played a role in the drama."

Business Week, "A Summer Slumber for Chips" http://www.businessweek.com/investor/content/aug2002/pi20020822_2096.htm
o "The semiconductor industry was supposed to show a smooth recovery this year and then race ahead in 2003 and 2004. As sales started picking up earlier in the year, many industry watchers figured the next cycle would peak in 2004-05. However, the mending in 2002 is turning out to be a slower process than expected."

Business Week, "Why Martha Has Congress Boiling Over" http://www.businessweek.com/bwdaily/dnflash/aug2002/nf20020822_1221.htm
o "The lawmakers are really turning up the heat. On Aug. 20, Stewart's lawyer delivered 1,050 pages of phone records, e-mail, and other documents to the committee, which had threatened to subpoena the records if it didn't receive them by that date. Panel investigators will now spend a few weeks sifting the material to get a clearer picture of the events surrounding Stewart's Dec. 27 sale of ImClone shares."

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September

Regional Employement Statistics (opens new window)

Joint Venture : Silicon Valley Network 2002 Report (PDF format, 656KB)

Business Week, US Security Survey: http://www.businessweek.com/bwdaily/dnflash/sep2002/nf20020924_9250.htm
o "Americans are still worried about the possibility of terrorist attacks on the U.S., according to the results of our Aug. 30 Reader Survey. Of the nearly 900 people who responded, some 38% thought U.S. law-enforcement agencies are doing a better job than before of gathering intelligence on terrorists -- but a combined 54% think the answer is no or maybe."
o "Readers were less optimistic on several other questions: Some 43% think air travel is no safer than a year ago, vs. the 35% who think it is. Nearly 54% say it's no safer to work in a skyscraper than it was a year ago, vs. the 20% who think it is. And 50% are not very confident that the Bush Administration can protect the U.S. from future terrorist attacks, vs. the combined 31% who are either very or somewhat confident that it can."

Business Week, "Consumer Spending Still Has Legs" http://www.businessweek.com/bwdaily/dnflash/sep2002/nf20020930_8240.htm
o "In pursuit of a sustained recovery, the public's buying could keep the U.S. going until flagging businesses rejoin the race"

Business Week, "Commentary: How Bankers and Brokers Could Get Bruised" http://www.businessweek.com/magazine/content/02_40/b3802051.htm
o "Regulators slap a $5 million fine on Salomon Smith Barney, charging that its star analyst privately questioned a telecom stock he publicly boosted. Lawmakers grill J.P. Morgan Chase & Co. (JPM ) execs as to whether they helped Enron Corp. deceive investors. The Securities & Exchange Commission vows to curb investment banks' lucrative but abusive practice of earmarking shares in new offerings for favored clients."

Business Week, "Investors Wait for a 'Positive Catalyst'" http://www.businessweek.com/bwdaily/dnflash/sep2002/nf20020926_6860.htm
o "The stock market as measured by the Standard & Poor's 500-stock index could grow 7% to 10% annually over the next three years, assuming that corporate earnings continue to gain ground."
o "The problem is that, at the moment, investors are troubled by uncertainty and don't see a 'positive catalyst'"

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October

Regional Employement Statistics (opens new window)

Business Week, Workplace Survey: http://www.businessweek.com/bwdaily/dnflash/oct2002/nf2002103_7223.htm
o "Americans feel lukewarm about their workplaces at the moment -- even as they worry that their jobs aren't particularly secure and that the Bush Administration is doing a poor job of creating employment opportunities."
o "Although 45% think their job is secure right now, a combined total of 48% either think their job isn't secure, or aren't sure."
o "Some 57% rate the Bush Administration's efforts to ensure that everyone who wants a good job can get one as "poor," vs. the 14% who think the Administration is doing a good job, and the 4% who give it a mark of excellent. About 66% think it would be "not easy at all" to find a new job right away, vs. the combined 27% who think they could land one pretty very easily or reasonably easily."

Business Week, "Stocks Pummeled Amid War Fears" http://www.businessweek.com/investor/content/oct2002/pi2002107_8424.htm
o "In a rollercoaster session, stocks finished with steep losses Monday afternoon as a work stoppage of West Coast port workers, increasing concern about a weak economic recovery, and an upcoming speech by President Bush weighed on investors."

Business Week, "Keep an Eye on Discount Retailers" http://www.businessweek.com/bwdaily/dnflash/oct2002/nf2002104_2707.htm
o "The consumer has been powering the economy -- and will continue to do so, although perhaps not at the pace witnessed in previous recoveries. That's the prediction of Thomas Graves, group head of the Standard & Poor's analysts covering stocks in the consumer discretionary sector."

Business Week, "Another Tech Star Falls to Earth" http://www.businessweek.com/technology/content/oct2002/tc2002101_7954.htm
o "Storage was analysts' last best hope of a haven from the sector's endemic woes. Now, it's dropping -- and may yet tumble further"

Silicon Valley Business Journal, "State jobless rate rises" http://sanjose.bizjournals.com/sanjose/stories/2001/10/08/daily65.html
o "The heart of Silicon Valley now has an unemployment rate greater than the state as a whole."

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November

Business Week, "Intel: A Not-So-Fab Future?" http://www.businessweek.com/technology/content/nov2002/tc20021126_4644.htm
o "Betting big on production capacity has kept the chipmaker No. 1, but analysts aren't sure if the strategy still makes sense"

Business Week, "Processing the Changes in Chips" http://www.businessweek.com/technology/content/nov2002/tc20021126_9402.htm
o "Slower growth, monster fabs, and less cyclical volatility mean a whole new ball game for the industry's players, large and small alike"

Business Week, "Tidings of...?"
http://www.businessweek.com/magazine/content/02_48/b3810049.htm
o "Plenty of retailers don't share…optimism. Fearful of a weak economy, rising unemployment, and such unknowns as the prospect of war with Iraq, most are hunkering down for another rough holiday season even as they're still smarting from a disappointing back-to-school season."

Business Week, "Why PC Makers Are Saying "Next Year"" http://www.businessweek.com/technology/content/nov2002/tc20021112_4177.htm
o "While 2003 isn't likely to see a boom, here's why it should offer a marked improvement in sales for this beleaguered tech sector"

Business Week, "Deflation: The Clear and Growing Danger" http://www.businessweek.com/bwdaily/dnflash/nov2002/nf2002118_7388.htm
o "The U.S. economy is slumping, with consumer confidence at a nine-year low and business-hiring plans on hold. The prospect of war with Iraq is depressing entrepreneurial capitalism's competitive spirit."

Business Week, "Are Tech Stocks Tiptoeing to an Upturn?" http://www.businessweek.com/technology/content/nov2002/tc2002117_1181.htm
o "Though the sector is far from stable, many market watchers finally see some reasons to believe, especially if you're brave"

Business Week, "A Dismal Season for Chip Equipment" http://www.businessweek.com/investor/content/nov2002/pi2002114_0583.htm
o "For the most part, orders were disappointing for the three largest names that have already reported -- Novellus Systems, Teradyne, and KLA-Tencor."

Silicon Valley Business Journal, "Home prices keep soaring in recession-hit valley, California"
http://sanjose.bizjournals.com/sanjose/stories/2002/11/04/weekinbiz.html
o "The median price of existing homes in California in September increased 17.3 percent and sales rose 3.9 percent compared with the same period a year ago, the California Association of Realtors says."

Silicon Valley Business Journal, "Applied Materials to lay off 1,750 workers" http://sanjose.bizjournals.com/sanjose/stories/2002/11/04/daily17.html
o "Applied Materials Inc. will be laying off 11 percent of its work force due to the continuing tough economy."

Silicon Valley Business Journal, "Silicon Valley job picture darkens" http://sanjose.bizjournals.com/sanjose/stories/2002/11/18/daily5.html
o "With the highest unemployment rate among the nation's largest metro areas, the heart of Silicon Valley will see its employment picture worsen before it gets better, according to a survey of employers by Manpower Inc.

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December

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