国际经贸高级英语12.ppt

Unit TwelveStatements to the Congress—Alan Greenspan TEXT I appreciate this opportunity to discuss the Federal Reserve’s conduct of monetary policy. As required by law, we have already delivered to the Congress our formal report detailing the performance of the economy and the implementation of policy. In my remarks this morning, I will summarize that discussion and expand further on some of the key factors bearing on monetary policy. Recent Developments Nineteen hundred and ninety-four was a good year for the U.S. economy. Economic growth quickened, with real gross domestic product expanding 4 percent over the four quarters of the year. In manufacturing, industrial production advanced nearly 6 percent. We now have enjoyed more than three years of relatively Unit TwelveStatements to the Congress—Alan Greenspan brisk advance in the nation’s output of goods and services, and this economic progress has been shared by many Americans. Payrolls swelled 3 1/2 million last year, and the unemployment rate closed 1994 at 5 1/2 percent, more than 1 percentage point below its level one year ago. And workers were producing more on average: Output per hour in the nonfarm sector increased about 1 1/2 percent over the four quarters of last year, suggesting some tilting up to the underlying trend of labor productivity that promises sustained and substantial benefits in the coming years. The data that have been published in the first weeks of 1995 have offered some indications that the expansion may finally be slowing from its torrid and unsustainable pace of late 1994. Although hours of work lengthened in January, employment growth slowed from its average of recent quarters and the unemployment rate rose. Moreover, recent readings on retail sales suggest a more moderate rate of increase, and housing activity has shown some softness. Nonetheless，the economy Unit TwelveStatements to the Congress—Alan Greenspan