Word: gdp
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...That could be particularly hard on California, where consumers and companies are bracing for a summer of blackouts, thanks to the Golden State's famously botched deregulation plan. California produces 13% of the U.S. gdp and could become a national crisis all by itself if energy woes drag it into a slump. Richardson chides President George W. Bush for refusing to put temporary price caps on wholesale electric rates in California, which have risen to an astonishing $1,900/MW-h, vs. a precrisis $30/MW-h. But even if there were such caps, the former Energy Secretary adds, this would be "a horrendous...
...what are the problems with Britain that the next Prime Minister must tackle? Despite a sustained boom that has boosted real incomes 9% since Blair came to power, the country's infrastructure is creaking from decades of malnutrition. On health, Britain spends a smaller share of its GDP than any other major industrialized country. The result: in Cardiff some patients wait six years for hip operations; in Cumbria it takes two years to see a psychologist. On transport, problems are obvious to any Eurostar passenger as soon as the 185-m.p.h. train from Paris to the Channel Tunnel stutters...
...unemployment to drop during the weakest quarter for the GDP in a decade shows that while a lot people are losing their jobs, they're able to find new jobs relatively easily. Challenger, Gray and Christmas released a survey recently that said that in the first quarter of this year, job downtime - the amount of time it takes for a laid-off person to find another job - was the shortest in 15 years. And for workers 50 and over - the ones most likely to be looking for jobs in management, not the prototypical hamburger-flipper - the downtime was even shorter...
...anytime soon. And even including the statistical adjustment of the March numbers we've still lost payroll jobs for the last two months. So nothing much has changed - the economy is still weak, and it's very likely that this quarter we'll see a contraction in GDP. The danger of a recession, albeit a short one, is still real, and it remains up to consumers to keep spending to keep the economy from slowing too much for too long...
...TIME.com: How about that GDP revision...