Word: sectoral
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...Vegas, in doubling down on the travel sector, had not diversified its economy. As the visitor rate dropped 10% in October, average daily room rates fell 14% and gaming revenue dove 26%. The hotel-casino downturn sent ripples across the city that turned into a tsunami. "In our union halls, 30% of members were what we call travelers," says Steve Holloway of the Las Vegas chapter of the Associated General Contractors of America. "They came here for the work, and now they're going home." The construction industry alone employs 10% of Las Vegas's population...
Just before U.S. markets went into meltdown and venerable financial institutions teetered or collapsed, several of Iraq's 18 provinces, including Diyala in the northeast, suffered their own cash crunch, literally running out of cash. Bank notes. Bills. Some public-sector bank branches, mainly in Diyala, ran out of physical bank notes because of a combination of unforeseen demand and a lapse in importing new currency notes from printers based overseas. It is the latest inefficiency to stymie the country's long-delayed reconstruction efforts...
...lightning strike just after sunset Friday in Hawaii apparently pulled the plug on most of the island of Oahu, where President-elect Barack Obama and his family are vacationing. One power plant continued to operate and parts of the island's western sector continued to have electricity. The compound where the Obamas are residing in an $11 million home was reported to have a power generator. But the rest of the island, including the state capital Honolulu, was plunged into darkness and confusion for nearly twelve hours. (See pictures of Barack Obama's family tree...
...little twist on that because we don't think people have really thought about it all the way through. A lot of infrastructure-related companies are going to see pretty substantial declines in their revenues and earnings because they've been so exposed to the energy sector, and energy-related capital spending is being cut back pretty dramatically here. So our analysts are focusing on those companies that are more related to water projects and highway projects and have minimal exposure to the energy and commodities side of the economy...
TIME: What about the fallen stars, the real estate sector or the oil sector? Are these going to see rebounds...