Well, there was a warning from the Federal Reserve Chairman Ben Bernanke today. He said the economy is headed for a slowdown in the months ahead. After he said it, the stock market plunged 200 points, rebounding at the end of the day to end down 34. The Nasdaq was off 53. And our David Muir is joining us with the economic news of the day. David.
Charlie, a roller coaster day on Wall Street today. But what the Fed Chairman was talking about today was a stalling economy on Main Street - how the housing meltdown, oil prices, and the weakening US dollar will affect consumers in the months ahead.
As the Federal Reserve Chairman warned of a slowing economy in the coming months, new retail numbers out today showed it’s already here. Many US retail chains suffered a painful October: Wal-Mart falling short of estimates, and Nordstrom, JC Penny, and Gap - all down significantly from last year.
-- Consumers are not spending as much on apparel; they’re not spending as much on toys. Most of the dollars are going to more basic items, things that you need to live. Like gas, food, and heating your home - all of which have gone up. Ben Bernanke again pointed to the credit crunch and high oil prices as the reasons why the economy is slowing.
And a growing concern: the weakening US dollar. -- This is the first time in modern history we’ve ever seen the US dollar go down against the basket of 16 currencies. Just five years ago, one dollar was worth about one euro. Today, it’s only worth about two-thirds that. And the Canadian dollar: five years ago, the US dollar was worth $1.55 in Canada; today, you get under a dollar - the weakest exchange in 50 years.
Why is the US dollar doing so poorly? -- We’re actually running in the red. We have a budget that’s larger than ourtax receipts are, and we’re…we’re trying to fight a war. And weak dollars quite simply don’t go as far. We pay more for imports, TVs, toys, clothing, and for travel.
In fact just today, United Airlines said it’s adding a five-dollar surcharge each way on domestic flights to offset the rising cost of jet fuel. We’ve already talked about gas prices here on the broadcast, Charlie. All of this as the holiday travel season is upon us. David Muir, reporting tonight. Well, thanks.
※ go to ~ ex. All his money goes to alcohol. 그의 돈은 모두 술값으로 나간다. ex. Half our money goes to food and clothes for the children. 우리 돈의 절반은 아이들의 식비와 옷값으로 나간다. ex. Most of his time goes to watching television. 그의 시간은 대부분 텔레비전을 보는데 쓰여진다.
Federal Reserve : 연방준비제도이사회 / the Federal Reserve Board ( 연방준비제도이사회 ), the Federal Reserve Bank( 연방준비은행 ) head : ~ 로 향하다 ex. He headed for the bus stop. * be headed for~ : ~ 으로 향하다 ex. He is headed for the hospital. 그는 병원으로 향하고 있다 . ex. Where are you headed? slowdown : 감속 , 경제 둔화 , 경기 둔화 plunge : ~ 을 처넣다 , ~ 을 빠뜨리다 , 뛰어들 다 , 빠지다 , 급락하다 , 뛰어들기 , 돌진 , 급락 * plunge one's hand into hot water 손을 뜨거운 물에 처넣다 / * plunge into a river 강에 뛰어들다 . * take the plunge : ( 수영장 등에 ) 뛰어들다 , 과감히 하다 , 결혼하다 / to finally do something important, difficult, or dangerous after thinking about it rebound :< 공 등이 > 되튀다 , 반향하 다 , ( 좌절실패 등에서 ) 다시 일어서다 , 되튀게 하다 , < 음을 > 반향 시키다 , 되튐 , 반발 stall : 1. 마구간 , 마구간 [ 외양간 ] 의 한 칸 , 매점 (stand), 칸막이한 작은 방 2. < 자동차 비행기를 > 실속시키다 , 실속 하다 , 엔진이 멎다, < 말·자동차 등을 > 오도가도 못하게 하다 [ 되다 ].~ 을 막다른 궁지에 빠뜨리다 [ 빠지다 ]. ex. Her car was stalled in the snow. 그녀의 차는 눈 때문에 오도가도 못 했다 . Main Street : 번화가, 중심가, (Wall Street에 대비하여) (전통적·보수적인) 일반 대중[국민], 서민 /Main Street is used by journalists to refer to the ordinary people of America who live in small towns rather than big cities or are not very rich. ex. This financial crisis had a much greater impact on Main Street. meltdown : ( 원자로의 ) 노심 ( 爐心 ) 용해 , ( 금속의 ) 용융 , ( 제도·기업의 ) 완전 붕괴 , ( 주가의 ) 대폭락 , 끝 장남 retail : 소매 , 소매의 , 소매로 , 소매하다 (opp. wholesale) * buy wholesale and sell retail 도매가로 사고 소매가로 팔다 fall short of ~ : ~에 미치지 못하다 ex. August car sales fell short of the industry's expectations. * short of~ : ~ 에 못미치는 , ~ 에 못 미쳐 , ~ 을 제외하고 ex. She is just short of twenty. 그녀는 조금만 있으면 스무살이 된다 . / ex. He is short of money. 그는 돈이 부족하다 . ex. Short of cheating, there was no way to pass the test. 커닝을 제외하고 는 시험에 합격할 방법이 없었다 . estimate : 견적 , 추정 , 견적하다 , 추정하다 ex. It's difficult to estimate the cost of making your house safe. ex. The Antarctic ice cap is estimated to contain 90% of the world's fresh water. ex. The total cost was estimated at $ 50 million. ex. We estimate that 20 per cent of the harvest has been lost. ex. An estimated 300,000 people came to the demonstration apparel : 의복, 의류 point to : 1. ~ 을 가리키다 2. ~ 을 ( 증거로 ) 지적 [ 인용 ] 하다 3. to show the truth or importance of something ex. The hand of the clock points to five. 시계 바늘은 5 시 를 가리키고 있 다 ex. He pointed to a new study showing if that goal's met, the US economy would reap a windfall of more than a quarter of a trillion dollars. 미국 경제에 2 천 5 백억 달러 이상을 창출할 수 있을 것이라는 한 연구결과를 지적 [ 인용 ] 하였다 . ex. The evidence clearly points to her guilt crunch : vi.,vt. 1. 오도독 [ 아삭아삭 ] 씹다 [ 깨물다 ], 2. 우 직끈 부수다 3. ( 발밑이 부서지는 소리를 내며 소란스럽게 ) 저벅저벅 밟 다 4. 오독오독 [ 아삭아삭 ], 우두둑우두둑 부서지는 소리 , 5. [the ~] 결정 적 시기 6. 곤궁 (a situation that is very difficult because you do not have enough of something, especially time or money), 7. [only before noun] 결정적인 , 중대한 , 위기의 / vt. if you crunch numbers, you do a lot of calculations; if you crunch information, you deal with it quickly * if/when it comes to the crunch 결정적인 시기 [ 중대한시기 ] 가 오면 ex. If it comes to the crunch, can I rely on you to support me? ex. a budget crunch 예산부족 / ex. The Prime Minister is expected to call a crunch meeting on Monday. basket : a group of CURRENCIES (=different types of money used in different countries) used for comparing the value of another currency go down : ( 배 따위가 ) 침몰하다 , ( 비행기 가 ) 추락하다 , ( 후세에 ) 전해지다 , ( 역사 따위에 ) 기억 [ 기록 ] 되다 , ( 정도 , 양 수 질 따위 ) 내려가다 , 떨어지다 , ( 기계 컴퓨터 ) 작동되지 않다 ex. The ship went down off the coast of Africa . ex. We watched as the plane went down in a fiery blaze. ex. He will go down as one of the best teachers this school has ever had. ex. The efforts they made will go down in history. ex. No one expects house prices to go down in the near future. ex. The computer went down. exchange : 교환, 환 * the rate of exchange : 환 율(exchange rate) in the red : 적자를 내고 있는 , 빚을 지고 있 는 (opp. in the black ( 경영이 ) 흑자를 내고 있는 ) ex. run in the red : 적자를 내다 receipt : 받음, 영수, 영수증, [보통 pl.] 수령액 * tax receipts 세수 = tax revenues[yields] go far : 대성공이다 (to be successful in what you try to do) ex. With all her skill and ambition, I'm sure Jane will go far. * not go far : (돈이) 물건을 많이 살 수 없다, (물건 따위가) 충분치 않다 /1. used for saying that you cannot buy very much with a particular amount of money 2. used for saying that a supply of something is not enough ex. Twenty dollars doesn't go very far these days. ex. A few sandwiches won't go far among all of us. surcharge : 할증료 , ~ 에게 추가 [ 부가 ] 요금을 청구 [ 부과 ] 하다 domestic : 가정의 , 가사의 , 국내의 , 자국 의 , 국산의 , 자가제의 (homemade) ex. domestic violence 가정폭력 /ex. domestic animals 가축 ex. domestic appliances such as freezers and dishwashers offset : 상쇄하다 ex. The increase in pay costs will be offset by higher productivity. be (up)on ~ : ~에게 다가오다 ex. once again Christmas is on us. 또 다시 크리스마스가 다가온다.