March 21, 2003
Contact: Kathy
Deboer, Vice President
WestGroup Research
(602) 707-0050 Office Phone
(602) 707-0055 Office Fax
kathy@westgroupresearch.com
Arizonans Increasingly Skeptical about Economy
PHOENIX - Arizonans remain skeptical about the economy, with increasing numbers believing that the United States economy currently is in a recession that will not end this year. That is the finding of a just-released February 2003 survey of 811 adults from throughout Arizona by WestGroup Research of Phoenix.
When asked, "which of the following best represents your opinion
about the U.S. economy?" the vast majority of respondents said "the
recession will not end this year" (64%),with an additional 18% believing
the recession will end in a few months. Women respondents were more likely
than men to think the recession would not end this year (68% vs. 59%).
Only 10% believe the economy has not been in a recession (7%) or that
the recession is over (3%).
"This study was completed two weeks ago, prior to action in Iraq,"
says Ted Apostol, president of WestGroup Research. "Increased skepticism
apparently reflects weariness on the part of Arizonans over the controversial
plans for war. I believe it will be the low point for the year. With the
start of the war we are already seeing indications of improved optimism
in the market. Victory in Iraq will likely turn things around."
These results reiterate results of a January survey by WestGroup which
found that economic pessimism is at a five-year high with 42 percent of
Arizonans believing that the economy has not hit bottom yet and that it
will continue to decline through the end of the year. Forty-two percent
represents more than four times the level of pessimism measured in 2000.
The January study found that most respondents (75%) believe that the U.S.
economy is currently in recession, and 50% believe the recession will
not end this year.
The latest survey was part of WestGroup's ongoing monitor of current events
for February 2003. The overall study with has a margin of error at a 95%
confidence level of + 3.5%.
