1 . Wall Street bankers, investors and economists have for months argued over whether a US recession (衰退) is coming. But for some Americans, the unforgiving economic pain typical during recession has already set in.
Al Brown and his wife faced a tough call in May when reviewing their weekly budget: what’s a higher priority, more food or dish soap? Based in Concord, North Carolina, Brown was the main breadwinner for his wife and their two children. Then in April, he was let go from his job as a global director of business development at software company Cascade. He’s since quit his gym membership and sold various items around his home, including a computer and yard furniture. His 13-year-old son quit the basketball team.
Brown, 37, now spends his days searching the internet for jobs or reaching out to potential connections. After filing over 600 applications, only a handful have produced interviews. That’s a far cry from the labor-market strength described in government figures.
Investors and economists have been expecting a recession since last year as the Fed raised interest rates to control inflation (通货膨胀). That caused companies to focus on profitability over growth, which meant cutting spending and reducing their workforces.
“I think it’s unlikely that I will get another good paying job with great benefits like the one I had,” McCollum, who lives in Cleveland, Ohio, said. More Americans are likely to encounter similar cases, some experts predict.
“As we go through this year, and into next year, there is still going to be this focus on trying to reduce costs, and it is going to result in more unemployment,” said Thomas Simons, a senior economist at Jefferies. “The impact of layoffs, currently concentrated among white-collar workers, will last throughout the economy through a ‘big pullback in overall spending’,” Simons said. “Consumer spending accounts for about two-thirds of economic output, so if more Americans are forced to cut back because they were laid off, that might throw the US economy into a recession.”
1. What are some Americans currently going through?A.They can’t afford necessities of life. | B.They’ve lost interest in high-end gyms. |
C.They are badly treated by their bosses. | D.They have difficulty making ends meet. |
A.One should try various ways to find a job. |
B.American labor market is not that friendly to job-seekers. |
C.Few companies are interested in middle-aged job-hunters. |
D.The government provides accurate figures of the job market. |
A.By employing more workers. | B.By changing interest rates. |
C.By giving priority to profits. | D.By cutting employees’ allowances. |
A.Laid-off workers tend to go into debt. |
B.Lower consumption may worsen the current situation. |
C.Americans will spend more to increase economic output. |
D.Companies are to blame for the unemployment of white-collar workers. |
SOCIAL MEDIA DETOX
Today marks the last day of the Social Media Detox,