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Just how far and how fast will the economy drop this quarter? There's lately been a race to the bottom among forecasters, with the economists at Goldman Sachs leading the way. Early in the week, they put out a report saying that -3.5% annualized GDP growth was their baseline forecast for the quarter, but they also went so far as to outline a "just awful" scenario of -6.0% and a "worst case" of -7.8%. Today they updated their baseline forecast...
...recorded 100 or more yards in five games on the season, including a 139-yard performace against previously unbeaten Cornell. His season-high 148 yards came against Brown, currently the only other one-loss team in the league. Luft tallied 99 of those yards in just the first quarter...
...season because of Liam O’Hagan’s suspension, Pizzotti unexpectedly returns from a knee injury and throws for 291 yards and a touchdown in leading a comeback from a 24-7 deficit. The Crimson scores 28 unanswered points over the second and third quarters and running back Clifton Dawson ’07 runs for three touchdowns on 94 yards. OCTOBER 21, 2006 PRINCETON 31, HARVARD 28 With O’Hagan back from suspension, Pizzotti gets the start. But after going just 4-for-9 for only 46 yards and an interception in the first...
...Hong Kong has good reason to be afraid. The economy is experiencing its worst slowdown since the SARS virus rampaged the city in 2003, stalling the economy for months on end. GDP shrank 0.5% in the third quarter - the second consecutive quarter-on-quarter contraction. That officially means Hong Kong is in a recession, and it doesn't look likely to end any time soon. The government lowered its forecast for 2008 growth from 4-5% to 3-3.5%. "The global financial turmoil has derailed the economic upturn that Hong Kong has enjoyed," government economist Helen Chan told reporters...
...however, this Chinese territory's economy - highly dependent on financial services and trade - is proving vulnerable to the global downturn. As Europe and the U.S. slump, so have merchandise exports from Hong Kong, which in the third quarter grew at their slowest pace in more than six years. Hit by higher costs, slowing orders and tightening credit, thousands of factories owned by Hong Kong firms are closing up in southern China's industrial heartland. This week, HSBC, the city's largest bank, said it would layoff about 450 people in Hong Kong due to deteriorating business conditions and a poor...