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ARTICLE · 06 AUGUST 2002

A Discouraging Economic Climate in North America

Lines Overseas Management
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North America

  • A number of discouraging economic reports in the United States has raised the spectre of a double-dip recession. The risk of such an outcome has increased.
  • The sharp fall in the Conference Board’s consumer confidence index may not be an immediate precursor of spending cutbacks but may indicate retrenchment ahead, if news on the job front and the stock market continue to be negative.
  • The labour market shows few signs of a healthy recovery. In July, the unemployment rate remained unchanged at 5.9%, but there was scant job growth and, more worryingly, the average workweek declined. The number of hours worked on average, per week, declined by the biggest amount in six and a half years. Evidently, firms are not hiring in sufficiently large numbers for strong growth to be sustained.

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