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Unformatted text preview: . banks appear to be better off than
they were in 2008, they are exposed to European
sovereign and other debt. The Dodd-Frank Bill mandates significant restructuring of domestic
banking practice, and creates new and onerous
regulation and associated costs. The Budget Control Act requires the U.S. government to reduce its
deficit growth by $2.5 trillion from 2011 to 2012.
Domestic GDP was revised downward in Q1 and
Q2 2011. The Reuters/University of Michigan
overall index on consumer sentiment declined to
63.7. This low reading has occurred only two other
times: late fall 2008 and spring/summer 1982.
Consumers are likely to cut back on their expenditures and increase their savings for what appears to
be the coming of a rainy day. This often means the
economy will slow and unemployment will rise.
As of June 2011, the seasonally adjusted unemployment rate for El Paso County was 9.5%. Approximately 25,433 fewer people were employed in the
county as of June 2011 than in June 2007. During
this period, population increased by 46,071. The
normal labor force participation r...
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