Word: sectored
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...heavy personal and corporate debts. Even as U.S. businesses are clawing their way to profitability, they're in no mood to start hiring again, so consumption still has plenty of room to fall. Meanwhile, warns Merrill Lynch global investment strategist David Bowers, the corporate recovery (particularly in the tech sector) remains vulnerable to events in fragile Japan, as the tumbling yen gives Japanese exporters a pricing edge over their American rivals...
...Manufacturing, which accounts for 20 percent of the economy, is obviously in a comatose state. You saw this from Thursday's NAPM (National Association of Purchasing Management) report, which actually showed that the sector is in a recession, and in the unemployment report it's apparent that most of the layoffs are coming from this area. Telecom manufacturers like Lucent, carmakers like DaimlerChrysler - these are the layoffs that are making all the headlines, and this sector is what's pushing up the unemployment numbers...
...look at these numbers sector-by-sector...
...service sector - from restaurant workers to mall cashiers - is still doing fine. And if they're hiring, then people are still getting out and spending money. Consumer spending accounts for two thirds of the U.S. economy, and it's a big factor in the intensity of any slowdown. So although consumers' expectations of the next six months are pretty bleak, as we saw in this week's consumer confidence index report of January, that pessimism isn't showing up with nearly as much force in their day-to-day activity. (Exhibit B: Surprisingly strong January car sales...
Galluccio said the city also had to protect residents from the overgrowth of the business sector...