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It, too, said the slowdown at the opening of 2015 would likely prove temporary.
To a surprising degree, though, many say they are not feeling deep pain from the slowdown — at least not yet.
The think tank said the rate of contraction seen in the current recession was "very similar" to the slowdown at the beginning of the 1980s.
After "the slowdown at the end of the year when demand dried up," Mr. Rand said, the new year brought a distinct change.
The NIESR says the rate of decline seen in the current recession was "very similar" to the slowdown at the beginning of the 1980s.
By contrast, the slowdown at Saks, which is more likely to sell a mink coat than a miter saw, highlights the spreading distress in retailing.
Similar(48)
This broad range of business, it says, helped it to ride out the bear market and the economic slowdown at the beginning of the decade.
In addition, the economic slowdown at the turn of the year was never felt as sharply in the south-east as in the north.
Fed officials may also be swayed by new data released Friday showing that consumer confidence is rising and the economic slowdown at the beginning of the year wasn't as bad as initially thought.
Even though prices at the consumer and producer levels rose a little less quickly last month than they had in March, the slight slowdown at the consumer price level was less than many economists had expected.
"The prolonged slowdown at the port operations is now impacting some of our North American production operations due to parts shortages," a spokesperson for Japanese automaker Honda said in a statement to VICE News.
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