When
it comes to the slowing economy, Ellen Spero isn't biting her nails just yet.
But the 47-year-old manicurist isn't cutting, filling or polishing as many
nails as she'd like to, either. Most of her
clients spend $12 to $50 weekly, but last month two longtime customers suddenly
stopped showing up. Spero blames the softening economy. "I'm a good economic
indicator," she says, "I provide a service that people can do without
when they're concerned about saving some dollars." So Spero is
downscaling, shopping at
middle-brow Dillard's department store
near her suburban Cleveland
home, instead of Neiman Marcus. "I don't know if other clients are going
to abandon me, too," she says.
Even before Alan Greenspan's admission that America's red-hot economy is
cooling, lots of working folks had already seen signs of the slowdown
themselves. From car dealerships to Gap outlets, sales have been lagging for
months as shoppers temper their spending. For retailers, who last year took in
24 percent of their revenue between Thanksgiving and Christmas, the cautious
approach is coming at a crucial time. Already, experts say, holiday sales are
off 7 percent from last year's pace. But don't sound any alarms just yet. Consumers
seem only concerned, not panicked, and many say they remain optimistic about
the economy's long-term prospects even as they do some modest belt-tightening.
Consumers say they're not in despair because, despite the
dreadful headlines, their own fortunes still feel pretty good. Home prices are
holding steady in most regions. In Manhattan,
"there's a new gold rush happening in the $4 million to $10 million range,
predominantly fed by Wall Street bonuses," says broker Barbara Corcoran.
In San Francisco,
prices are still rising even as
frenzied
overbidding quiets. "Instead of
20 to 30 offers, now maybe you only get two or three," says John Tealdi, a
Bay Area
real-estate broker. And
most folks still feel pretty comfortable about their ability to find and keep a
job.
Many folks see
silver
linings to this slowdown. Potential home buyers would cheer for lower
interest rates. Employers wouldn't mind a little fewer
bubbles in the job market. Many consumers seem to have been
influenced by stock-market
swings,
which investors now view as a necessary
ingredient
to a
sustained boom. Diners might see an upside, too. Getting a table at Manhattan's hot new Alain
Ducasse restaurant need to be impossible. Not anymore. For that, Greenspan
& Co. may still be worth toasting.
51. By "Ellen
Spero isn't biting her nails just yet" (line 1, paragraph 1), the author
means ________.
[A] Spero can hardly maintain her business
[B] Spero is too much engaged in her work
[C] Spero has grown out of her bad habit
[D] Spero is not in a desperate situation
52. How do the
public feel about the current economic situation?
[A] Optimistic.
[B] Confused.
[C] Carefree.
[D] Panicked.
53. When mentioning
"the $4 million to $10 million range" (lines 2~3, paragraph 3) the
author is talking about ________.
[A] gold market
[B] real estate
[C] stock exchange
[D] venture investment
54. Why can many
people see "silver linings" to the economic showdown?
[A] They would benefit in certain ways.
[B] The stock market shows signs of recovery.
[C] Such a slowdown usually precedes a boom.
[D] The purchasing power would be enhanced.
55. To which of the
following is the author likely to agree?
[A] A new boom, on the horizon.
[B] Tighten the belt, the single remedy.
[C] Caution all right, panic not.
[D] The more ventures, the more chances.
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