There is still no guarantee that the gloom and doom days of America is about to end. But the end of summer showed a few signs of progress in some of the unlikeliest corners of the economy.
Farming a recovery. The U.S. farming industry remains relatively resilient despite the recession. The worth of agricultural products to be exported is expected at $107.5 billion, the second highest ever after the 2008 record of $115.3 billion. Still, agriculture can only account for a small fraction of the economy.
U.S. corporate buying frenzy. So far in 2010, the global volume of mergers and acquisitions is at $1.8 trillion, a 24% increase from the previous year during the same time. This activity was driven by companies in different sectors ranging from technology to agriculture. This included BHP Billiton’s $43.4 billion bid for Potash, Intel’s $7.7 bid for McAfee, and Sanofi-Adventi’s $18.5 billion offer for Genzyme among others.
Detroit. The city might be going through a rebirth as The Big Three – Ford Motor, General Motors, and Chrysler – highlights a series of improvements. Ford churned in more money during this year’s first six months than in the previous five years combined. After a $50 billion bailout, GM has filed one of the biggest public stock offerings in U.S. history. And Chrysler is hiring new workers.
Manufacturing growth. The U.S. manufacturing industry expanded faster than expected. Factories are adding new workers and raised production to respond to the increasing demands from markets abroad. Manufacturing, which accounts for about 11% of the U.S. economy, helped the nation keep up with the challenges of this recession.
Source: CNN Money
