Word: shrinking
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...Spain's negotiator in Marrakech, fisheries official Fernando Curcio, said on Tuesday that "it was important to us to protect the interests of our small fishing fleets." Yet Europe's fisheries official Amilhat says that, inevitably, many fishermen will lose their jobs as fleets shrink in response to reduced catch quotas. And if the environmentalists' boycott campaign further cuts bluefin consumption, the species may yet have a fighting chance...
...will run out of money, and the Federal Government was forced to rush to halt a shareholder run on the giant banking conglomerate Citigroup. Unemployment has risen to 6.5% and is expected to hit 8% by next year, if not higher. Some economists predict that gross domestic product will shrink at a 5% annual pace in the fourth quarter and perhaps 3% or 4% in the first three months of next year as a result of a squelching of credit by banks and a crushing plunge in consumer spending. Those factors have convinced Obama that if he is going...
...While -10.4% sounds awful, nobody ever talks about the Great Depression of 1958. That's because the economy came roaring back later that year. This was in part a characteristic of the manufacturing-dominated economy of those days. GDP and employment would shrink precipitously one quarter as factories temporarily shut down to work off an inventory glut, then jump almost as much when they reopened. Things don't really work that way anymore - the jobs disappearing now aren't temporary layoffs, and the increased reliance on debt in the U.S. economy may bring self-reinforcing downward pressures that weren...
...Even if the aid package passes, it's no guarantee domestic carmakers will survive. Consumption, the chief engine of economic growth in the U.S., could shrink roughly 1% in 2009 in what could be the worst recession since the 1930s, according to Richard Curtin, director of the University of Michigan's survey of consumer sentiment. As if Detroit isn't hurting enough, its biggest longtime booster in Washington, Michigan Representative John Dingell, lost his powerful perch as head of the House Energy and Commerce Committee in a caucus vote on Thursday. For 28 years, Dingell had helped craft every piece...
...Unemployment is upwards of 80%, and inflation is pushing 231 million percent. Cholera outbreaks have been reported in cities, and the failure to plant crops will leave 5.1 million Zimbabweans needing food aid by January. The World Food Programme (WFP) was recently forced to shrink the food ration made available to each needy person because of its lack of funding from international donors and its need to stretch its existing resources to expand the reach of its feeding program from 2 million to 4 million people. (The WFP has warned that it will run out of money by January unless...