Here is a cloze exercise we’ll be looking at tomorrow in class. It’s about economy, which is one of the topics which features on the C1 syllabus but is not covered in the textbook. I’m posting it here beforehand just in case any of you happens to have free time and wants to have a look at it in advance. If not, don’t worry – I’ll give you the photocopy with the exercise tomorrow, and I’ll allow you time to do it in class.
Fill in the gaps the words provided below.
Surprise upswing in US economy
America’s economy greatly _____1_____ all expectations in the third quarter of the year, despite calamitous hurricanes, record oil prices and interest rate rises. Economic growth ____2____ to an annual rate of 4.3 percent in the three months from July to September, according to US Commerce Department figures. This is an upward ____3_____ from initial estimates of 3.8 percent and is the strongest growth since the first quarter of 2004. Analysts ____4_____ the unexpected swing into more positive territory as “awesome”. They said the performance was ____5_____ proof that the US economic situation was on the ____6_____ and moving towards more sustained growth. Republicans are hoping the good news will help ____7_____ President George W. Bush’s sagging popularity.
Fears had been ____8_____ among economists that the effects of hurricanes Katrina and Rita would have taken their toll on economic activity. Businesses were ____9_____ hard hit, with profits falling by 3.7 percent. However, overall growth was ____10_____ by consumer spending, the lifeblood of the US economy, and greater business investment. The US Federal Reserve also reported that economic activity increased during November. It said: “Consumer prices remained ____11_____ or experienced generally modest increases.” Other ____12_____ reveal that inflation was lower than expected, although the rate used in the Commerce Department’s figures is adjusted to take account of the more ____13_____ food and energy prices. The Government has also raised interest rates a dozen times since mid-2004 to keep inflation ____14____.
Word bank: BOOSTED, CONCRETE, HAILED, IN CHECK, INDICES, REBOUND, RELATIVELY, REVISION, REVITALIZE, STABLE, SURGED, SURPASSED, VOLATILE, WIDESPREAD