Word: rising
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...home, a significant impact of the European slowdown is likely to be a rise in unemployment. The number of jobless in the E.U. dropped sharply between 2005 and 2007 and then flattened out at 25-year lows. But the latest statistics from France, Ireland, the U.K. and some other countries show that the unemployment rate is starting to pick up again. The IMF, which has slashed its growth forecast for the euro-zone countries for 2009 to a negligible 0.2%, predicts that the percentage of jobless in those 15 countries will jump above 8%. Worst hit will be Spain, where...
...consumer fear of a looming downturn have caused spending in France's cafés and restaurants to slump around 20% this year. Nearly 3,000 of the nation's restaurants closed down or went bankrupt in the first half of 2008. That wave of failure may well rise as newcomers who relied on credit to get started find themselves stretched to make their payments as revenues slump. "If I were 30, starting out with loans to reimburse, I'd be in big trouble," says Bonduel, relieved that most of his clients are residents of his restaurant's affluent neighborhood...
...capital to buy back the shares from the government. Private investors can get the same terms as the government, but not better terms, according to a Treasury official. It's not clear how eager private investors will be to jump in. And in theory, if the banks' stock prices rise, the taxpayer would benefit as the government is bought...
...programs translate into confidence - meaning renewed lending by and among banks - will determine how badly the real economy is hit: how many people will lose their jobs, how many businesses will close, how many banks will fail. Everyone from Paulson on down acknowledges that those numbers will rise dramatically in the coming months. But the latest plan is meant to lessen the impact. As Paulson said this morning, "Today's actions are not what we ever wanted to do, but today's actions are what we must do to restore confidence in our financial system...
Meanwhile, Obama had actually cooked up some new economic proposals, which he unveiled in Toledo, Ohio, in his unhurried way. Why hurry when the latest Washington Post/ABC News poll has you ahead by 10 points and your favorability rating on the rise? Obama didn't have to wait for anyone to hand him a baton. He just set off two years ago at a steady pace and has run his own race ever since...