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America's Growing Economy In 2003. Essay

810 words - 3 pages

This is an essay that discusses the United States economy This article discusses the American Economy at its present state(November 2003). This essay should help students that are wanting insight into monetary policy. The report discusses improvement of the economy based on several factors which include productivity and job growth, increased consumer confidence and capital expenditures, and increased stock investments. This will allow students to discover the economy today, especially those students graduating in the next several months. This report should be important to those students soon to enter the job market.The United States economy is struggling to overcome the obstacles it has encountered throughout the past several years. Presently, the economy is showing signs of recovery. Corporate profits are surging, the stock market is levitating, confidence is returning, and even tax revenues are beginning to rise. As well, investors are once again putting their money in riskier stocks. The improvement of the economy is linked to several factors which include productivity and job growth, increased consumer confidence and capital expenditures, and increased stock investments.The American economy is beginning to pick up steam, with growth of annualized GDP in the second quarter of 3.3% and a continuing boom in productivity. This quarter, companies are using every bit of productivity they can from their existing workforces. The second quarter's 6.8% productivity advance is expected to be repeated in this quarter. A growing concern is the hit to manufacturing jobs due to the recession. In past business cycles productivity falls when the recovery begins. This forces companies to hire more people to compensate for demand. However, presently productivity growth is accelerating allowing manufacturing companies to accomplish more with fewer people, boosting profits. American manufacturing companies are still sending production offshore even as growth returns. Hopefully, the tradeoff between productivity and job creation will soon end as economic growth continues to increase. On the consumer side, productivity gains have helped businesses lift the pay of existing workers as personal incomes are boosted by tax cuts and refinancing of mortgages that occurred earlier this year. All this is driving up demand which will eventually lead to the creation of new jobs.Consumer spending has remained buoyant, despite a September dip due to declines in auto sales. The Conference Board said yesterday its widely watched index of consumer confidence rose 5% in...

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