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Paper #2 - "Listening for a misfire America's economy is an...

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“Listening for a misfire: America’s economy,” is an article from The Economist , accessed through the computer search database, “Proquest.” It appeared on page one of the magazine on August 1, 2007. The author is not credited. The article, an analysis of the United States economy, promotes a discussion of economic growth in general. Although economists worried about a possible recession, the newest GDP figures suggest a recession is not likely. The economic growth rate was reported at 3.4 percent, “a heartening echo of a few years ago.” And yet America’s strong economy is largely dependent on its poorer consumers (the article calls them “financially overstretched)—consumers who recently halted their consumption on personal expenditures. A minor halt in consumption is normal after the holiday season, but the recent drop was far from minor; it fell by 2.4 percent. It is true that the United States experienced an alarming drop in consumption, but an increase in “fixed investment” on commercial structures, equipment, and software occurred. Even though an increase in investment is a positive note, it does not compensate for the decline in the consumption rate, which, in June, was “the slowest pace of growth in nine months.”
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