The 500 biggest US listed companies recorded 38 percent higher net profits between April and June this year than they did in the same period last year. Nonetheless unemployment remains high, the liberal business paper Handelsblatt comments, noting that this is slowing the recovery: "On the one hand there's Wall Street with its growing wallet and on the other Main Street, whose residents are often forced to compete against 100 others whenever there's a job vacancy, with the worst-off literally battling for survival living on state rent allowances, in shelters for the homeless and using food stamps. … So far all attempts (including those of the US government) to convince companies to take on employees again have failed. There are several reasons for this. A key one is that America's company profits are gushing mains in the information technology sector, as well as in the financial and pharmaceuticals sector - in other words those sectors which are not so labour-intensive. … The mass unemployment is having a boomerang effect on private consumption, which the world's largest economy depends on like no other nation." (30/08/2010)
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