voa标准英语2008年-World's Third-largest Economy Falls Into Recess

A new report says the German economy shrank half a percent in July, August and September, which was the second straight quarter of decline. Falling exports are blamed for the contraction¹. A separate report from the Organization for Economic Cooperation and Development predicts that economic activity will shrink by half a percent in countries using the euro and nine-tenths of a percent in the United States next year. Michael Bowman reports.

The U.S. unemployment rate has risen a full percentage point in the last year and currently stands at 6.5 percent. Most economists³ expect the rate to go much higher in coming months -- a belief that has been strengthened by the latest figures from the Labor⁴ Department.

Last week, the number of Americans filing for unemployment benefits rose by 32,000 over the previous week to 516,000 people -- the largest number recorded since the period following the terrorist attacks of September 11, 2001.

Linda Barrington is research director at the US-based Conference Board, a non-profit market research organization.

"This is further evidence of a very weak and worsening labor market. Having worse numbers in unemployment claims is certainly consistent with what we are seeing, which is just downward, downward, downward in the labor market," she said.

Joseph LaVorgna, chief U.S. economist² for Deutsche Bank Securities, shared the dismay, and urged a steady hand from policymakers.

"It is just an absolutely horrible [labor] report," he said. "We have to have some leadership on this issue in terms of having a consistent policy approach where the rules of the game do not continue to be changed, because investors⁵ right now are looking for signs of confidence to come back into the market," said LaVorgna.

Wednesday, the Bush administration announced a shift in how the $700 billion U.S. financial rescue package approved last month will be spent. Instead of relieving lending institutions of bad debt stemming from U.S. home foreclosures, the federal government will continue to focus on purchasing stakes in troubled banks.
　

Senate Banking6 Committee Chairman Sen. Christopher Dodd, right, greets Sen. Tim Johnson, on Capitol Hill, 13 Nov 2008

At a hearing on Capitol Hill, Senate Banking Committee Chairman Christopher Dodd reminded lending institutions that taxpayers⁷ funds are being used to rescue them from financial ruin -- and that they have a responsibility to resume lending to businesses and consumers to help spark economic activity.

"Let me say as clearly as I can: hoarding⁸ capital and acquiring healthy banks are not -- I repeat -- not reasons why Congress authorized⁹ $700 billion in emergency funding," he said.
　

Stock brokers10 go about their business at the stock exchange in the central German city of Frankfurt, 10 Nov 2008

News from across the Atlantic is equally unsettling. Europe's largest economy, Germany, is now officially in recession, after contracting by half a point in the 3rd quarter, following a point-four percent dip in the 2nd quarter.

The consensus¹¹ view of economists is that the world's leading industrialized economies are all in recession -- or will be soon. Jorgen Elmeskov directs policy studies at the Paris-based Organization for Economic Cooperation and Development, which groups 30 nations that embrace the free market under a democratic system of governance.

"We are basically saying that the OECD [nations] are in recession and that the OECD is going to stay in recession for some time to come, and that the subsequent recovery is going to be a relatively¹² slow one. The basic message is that we are in for a very troubled period," he said.

U.S. stock market indexes soared in Thursday's volatile¹³ trading. The Dow Jones Industrial Average jumped nearly seven percent at 554 points to end the day at 8,836. The S & P 500 also advanced nearly seven percent by 59 points to close at 911 while the NASDAQ rose six and a half percent or 97 points to hit 1,597.

Major Asian markets closed down more than five percent. European markets were mixed, with Paris and Frankfurt finishing the day moderately higher, while London closed slightly lower.

1 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

4 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

7 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

8 hoarding   

n.贮藏；积蓄；临时围墙；囤积v.积蓄并储藏（某物）( hoard的现在分词 )

参考例句：

• After the war, they were shot for hoarding. 战后他们因囤积而被枪决。 来自《简明英汉词典》
• Actually he had two unused ones which he was hoarding up. 其实他还藏了两片没有用呢。 来自英汉文学

9 authorized   

a.委任的，许可的

参考例句：

• An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。

10 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

11 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

12 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

13 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。