Word: sectored
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...though the economy showed us proof of its dynamism, shedding more than 100,000 jobs in the beleaguered manufacturing sector but adding 70,000 in the service sector, it's still a very weak economy. The National Association of Purchasing Managers' index of manufacturing activity fell another point to 42.1 in May, indicating that manufacturing is not only still shrinking after a year in the dumps, it's shrinking faster as time goes...
...back in "bidness." The energy giants in Texas have big fat wallets these days--and even bigger construction plans. Not since the boom days of 1982, when trophy architects like Philip Johnson and I.M. Pei reconfigured the skyline, has Houston seen so much construction activity by the energy sector...
Though Houston no longer relies so heavily on the energy business (down to 48% of the local economy from 82% in 1982) the turnaround sure feels good after the city lost more than 15,000 energy-sector jobs two years ago, says Barton Smith, director of the Institute for Regional Forecasting at the University of Houston. It has gained those jobs back, plus some. Says Smith: "The current boom is what's keeping Houston afloat while the rest of the country is suffering...
...idea of a lump-sum rebate of $600 or so appeals to many economists. The thinking is that with a relatively large sum people will spend a portion on big-ticket items, like a washing machine, and stimulate the deeply depressed manufacturing sector. Reduced withholding, on the other hand, would produce pocket money in dribs and drabs and probably benefit service industries most...
Republican National Committee spokesman Mark Miner insists anyone who sees gala contributions from the energy sector as a payoff is "misinformed." Indeed, nonenergy executives dominated fund raising for the Bush gala and will be in abundance at the Cheney dinner, for which there is no price of admission. And while previous donors of at least $175,000 will be present at Cheney's home, they have contributed nothing to the Bush bash the following night. Still, comparisons to the Clintons' use of the Lincoln Bedroom seemed inevitable. "Is the Vice President's mansion the latest perk?" asked a G.O.P. veteran...