Word: gdp
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...preserve the farm way of life for generations." It is also designed to help the Republican Party win control of the Senate in November's mid-term elections. One person it won't help is Hannah. Agricultural production in most poor countries accounts for up to 50% of GDP, compared to only 3% in rich countries. But most farmers in poor countries grow just enough for themselves and their families. Those who try exporting to the West find their goods whacked with huge tariffs or competing against cheaper subsidized goods. The World Bank calculates that the annual cost to poor...
...tech machinery or transfer jobs to Eastern Europe. "The rank-and-file not only are not concerned about unemployment," he says, "but also it seems they are not worried about their own jobs." To maintain employment, he notes, wage settlements would have to be less than the growth in GDP, which was .6% last year. Another worry for IG Metall is the number of companies that are leaving the employers' association, known as Gesamtmetall. By withdrawing, companies can negotiate their own wage deals on a plant-by-plant basis. Fewer than half of the factories in eastern Germany are under...
...inventory difference was the statistical hero of the hour, adding a full 3.1 percentage points to the GDP number. And yet it also indicated - along with business spending, which fell by only $18.2 billion after shrinking $47 billion in the fourth quarter - that the fire sale is ending, and the re-ordering, re-selling, and yes, recovering is poised to begin...
...question - when? - is what's troubling Wall Street; government stimulus and statistical anomalies do not a genuine recovery make. Although the U.S. economic ship does appear to be heading into a turnaround, we were clearly still turning - the GDP number couldn't hide that businesses were still clearing old stock and still not laying out for new stuff. And consumers, though they haven't let us down in years, still seem resolved to play hard to get. No sooner had stocks clinked a few morning glasses on the GDP news than the Street was hit with the University of Michigan...
...that evidence - with some nice geopolitical uncertainty thrown in for good measure - Wall Street is having trouble getting out bed in the morning. After the University of Michigan took the air out of the GDP number, the Dow and NASDAQ started to sag under IBM and Microsoft and not a few other heavywieghts, and after a last trading hour of total dejection, the Dow had had its worst week since September and was back under five digits at 9,910. The NASDAQ sank 49 to 1,663. Only bonds celebrated, and on the postgame shows, the capitulation-watch was back...