Economics Current Events Log
-“The Commerce Department reported Monday that Americans’ spending grew by 0.3% last month, slightly stronger than the 0.2% rise many analysts were predicting,” (www.usatoday.com, April 30, 2001).
-“Nationally, average income for America’s 281.4 million people last year was $29,676, up 7.3% from 1999, the fastest growth rate in 11 years, but the national average covered a wide variation in state performances, the Commerce Department reported Tuesday,” (www.dismal.com, May 1, 2001).
-“Some Asian and European carmakers drew buyers in record numbers in April, while U.S. automakers reported double-digit sales drops. Toyota, Lexus, BMW, Mitsubishi, Subaru, Hyundai, Kia and Acura were among those with record sales. But sales for General Motors were off 15.7%; for Ford Motor off 14.5%; for DaimlerChrysler off 17.5%, (www.usatoday.com, May 2, 2001).
-“These cash-flow deficits will grow rapidly, and eventually reach 2% of GDP about 70 years from now (see chart). That means that we would need to transfer an additional 2% of GDP to Social Security if we were to leave the current benefit structure in place,” (www.usatoday.com, May 3, 2001).
-“The unemployment rate jumped to 4.5% in April, reviving fears of recession as companies shed the largest number of jobs in a decade,” (www.usatoday.com, May 4, 2001).