Word: quartered
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...plus side, there was some improvement in commodity prices in May - but it was more than offset by an appreciating currency and lower export volumes, which crushed trade receipts. As a result, second-quarter GDP is expected to contract 3.1% on an annualized basis, according to the Toronto-based investment dealer CIBC World Markets. "I wouldn't be surprised if June was as bad as May," says CIBC economist Krishen Rangasamy, referring to Canada's trade deficit. He expects the country's balance of trade to begin improving in the fourth quarter, with annualized GDP growth...
...furloughs will only cover approximately a quarter of the UC deficit. The rest will come from a 10% increase in tuition, debt refinancing and dramatic budget cuts at individual UC campuses, as testimony to the Board of Regents from the system's chancellors revealed on July 15. At UC Berkeley, according to Chancellor Robert Birgenau, campus libraries will be closed on Saturdays and will no longer stay open 24 hours during final exams (a longtime campus tradition). He said UC Berkeley is "the only university among our competitors whose faculty are taking a furlough," adding that faculty salaries already...
...UCLA, the campus is projecting 165 fewer courses for the fall quarter, a 10% drop compared with fall 2008, Chancellor Gene Block said. There will be larger classes, which are expected to exceed an average of 60 students each. "We've already seen a 20% increase in the average class size over the last three years, due to increases in student enrollment not covered by state support," Block explained. At UC San Diego, Chancellor Marye Anne Fox said, "our student-faculty ratio is so high that students may not be able to graduate on time." (Read about the struggle...
Even with averaging, though, forecasts can still be wildly disappointing - as the Philadelphia Fed's Survey of Professional Forecasters shows. In mid-February, the economists collectively predicted a second-quarter unemployment rate of 8.3%. The difference between that and the actual figure, 9.3%, translates into 1.5 million more people unemployed...
...July 14, Goldman Sachs posted second-quarter profits of $3.44 billion, more than the company made in all of 2008 and about on par with the precrisis gilded age, while announcing that it had set aside $11.4 billion this year to compensate workers, or $386,489 per employee. The huge profits were hailed on Wall Street as another sign that the crisis might be ending. On July 15, the Dow Jones industrial average jumped 3.1%, and other banking giants are expected to issue their own similarly glowing reports. On July 16, JPMorgan announced that it had earned $2.7 billion...