Manufacturing, including automobiles, steel, petrochemicals, computers, aircraft and consumer durables, account for 31% of GDP.
But similar demand-driven growth in things like consumer durables, automobiles and motorized two-wheelers is not evident.
First, they raise the cost of borrowing and so deter new investment or purchases of consumer durables on credit.
Spectacular advances in the production of consumer durables, electric power, new appliances, suburban housing, and city skyscrapers highlighted the decade.
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As income per capita gets above those levels you start seeing consumption of cars, all consumer durables, cellphone usage, etc.
That's what comes with steady profits: American Axle ranks first among consumer durables companies in earnings-per-share growth--45%--over the past five years.
Sales of TV sets, washing machines and other consumer durables could soar as proud owners strive to turn houses into homes.
In many other Asian economies financing for consumer durables is virtually nonexistent.
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"That has centered on consumer durables, not least automobiles, " Amann added.
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For the market to levitate we need to see rising employment numbers, home prices bouncing up and consumer durables like autos showing late foot.
All eleven sectors were extremely undervalued fundamentally by ValuEngine on March 9, 2009 with readings between 32% undervalued for consumer durables and 44.9% undervalued for health care.
Rising disposable income, the growth of the middle class and a relatively low penetration rate for appliances are making the Philippines a hot market for consumer durables.
The same goes for industrials, materials, retailing and consumer durables.
Stephen Roach, chief economist of Morgan Stanley Dean Witter, thinks this in turn will boost the interest-sensitive areas of the economy, such as capital investment, consumer durables and home building.
Goldman Sachs has found that it is women who are redefining markets and creating growth by focusing their spending power on purchases such as food, health care, education, clothing, consumer durables, and financial services.
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Mr Wood argues that China is doing more to boost domestic consumption (for example, through incentives to stimulate purchases of cars and consumer durables, and increased health-care spending) than America is doing to boost its saving.
As Europe stumbles into recession our multinational corporations must feel the heat from a declining euro and lessening revenues, particularly sectors like technology, consumer durables and non-durables and financial services like credit cards receivables, travel and entertainment.
David Owen, an economist at Dresdner Kleinwort Wasserstein, points out that consumer spending in Europe, unlike America, has stagnated over the past couple of years, leaving big pent-up demand for consumer durables such as cars and electrical goods.
Index underachievers embrace energy, healthcare, utilities and consumer non durables.
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Outperforming sectors look to be financials, healthcare and possibly consumer non-durables which strangely have led the market.
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During the eighties, I saw this phenomenon in broadcasting, gaming casinos, natural resources, department stores, banking and finance as well as technology and consumer non-durables.
Consumer non-durables and healthcare are underleveraged plays in an economic resurgence.
In advance of a business launch, borrowers cut spending on consumer goods to save for the purchase of durables.
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Consumer-goods orders fell 1.9%, with consumer durable goods orders falling 0.7% and non-durables down 2.2%.
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