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| World Home » Current Affairs » | Fri. Aug 29, 2008 |
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American automobile industry shows no sign of recovery MIL/NYT, Apr 29, 2006. Gas prices are rising, as are mortgage rates. House prices in many once-hot markets have started slipping. The American automobile industry shows no sign of recovery. And the paychecks of most workers have not even kept up with inflation over the last four years. Yet the national economy continues to speed ahead, with families and businesses spending money at an impressive pace. Forecasters expect the Commerce Department to report this morning that the economy grew at a rate of around 5 percent in the first quarter, the biggest increase since 2003. The industries leading the way are ones that have been receiving far less attention than cars or real estate, though they have been adding thousands of new workers each month. In the last year, hospitals, doctors' offices and other health care employers have created almost 300,000 jobs; restaurants have added 230,000; and local governments - including schools - have added 170,000. "The good news for the U.S. is that growth has diversified," said Nariman Behravesh, chief economist at Global Insight, an economic research firm. "We aren't just relying on the consumer and housing." Testifying before Congress yesterday, Ben.S.Bernanke, the chairman of the Federal Reserve, suggested that the Fed would soon take time out from steadily raising its benchmark short-term interest rate to weigh the impact of its two-year money-tightening campaign. While he is counting on growth to slow to a more moderate rate, Mr. Bernanke said, "The economy has been performing well and the near-term prospects look good." Full Story: http://www.nytimes.com/2006/04/28/business/28econ.html?_r=1&th&emc=th&oref=slogin
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