So who was President in 1980? Who is that person that Republicans love to demonize as the worst President ever? Looks like he has company.
In a report that underscored the economy's persistent weakness, the Philadelphia Federal Reserve Bank said its business activity index dropped to minus 17.1 in June from minus 15.6 in May, well below Wall Street's forecasts around minus 10.Uh huh, and some analysts would be idiots if they missed the impact of the weak dollar to high gas prices connection.
Prices paid soared to their highest levels since 1980.
"They are pretty bleak numbers," said David Sloan, economist at 4Cast Ltd. in New York. "There is not much to be said in favor of it."
Some analysts are hoping the weaker dollar's boost of exports could help the economy skirt recession, despite a teetering housing market and soft consumer spending. The latest figures indicated otherwise.
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