“Some indicators of economic activity and sentiment have shown surprising resilience since the Sept. 11 terrorist attacks, suggesting the economy will suffer — but not as much as some feared,” writes Greg Ip and Michael M. Phillips in today’s Wall Street Journal.

“A survey to be released Tuesday by management consultants A.T. Kearney found corporate executives haven’t changed their foreign-investment plans much because of the attacks. The survey found that, of 50 companies polled since the attacks, two-thirds expected investment in factories and other business assets abroad next year to stay at this year’s level. About 16% said they would increase investments; 20% said they would decrease investments.”

“Such investment averaged 17% annual growth over the past decade, but is expected to plunge 40% this year, according to United Nations data. Some economists have predicted another drop next year, so stability could be relatively good news.”

“The survey did find executives are concerned about the economy. But “I just think they’re showing the same kind of careful consideration of investments that they have for a number of years,” said Paul Laudicina, an A.T. Kearney vice president. “They’re not rushing to judgment.”

“On a more downbeat note, a separate survey by Duke University’s Fuqua School of Business and Financial Executives International, an association of senior executives, found 26% of chief financial officers plan to postpone capital spending as a result of the attacks and just 3% plan to accelerate it. The rest plan no changes.”

“Despite the attacks, there are signs consumers are holding up. A weekly poll conducted on behalf of ABC News and Money Magazine found 46% of respondents rated the economy positively in past week’s report, up from 43% before the attacks. Also, 43% said the buying climate was positive, compared with 40% before the attacks. While the improvement is statistically slight and might be a short-lived patriotic response, it could also mean confidence hasn’t collapsed as other surveys suggest.”

“Indeed, some spending data backs that up. Mortgage applications and automobile sales both appear to have bounced back to preattack levels, aided by big drops in interest rates. The Federal Reserve has slashed its short-term rate target by one percentage point since the attacks.”

“Retail sales were hit hard by the attack, especially among higher-end stores such as Nordstrom Inc., which reported a 9% decline in same-store sales for September from a year earlier. But middle-market and discount outlets are doing better. Department-store chain J.C. Penney Co. said sales have more than recovered since the attack and were above plan for September. Fast-food chain Wendy’s International Inc. said the attacks left September same-store sales flat, but growth turned positive in the first week of October. Air travel remains depressed, but hotel-occupancy rates are almost back to preattack levels, although those levels were dismal.”