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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: craig crawford who wrote (463)7/8/2001 12:02:08 PM
From: craig crawford  Read Replies (1) of 1643
 
July 8, 2001

A Strong Dollar Clouds Prospects for Quick Rebound
nytimes.com

By RICHARD W. STEVENSON

WASHINGTON, July 7 — More than six months after the Federal Reserve began battling to reverse the economic slowdown in the United States, economists and business executives say an unexpected rise in the value of the dollar is complicating the prospects for a rebound.
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In the last few weeks alone, several prominent companies — including DuPont, Minnesota Mining and Manufacturing, Coca-Cola and Nike — have cited the strong dollar in explaining profit shortfalls or reductions in their earnings expectations.
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But in this case the squeeze on exporters from the dollar is combining with weak demand from slumping economies at home and abroad to put particularly intense pressure on American manufacturers, which have borne the brunt of the slowdown. In response, industrial companies have laid off hundreds of thousands of workers since last summer and have been the main contributors to the rise in the unemployment rate, which reached 4.5 percent last month, up from a low of 3.9 percent in October.
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