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Why no longer so alluring?

机译：为什么不再那么诱人？

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摘要

A Few years ago, America was reputed to have a charmed economy. Thanks to the productivity miracle, output grew fast enough to push unemployment to historic lows without fuelling inflation. From across the globe, investors could not get enough of this magical state of affairs. In many ways, today's economic recovery is equally alluring. Despite the bursting of the stockmarket bubble, last year's collapse of corporate investment and the terrorist attacks, the recession has been remarkably short and mild. The economy surged in the first three months of 2002; productivity growth remains extraordinarily strong; consumers remain resilient; corporate profits, as measured in the national income accounts, are showing signs of life, and inflation is nowhere to be seen. Yet investors are unimpressed. Share prices have been lacklustre, and the dollar this week reached a 14-month low against the euro. Why has America's economy lost its power to charm?
机译：几年前，美国被认为拥有迷人的经济。得益于生产力奇迹，产出增长很快，足以将失业率推至历史低位，而又不会助长通货膨胀。在全球范围内，投资者无法充分了解这种神奇的状况。在许多方面，当今的经济复苏同样具有吸引力。尽管股市泡沫破裂，去年企业投资崩溃和恐怖袭击，但经济衰退仍然短暂而温和。 2002年前三个月，经济猛增；生产力增长仍然异常强劲；消费者保持弹性；用国民收入帐户衡量的公司利润正显示出生命迹象，通货膨胀无处可寻。然而，投资者对此并不满意。股价一直低迷，本周美元兑欧元汇率跌至14个月低点。为什么美国经济失去了魅力？

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