See These Four Broadway Shows for
roa
cLuau
in the d
buy tickets,
be inspired
Brazos Valley!
THE SOUND OF MUSIC
The hills are alive!
October 8-9
A TUNA CHRISTMAS
Starring Joe Sears & Jaston
Williams
November 19-21
CATS
Broadway’s longest running show!
January 27-28
FAME - the musical
Remember my name!
March 9-10
Broadway Series Sponsored by: Central^fexOSEINJ.r.
ORDER TICKETS NOW at www.MSCOPAS.org or
request a free brochure by calling 845-1234.
Order tickets to these FOUR
Broadway blockbusters for one
low price. Logon to
www.MSCOPAS.org to order
your tickets to these
performances and all other
performances (Main Stage,
Intimate Gatherings and OPAS JR)
on the 2003-2004 season,
Tired of +his guy?
£o are we...
And -fhaf s why we joined Pi Kappa Phi. We are scholars,
leaders, gen+lemen, and a+hle-fes.
In shod, we do no+ fulfill Ihe -typical Tra+ guy” s+ereo+ype. We are
building beffer men, and mos-f imporfan+ly, we are recrui-Hng
•fhe leaders of lomorrow.
if you'd like +o join us, look for us a+ Open House
or con+act one of our rush chairmen.
John Herring+on
President
979-492-0706
Russell Carby
Rush Chairman
469-855-7000
visit us online at
gggiepikaf>p*org
6A
Thursday, September 4, 2003
na|
I HE KATt v ,
Increased construction spendiuj
offers hope for economic reviva
By Jeannine Aversa
THE ASSOCIATED PRESS
WASHINGTON
Business conditions perked up
in the summer and construction
spending climbed in July to the
highest level seen since the
beginning of the year, promising
signs for the economy’s antici
pated second-half rebound.
Reports from the Federal
Reserve’s 12 districts “indicate
that the economy continued to
improve in July and August,”
according to the Federal
Reserve’s latest snapshot of
business activity released
Wednesday. “In some districts,
improvement occurred in select
ed sectors and in others it was
broad-based,” the Fed said.
The Fed added that even in
the Dallas district, where activ
ity remains generally weak,
business contacts were more
optimistic about the economic
outlook.
The economic impact of the
nation’s worst blackout was
muted thus far, the Fed indicated.
Although business contacts
said a comprehensive assess
ment at this point was prema
ture, “the effects were general
ly small,” the Fed survey said.
“Even where firms were closed
for several days, affected con
tacts suggest they are not
anticipating difficulties in
making up for lost production
or shipments.”
In a second report, the value
of construction projects under
way clocked in at a seasonally
adjusted annual rate of $879.8
billion in July, representing a
modest 0.2 percent increase
from June’s level, the
Commerce Department said.
Although July’s increase
wasn’t as big as the 0.5 percent
rise that economists were pre
dicting, June’s performance
turned out even better than the
government previously esti
mated. Revised figures show
that construction spending
went up by a brisk 0.7 percent
in June from May, compared
with the 0.3 percent advance
first estimated.
The $879.8 billion pace of
construction spending in July
marked the highest level since
January, when such spending
stood at $883.2 billion on an
annualized basis.
Recent economic reports
have flashed signals that the
economy is healing and on track
to stage a material rebound in
the second half of this year.
Consumers are spending, manu
facturing appears on the mend
and businesses are slowly boost
ing investment, although they
are cautious about hiring.
In the Fed’s survey
Wednesday, 10 of the Fed’s 12
districts reported increases in
manufacturing activity. The
exceptions: Dallas. which
showed little change, and
Richmond, where factor) activi
ty weakened.
Some economists believe
economic growth in the final six
months of this year will be in the
range of around 3.5 percent to
just over 4 percent. Others think
it will be closer to a 5 percent
pace. In either scenario, such a
pace would be far better than the
2.3 percent growth rate seen in
the first six months.
Economists believe the
Federal Reserve will probably
hold a key short-term interest
rate at a 45-year low of l percent
when it meets next on Sept 16.
At the Fed’s previous meeting in
August, policy-makers not only
held this rate steady but also
hinted that it could stay there for
some time.
Economists hope that low
short-term interest rates and
President Bush’s third tax cut
will motivate consumers and
businesses to spend and invest
more, thus lifting economic
growth.
The construction spending
report showed that spending by
private builders on all types of
Construction
spending
Here is a look at monthly
construction spending
A S O N 0 J F M AH.
2002 2003
projects rose by a solid
cent in July to a $ei>
adjusted annual rate of:
billion, the highest lev:
March.
communications and ft
facilities. Those gains
pc red by w eakness tisf>p
including declines in sp#
on hotels and motels, an:ii
buildings.
“The long nightmare ; ||
ble digit declines in pi®
non re s i de nt i a 1 coo vr.fi
seems to have ended. Mf
still a little early to ck
upward climb had taken
said Ken Simonson, chie'fl
otnist at Associated Cap
Contractors of America.
Spending by the goverv.
on big public works pr-
meanwhile, dropped byO-:
cent in July to a rate of Si
billion. The govemmer
spending on schools, higi"
and streets. That outwe
increased spending on
projects including public U
facilities and hospitals and^
health-care buildings.
Welfare recipient numbers fal
By Nancy Zuckerbrod
THE ASSOCIATED PRESS
WASHINGTON — The Health and Human
Services Department said Wednesday that the
number of individuals on welfare dropped more
than 4 percent between March 2002 and March
2003, to about 5 million people. The number of
families receiving welfare dropped about 2 per
cent, to a little more than 2 million.
Congress significantly overhauled the welfare
system in 1996, allowing states to impose tough
new rules on recipients.
Since then, there has been about a 60 percent
reduction in the number of individuals on wel
fare and almost a 54 percent reduction in the
number of families getting assistance, the gov
ernment said.
The Virgin Islands saw the biggest decrease,
a 41 percent drop among individuals, followed
by Illinois, with a 28 percent drop. Maine had
the biggest increase to its welfare rolls, at 42
percent.
The reasons people stop receiving welfare vary.
For example, they could have found jobs, married a
wealthier partner or reached state-imposed limits on
the amount of time they are eligible for welfare.
The government did not offer a bread
Wednesday explaining the latest declines ’■
Horn, the assistant HHS secretary for chi
and families, said the agency should havea^'
down by year’s end.
But Horn called it "very reasonable” tocodl
that most people who got off welfare gotj#
said that assumption is based on past studies
Critics were skeptical, citing high unef\
ment numbers. The unemployment rate w
percent in July, a nine-year high. Augusi 1 ’
will be released Friday.
“It’s alarming news, not good news,be’
we know that needs are rising,” said ;
Sherman, a senior researcher at the Chili
Defense Fund, a Washington-based nonpros
Congress is working to renew the 199b
fare law. The House has approved a billtoi
it, endorsing changes proposed by the
administration. But the Senate has not foil
suit, requiring the 1996 law to be temp'
extended several times to keep the pro-
operating.
The administration’s proposal would requir (
to impose tougher work requirements on welfare
ents. Senate Democrats say the president's po*
doesn't provide enough money for child care.
• ' •
unique aggie t-shirts
NEWS
THE BA1
Oi
Junior
tire or
cor o
IRS he
incorr
WASHIh
establishe
their tax
answers -
percent c
Treasury
posing as
The inve
a million
given wro
and Dece
Internal
ees gave i
of the que
unanswer
do their o
tions. In c
get quest
could not
“We rec
of 67 per
inadequat
commissi
tax return
The auc
chance o
when IRJ
through r
probing q
The qt
answered
earned ir
credit anc
“The IR
ceptable,’
Committe
Grassley,
The Tre
tor gener
error rate
assistanc
showed t
mous visf
answers t
questions
The IRS
record an
questions
percent c
a
de
frs