Passage 2

(Aggregate) statistics for 1991 were dominated by the sharp decline in output in Central and Eastern Europe and by the severely (adverse) effects of the Gulf crisis on the economies of Middle Eastern countries. Estimates of GDP by major geographic region reveal that growth of output Accelerated in Latin American and in sub—Saharan Africa, while a pick-up in China helped sustain Asian activity. Despite a sharp slow-down in India, where CDP growth fell from 5.5 percent in 1990 to 2. 5 percent, the population—weighted growth rate of developing countries’ CDP—3.5 percent in 1991 —continued to (exceed) the ordinary measure.

39、What does the underlined word “aggregate” mean?

40、What’s the meaning of “adverse”?

41、What does “exceed” mean?

Compared with Dell, Hewlett-Packard relies more heavily on consumers.

While the global financial crisis continued to take a toll on societies and politics globally, 2011 has been a year of relentless turmoil and chaos. What underlies these waves of turmoil is the labor pains of the birth of a new international order.Economic growth was severely unbalanced in 2011. The European and U. S. debt crises have gravely delayed the recovery of the world economy. Though the United Slates raised its debt ceiling after heated debate to avoid default, the Standard & Poor’s rating agency downgraded the credit rating of the United States for the first time.

Hewlett-Packard forecast a drop in its annual sales due to the slowdown in home-computer sales.

Because Dell now focuses on business customers, its consumer demand remains relatively stable.

Passage 2

Dell Inc, rose as much as 6.7 percent after its profit topped analysis’ estimates, marking the second straight quarter that the company’s results outshined those of rival Hewlett-Packard Co.Net income surged to $945 million, or 49 cents a share, from $341 million, or 17 cents, a year earlier, Dell said yesterday. Excluding certain costs, earnings were 55 cents in the period, which ended April 29. Analysts estimated 43 cents on average, according to data compiled by Bloomberg.Dell’s emphasis on business customers, bolstered by an expansion into corpora data centers, is helping it withstand a slump in consumer demand. A slowdown in home-computer sales has roiled industry leader Hewlett—Packard, which cut its annual sales forecast earlier yesterday. While Dell also saw its consumer revenue drop, the company said it was able to squeeze more profit out of each sale.“They executed much better than expected despite strong headwinds,” said Shaw Wu, an analyst at Sterne Agee & Leach Inc, in San Francisco. Dell gels about 20 percent of sales from consumers, compared with about 30 percent at Hewlett-Packard, said Wu, who has a neutral rating on Dell shares.Dell, based in Round Rock, Texas, gained 85 cents, or 5. 4 percent, to $16.75 at 4 p. m. New York time in Nasdaq Stock Market composite trading. The shares have risen 24 percent this year.

It is the first time that Dell’s quarterly profit has surpassed Hewlett-Packard Co.

Analysts estimated that Dell’s net income was 43 cents a share on average.

With sales of motor vehicle and parts excluded, the overall retail sales in the US actually fell slightly.

Recent retail sales figures suggest that consumers did most of their Christmas shopping in early December.

Many US families have cut clown on their spending due to weak income growth.

Passage 1

US retail sales rose less than expected over the Holidays while new jobless claims climbed to a six-week high, underlining the slow pace of recovery from recession.Retail sales increased 0.1 per cent in December to $400.6bn, missing forecasts of a 0.3 per cent rise and logging the weakest growth since last May, according to a commerce department report.Separately, first-time claims for unemployment benefits rose to 399,000. Economists say claims need to stay below 400,000 to sustain job growth.December sales of electronics and appliances fell 3.9 per cent and department store purchases slipped 0.2 per cent. Meanwhile, cheaper fuel prices brought down receipts at petrol stations 1.6 per cent last month, while food and beverage sales fell 0.2 per cent.“December’s retail sales figures suggest it was not a happy holiday season for US retailers,” said Paul Dales, senior US economist at Capital Economics. “In other words, households have started to pare back their spending, most probably because their real incomes have continued to fall.”An upward revision to November’s sales reading, from 0.2 per cent, suggested that consumers did most of their holiday shopping early in the season.“While there were sever media reports suggesting holiday shopping was solid, yea-on-year growth in chain store date did disappoint, and this data suggests the consumer, restrained by weak income growth, has lost some momentum outside autos,”said David Sloan, an economist at IFR Economics.Steep discounts and extended hours at many retailers lured last-minute shoppers to stores in the week leading up to Christmas, but the 2011 holiday season was seen as modest overall and many companies have downgraded their profit forecasts.Thursday’s department figures showed that December’s declines were offset by stronger demand for cars; sales of motor vehicles and parts were up 1.5 per cent, as indicated earlier this month by carmakers, who said December sales reached about 13.7m at a seasonally adjusted annual rate.Stripping out autos, overall retail sales fell 0.2 per cent compared with an expected 0.3 per cent gain. Sales excluding autos and petrol were flat in December.

US retail sales were expected to increase by 0.3% in December.