VOA标准英语2012--Despite Ups and Downs, US Economy on Track to Recovery

Despite Ups and Downs, US Economy on Track to Recovery

American consumer confidence is at a 12-month high. Unemployment has fallen to pre-crisis levels and Greek debt is fading into the background - at least for now. But even as rising stock prices fuel confidence in a sustainable recovery - higher gasoline prices threaten to crimp consumer spending.
"I think what's driving this is number one: better than appreciated oil demand growth, that's the scene setter, if you will," said Jan Stuart, head of energy research at Credit Suisse.
Higher prices at the pump mean less disposable income - a setback¹ in an economy driven primarily by consumer spending.
Still, after the worst financial crisis since the Great Depression, economists² say a few bumps are to be expected.
"The U.S. economy is naturally a very flexible economy, a very innovative³ and dynamic economy and you're feeling that," said Uri Dadush, who heads the international economics program at the Carnegie Endowment for International Peace. "But the crisis leaves a heavy legacy⁴. A lot of problems and that's why for example, in the housing sector⁵, etc. - you know you're not seeing the recovery that you would expect."
Despite a decline in foreclosures, home prices fell four percent in December.
And a new report suggests more Americans are choosing to rent until home prices stabilize⁶.
But even with some ups and downs for the world's largest economy, Dadush sees reasons for optimism.
"I have seen the ups and the downs, and the catastrophes⁷ and the euphoria and sentiment does change very quickly," he said. "I would focus much more attention on the slowly moving variables, the unemployment rate, the indebtedness of households to judge whether we are moving in the right direction."
The National Association for Business Economics believes the U.S. economy is moving in the right direction. The association's latest survey points to an improving job market and economic growth of about 2.5 percent in 2012.

1 setback   

n.退步，挫折，挫败

参考例句：

• Since that time there has never been any setback in his career.从那时起他在事业上一直没有遇到周折。
• She views every minor setback as a disaster.她把每个较小的挫折都看成重大灾难。

2 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》

3 innovative   

adj.革新的，新颖的，富有革新精神的

参考例句：

• Discover an innovative way of marketing.发现一个创新的营销方式。
• He was one of the most creative and innovative engineers of his generation.他是他那代人当中最富创造性与革新精神的工程师之一。

4 legacy   

n.遗产，遗赠；先人(或过去)留下的东西

参考例句：

• They are the most precious cultural legacy our forefathers left.它们是我们祖先留下来的最宝贵的文化遗产。
• He thinks the legacy is a gift from the Gods.他认为这笔遗产是天赐之物。

5 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

6 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

7 catastrophes   

n.灾祸( catastrophe的名词复数 )；灾难；不幸事件；困难

参考例句：

• Two of history's worst natural catastrophes occurred in 1970. 1970年发生了历史上最严重两次自然灾害。 来自辞典例句
• The Swiss deposits contain evidence of such catastrophes. 瑞士的遗址里还有这种灾难的证据。 来自辞典例句