Business English Bits Issue 142
The 10-min homework newsletter that supports your advanced business and English language learning...
Greetings to this Tuesday’s issue of Business English Bits.
For our chosen Youtube video report today, we are focusing on Bloomberg’s latest look at the current financial health of the American consumer. As we all know, many consumers built up savings during the Covid pandemic as opportunities to spend dried up*, and governments pumped huge amounts of cash into the economy to keep it afloat**.
To dry up (pv) - To decrease and stop
To Keep smth afloat (ph) - To have sufficient funds to pay your debts
As the world returned to some kind of normality, consumers went on a huge spending spree* and rampant** inflation quickly followed. According to the Bloomberg video report, this splurge*** may becoming to an end as savings have whittled away**** and higher prices limit spending choices which then have a knock-on effect***** on company sales.
*Spree (n) - Sustained period of unrestrained activity
**Rampant (adj) - Growing without check
***Splurge (n) - Spending a lot of money on buying goods
****To Whittle away (ph) - To reduce slowly
***** Knock-on effect (cn) - Smth that causes other things to happen
We also have the question of personal debt. Americans now hold over $17 trillion of debt and are increasingly falling behind on loan and mortgage repayments. With high interest rates, some consumers are certainly feeling the pinch* when servicing their debts.
*To Feel the pinch (ph) - To have money issues because you earn less than before
So what does the future hold? Purchases of goods and services by consumers make up over 70% of US GDP, so overall purchasing power is key to US economic success. The US central bank has reacted this week by slashing* interest rates. One of the ideas behind this move, is to soften US consumer debt repayments and put more money in the pockets of American shoppers.
To Slash (v) - To cut drastically
Focus on some key new verbs from the video …
VIDEO: Bloomberg - (7min) - Is the American Consumer Done Spending?
Key Words - (Smth = Something; Sb=Someone; Col=Colloquial)
Dismal (adj) - Gloomy
To Hold up (pv) - To support and prevent smth from falling
To Tap out (pv) - To use everything that is available
To Take a toll (ph) - To have a serious effect on sb/smth
To Recede (v) - To move back from a previous position
To Lurk (v) - To remain hidden and awaiting attack
Ubiquitous (adj) - Present, appearing, or found everywhere
Opaque (adj) - Not transparent
To Bakstop (v) - To support or reinforce
Rung (n) - Support on a ladder or upward ascent
Silver Lining (ph) - Smth good that can be found in a bad situation
To Nail (v) - To Perform an action or task perfectly
Soft Landing (ph) - Cyclical slowdown in economic growth concluding without period of recession
Word of the Day … Guess the missing key word. Answer given below with examples!
Some phrasal verbs to review …
Word of the Day Answer:
Layout (n) - Way in which parts of something are arranged
Examples:
“Before designing the office we planned the basic layout of each floor.”
“This is the layout of the team for next year’s project.”
Have an interesting Tuesday and see you tomorrow for the advanced English phrasal verb test …
Kevin