state board of equalization 2002 03 annual report economic analysis 55 national economy in fiscal year the was characterized by slower than average growth employment declines increased productivity low interest rates high residential building activity and deficit spending federal due part to defense including that required for 2003 war iraq throughout very slow recover from a recession had lasted march through november 2001 gross domestic product real gdp broadest measure nation s output goods services 2 percent while higher minuscule 0 5 increase far below its ten 3 los angeles 56 also much lower periods coming out post world ii recessions nonagricultural employ ment normally increases along with us declined 1 recovery so
