The payroll report will leave markets and policymakers happy，for a day at least．Most forecasters had expected that 100,000 jobs，or more，would have been lost，and most thought that the unemployment rate would hold steady or rise．A private employment report for November，which is published just before the official payroll report，showed that nearly 170,000 workers lost their jobs.

None of this means that the troubles are all over，however．The unemployment rate had once before declined in 2009，from June to July，before proceeding to rise for the next three months．A steady decline now will be hard to achieve: one estimate suggests that the American economy needs to add around 150,000 jobs each month just to keep up with population growth．

Employment growth in the economy remains concentrated in just a few sectors．There are encouraging signs in professional and business services; a 52,000 job increase in temporary help services in this category indicates that employers may soon begin creating more permanent positions.（Although by one measure non-manufacturing businesses are losing confidence，according to an index produced by the Institute for Supply Management this week.）Education，health services，and government are the only other sources of employment growth; the manufacturing，construction，and retail sectors continued to cut jobs in November.

That is particularly disappointing given that manufacturing activity has expanded for four consecutive months．More troubling still，the rate of manufacturing expansion declined in November．Increasing activity to date had largely been because of the replenishment of depleted inventories．If this brief spurt of expansion has exhausted itself without creating new jobs，then that bodes ill for recovery in other sources of demand，including consumer spending.

And then there are the ugliest statistics of all．Just over 15m Americans are unemployed，an increase of 8m from the start of the recession．Nearly 6m of those are considered long-term unemployed．Almost 40% of jobless workers have been out of work for 27 weeks or more．Bringing most of these workers back into the labour force will require strong economic growth，of the sort that is unlikely to prevail for at least the next year or so．This unexpectedly sharp decline in lost jobs is a silver lining on an extremely dark cloud.


注（1）：本文选自Economist；

注（2）：本文习题命题模仿对象：第1、3题分别模仿2004年真题Text 1第1、3题，第2题模仿2008年真题Text 4第2题，第4题模仿2014年真题Text 4第4题，第5题模仿2006年真题Text 2第5题。



1．What is America's current unemployment situation?

A) The unemployment rate remains in a mild decline.

B) The number of job offers has exceeded that of job losses.

C) There still will be many people who are going to lose their jobs.

D) It has met the expectations of the majority of people.

2．We can infer from the second and third paragraphs that ______.

A) the private employment report lacks credibility

B) unemployment rate does not involve all citizens

C) unemployment rate forecast is in accurate

D) policy-making depends on unemployment rate

3．The word“bodes” (Line 4，Paragraph 6) most probably means ______.

A) brings

B) falls

C) develops

D) foretells

4．Speaking of employment growth，the author implies that ______.

A) economic sectors of employment growth are still limited yet expanding

B) inventory replenishment is a good chance of providing more jobs

C) the prospect of an overall employment growth remains gloomy

D) the difficulty of demand recovery impedes the creation of new jobs

5．We can draw a conclusion from the text that ______.

A) the unexpectedly sharp decline in lost jobs paves the way for general optimism

B) the unemployment rate fluctuates dramatically in economic recession

C) it is still uncertain whether the November unemployment rate is a good sign

D) unemployment rate is expected to continually drop in the following months





篇章剖析


本文介绍了美国的失业情况。前三段根据就业报告说明了美国当前的失业率状况并非如人们担心的那样糟糕；第四至六段笔锋一转，进行了深度的分析，说明报告并不预示着美国经济已经完全回升向好，依然有很多部门的情况不容乐观；最后一段更进一步说明了美国经济存在的潜在困难，并由此得出了较为悲观的结论：失业情况仍然非常严峻、不容乐观。





词汇注释


gloom /gluːm/ n. 萧条（或消沉）的状况，无望

payroll /ˈpeɪˌrəʊl/ n. 薪水册，工资表

recession /rɪˈseʃn/ n. （经济的）衰退；衰退期

marginally /ˈmɑːrdʒɪnəli/ adv. 少量地；最低限度地

consecutive/kənˈsekjutɪv/ adj. 连续不断的；接连而来的

replenishment/rɪˈplenɪʃmənt/ n. 再装满，补充，充满

inventory /ˈɪnvəntri/ n. 清单上开列的货品，存货

spurt /spɜːt/ n. 短时激增；迸发

exhaust /ɪgˈzɒst/ v. 用完，耗尽

prevail /prɪˈveɪl/ v. 流行，盛行；普遍发生

silver lining（不幸或失望中的）一线希望





难句突破


So，too，did broader measures of unemployment which include marginally attached workers and those who work only part time（for economic reasons）.

主体句式：So did broader measures of unemployment.

结构分析：本句使用了“So did +主语”的倒装结构，用来说明前面所说的情况也同样适用于后面的事物，too为插入语。主语broader measures of unemployment由which引导的定语从句修饰，定语从句中的宾语之一those又由who引导的定语从句修饰。

句子译文：从广义上衡量也是如此，广义失业率涉及了近期未就业的人数和由于经济原因而只能做兼职的人员的数量等。





题目分析


1．C 细节题。根据文章前两段，失业率的增长速度有所减缓，这好于先前的预期，因此A和D不正确。根据文章第四段以及最后一段的内容可知，尽管情况有所好转，但这并不能说明麻烦已经全然消失，目前依然很难实现失业率的持续下降，而且明年经济不可能迅速复苏，这意味着失业率仍然会维持在较高水平，仍然将有很多人会失去工作，因此排除B，故C正确。

2．B 推理题。根据文章第二段，从广义上衡量，失业率涉及了近期未就业的人和兼职员工，因此可以推出失业率的统计并不涉及全体公民，因此B正确。文章第三段提到此前预期和民间报告与官方数据的不同，但并不能据此说明民间报告可信度低，也无法得出预期不准确的结论，因此A与C皆不正确。第三段提到政策制定者看到这个失业率增长速度的数据会很高兴，但并没有提到政策制定和失业率之间的关系，因此D不正确。

3．D 语义题。整个第六段都在讲目前各领域存在的糟糕情况，因此可以推出这些都预示着经济很可能不会迅速复苏。“bode”作为动词是“预示”的含义，通常都是指预示不好的结果。

4．C 推理题。尽管文章第五段指出一些部门的就业率在增加，但是从文章总体看来，失业率仍然居高不下，就业率的总体增长态势并不乐观，因此C正确。第五段中表明就业率增长仅限于几个领域，并没有提到扩张的趋势，所以A错误。第六段中manufacturing activity 指的并不是就业，因此B不正确。第六段还提到如果无法创造新的工作机会，那么其他需求很难得以恢复，D颠倒了因果关系，因此错误。

5．C 推理题。文章中虽然提到11月份的失业率数据让市场和政府都感到十分振奋，但是通过全文的分析，整体就业情况依然不容乐观，因此很难说这个数据意味着失业率增长的速度会持续下降，因此C正确，A和D不正确。文章中并没有提到失业率数据是否有很大的起伏变化，故B也不正确。





参考译文



近两年里，美国经济使工作机会一直在不断流失，但现在却有迹象显示这种低迷的状态有可能最终扭转。据劳工统计局于12月4日，也就是周五公布的最新就业人数数据显示，总体数字好于预期。

11月份约减少了1.1万个工作岗位，这是自2007年年末的经济危机开始以来的最小数字。尽管现在仍然不断有人失去工作，但总体失业率已经从10.2% 降至 10.0%。从广义上衡量也是如此，广义失业率涉及了近期未就业的人数和由于经济原因只能做兼职的人员的数量等。

这份就业报告将会使市场和政策制定者们满意，至少就目前来看如此。之前大部分市场预测者预计至少还会减少10万个工作机会，大多数人认为失业率会保持在原有水平，或者会进一步增长。在官方的就业报告发布之前，一份民间就业报告指出，11月份的失业人数有近17万。

但这一结果并不意味着我们的麻烦已经全然消失。2009年6月至7月失业率曾有所下降，但是随后的三个月又连续增长。目前我们很难实现失业率的持续下降：一份预测报告指出，美国经济每个月需要增加约15万个工作岗位才能赶上人口增长的速度。

美国就业率的增长也仅限于几个领域。其中，职业和商业服务领域就显示出了鼓舞人心的迹象，该领域已经增加了5.2万份临时性援助服务的工作，这表明雇主们可能很快就会提供更多的永久性职位。（尽管根据本周美国供应管理协会公布的指数，其中一项指标显示，非制造业界正在失去信心。）教育、健康服务和政府是仅有的其他几个就业率增长部门，而制造业、建筑业和零售业11月份都在继续裁员。

鉴于制造业已实现了连续四个月的扩张，这一结果尤其令人失望，更糟糕的是，制造业扩张的速度在11月份有所下降。其增加的数据大部分来自对于库存的补充。如果我们耗尽了这种短暂的扩张所迸发的动能却没有创造出新工作，那么这预示着其他方面的需求很难得以恢复，包括消费支出。

这还不是最坏的数据。目前，已有超过1500万美国人处于失业状态，比经济危机刚开始时增加了800万人。其中，近600万人被认为是长期失业。大约40%的失业工人已经至少27周没有工作了。要想让这些人中的大部分回到劳动力大军中，那么经济的强劲增长是必不可少的，然而，至少在明年经济不可能迅速回升向好。在这种极其严峻的情形下，失业率出人意料地陡然下降无异于一线生机。





Unit 3


Since the start of the year the price of sugar futures has almost doubled．This is welcome news for Brazil，the world's largest producer of the stuff．The price spike is mainly explained by unfavourable weather—too little rain in India and too much in Brazil．India's sugar production fell by almost half last year，turning the country from the second-biggest producer to the biggest importer．For Brazil's big sugar companies the timing is perfect: the credit crunch set off a wave of consolidation in an industry that had been resistant to it．The firms that have survived now have more scale and lots of cash．

Louis Dreyfus，a French commodities giant，bought Santelisa Vale，a large processor of sugar cane，in April．Santelisa had expanded fast and taken on too much debt，a common mistake in an industry that had the highest levels of investment of any industry in Brazil before the crunch．Dreyfus，which already trades sugar，soya beans and other Brazilian agricultural goods，wanted to bolster its position．At the other end of the spectrum is Copersucar，a giant cooperative that unites lots of small growers in Sao Paulo state.

The biggest of the lot is Cosan，which alone produces 2.5% of the world's sugar．Last year it bought Exon Mobil's distribution and retailing business in Brazil to help it sell its ethanol．This year it bought Nova America，a smaller sugar company．Like many of Brazil's big companies Cosan mixes family ownership with capital from BNDES，Brazil's government-owned development bank．And like many other Brazilian giants，it has suffered a vicious feud within the founding family over who should run the business．

Rubens Ometto Silveira Mello fought the other members of his family for ten years in Brazil's courts before winning control of Cosan．In 2007 he strengthened his grip by setting up Cosan Limited，a company with a dual share structure that accords some of Mr Mello's shares ten times the voting weight of ordinary ones. To do this，he listed Cosan Limited on the New York Stock Exchange，since Brazil's Novo Mercado，where Cosan was listed at the time，does not allow such arrangements.

Mr Mello，who is splendidly forthright，did not let the subsequent controversy bother him overly．“You’re pissing on sludge and you don’t know what's under your feet,” he once told Dilma Rousseff，one of the front-runners for next year's presidential election，during a discussion of the government's energy policy．Marcos Lutz，an executive at Cosan，argues that the fuss about corporate governance is a distraction．The firm is professionally managed，he insists，and it was no surprise to shareholders that Mr Mello wanted to preserve an outsize say in the firm's strategy.

The market for ethanol has been growing at 17% a year，much faster than that for sugar，points out Luiz Pereira de Araújo of ETH Bioenergia，another fast-growing sugar firm．Such growth is likely to persist，thanks to increased sales of flex-fuel cars，which can run on petrol or ethanol．What is more，the Brazilian sugar-cane growers’ association is optimistic that Europe and America will eventually reduce tariffs on Brazilian ethanol．If that happens，Brazil's growers，crushers and distillers will be even happier than they are already．


注（1）：本文选自Economist；

注（2）：本文习题命题模仿对象：第1题模仿2006年真题Text 1第4题，第2题模仿2014年真题Text 3第4题，第3题模仿2013年真题Text 1第3题，第4题模仿2014年真题Text 2第2题，第5题模仿2013年真题Text 2第5题。



1．The main reason for the boom of sugar futures in Brazil is ______.

A) India's withdrawal from the market

B) the credit crunch

C) the irregular global distribution of rain

D) the industrial consolidation

2．Which of the following is NOT a similarity between Cosan and other companies?

A) state-owned

B) family conflict

C) initially private ownership

D) including state capital

3．The word“feud” (Line 5，Paragraph 3) in the article most probably means ______.

A) relationship

B) fault

C) circle

D) hostility

4．Which of the following problems may exert the most negative influence on Cosan?

A) The dual share structure is not permitted by Brazil's Novo Mercado．

B) The fight for an absolute control of the company.

C) The switch to ethanol falls short of strategic foresight.

D) The controversy concerning Cosan Limited's listing in New York Stock Exchange.

5．Toward the prospect of Brazil's sugar industry in the foreseeable future，the writer's attitude can be said to be ______.

A) indifferent

B) doubtful

C) objective

D) optimistic





篇章剖析


本篇文章介绍了巴西白糖业的发展现状，重点放在该国最大的白糖生产集团Cosan公司。第一、二段总体介绍了白糖业的生产现状以及企业活动；第三至五段具体介绍Cosan公司及其现任掌门人梅洛先生的状况，尤其强调了公司内部的斗争、股权政策调整等问题；最后一段进行了总结，指出巴西白糖业的前景是十分乐观的。





词汇注释


futures /ˈfjuːtʃə(r)z/ n. 期货

spike /spaɪk/ n. （价格、音量等）突然飙升，激增，猛涨

crunch /krʌntʃ/ n. 财政困难，货币紧缺，信贷严重不足

bolster /ˈbəʊlstə/ v. 支撑，加固

spectrum /ˈspektrəm/ n. 范围，幅度

ethanol /ˈeθənɒl/ n. 乙醇

forthright /fɔːθˈraɪt/ adj. 直率的；直截了当的

fuss /fʌs/ n. 异议，抱怨

outsize /ˈaʊtsaɪz/ adj. 较大的，超出一般的





难句突破


In 2007 he strengthened his grip by setting up Cosan Limited，a company with a dual share structure that accords some of Mr Mello's shares ten times the voting weight of ordinary ones.

主体句式：he strengthened his grip...

结构分析：本句的主干为he strengthened his grip...，其后的a company with a dual share structure作句子宾语Cosan Limited的同位语。其后又带有一个由that引导的定语从句，来修饰先行词share structure。

句子译文：2007年，他通过成立Cosan有限公司进一步加强了个人势力，这家公司采用双重股权模式，规定梅洛先生持有的一些股票的权重是普通股的十倍。





题目分析


1．C 细节题。文章第一段提及“The price spike is mainly explained by unfavourable weather”，接着又具体说明了印度降雨太少，而巴西降雨太多。因此，白糖期货价格激增是由全球降雨量分布不均导致的。

2．A 细节题。文章第三段最后两句话讨论了Cosan公司与其他公司的相似点“就像巴西的许多大公司一样，Cosan公司的股本结构包括家族股份和国有股份——来自巴西国有开发银行BNDES的持股。同时也像巴西其他大公司一样，该公司的家族成员们也为了公司的管理权而争得你死我活。” 虽然有国有资本的参与，但该公司并不属于国有，因此A不正确。

3．D 语义题。feud这个词的意思是“部落或家属间的世仇”，即使不知道这个意思也可以根据上下文来猜测：文章第四段紧接着就说梅洛先生跟家族成员打了十年官司才赢得对公司的管理权，可见家族矛盾非常大，彼此之间因为经济利益而充满敌意，因此D正确。

4．B 细节题。根据文章第五段，公司管理的纷争使企业失去了凝聚力，因此这是一个最大的问题，故B正确。A表述符合文章内容，但是这并不是一个问题，梅洛先生转而将Cosan有限公司在纽约上市，而且这一做法并不违法，D也不正确。C属于无中生有，在文章中没有体现。

5．D 情感态度题。作者在最后一段中指出，乙醇销量增长极快，同时种植商协会也认为欧美国家将最终降低对巴西乙醇的进口关税，这些都大大有利于巴西白糖业的发展。可见作者对于巴西白糖业的未来是持乐观态度的。





参考译文



自今年年初以来，白糖的期货价格几乎翻了一倍，这对于巴西这个世界上最大的白糖生产国来说无疑是一个好消息。白糖价格飙升主要与今年天气不利有关——印度的降雨过少，巴西则降雨过多。与去年相比，印度的白糖产量几乎下降了一半，这使该国从世界第二大白糖生产国转变为最大的白糖进口国。这对于巴西的大型白糖生产公司来说是一个绝佳时机：尽管白糖业向来抵制公司合并，但信贷紧缩仍然引发了合并潮。而渡过了这一难关并生存下来的公司，不仅规模变得更大，同时也持有了大量现金。

法国商品生产巨头路易斯·德赖弗斯于四月份收购了一家大型甘蔗加工厂Santelisa Vale。Santelisa Vale由于扩张过快而负债累累，这是在巴西信贷紧缩发生前，任何企业在某一行业中达到最高投资水平时的通病。德赖弗斯早前就与巴西开展了白糖、大豆和其他农产品的贸易往来，希望能够巩固其地位。另一种做法的典型代表是由圣保罗州的许多小型农场联合组建的一家大型合作社Copersucar。

而规模最大的要数Cosan，该公司生产的白糖占到了全世界白糖产量的2.5%。去年，该公司收购了埃克森·美孚公司在巴西的分销和零售业务，以更好地销售乙醇。今年Cosan又收购了一家规模更小的制糖公司Nova America。就像巴西的许多大公司一样，Cosan公司的股本结构包括家族股份和国有股份——来自巴西国有开发银行BNDES的持股。同时也像巴西其他大公司一样，该公司的家族成员们也为了公司的管理权而争得你死我活。

鲁宾斯·奥米特·西尔弗伊亚·梅洛与他的家族成员们在巴西法庭上斗了十年才赢得了对Cosan的控制权。2007年，他通过成立Cosan有限公司进一步加强了个人势力，这家公司采用双重股权模式，规定梅洛先生持有的一些股票的权重是普通股的十倍。为了实现这一目的，他让Cosan有限公司在纽约证券交易所上市，因为当时Cosan公司所在的巴西圣保罗股票交易所不允许这样的安排。

梅洛先生为人非常坦率，他并未让持续不断的争论过度烦扰他。在一次关于政府能源政策的讨论中，他对下一届总统的热门候选人之一迪尔玛·鲁塞夫说：“你在跟烂泥巴生气，但你却不知道你脚下是什么。”Cosan的一位管理人员马科·卢茨认为，关于公司管理的小纷争只是花边新闻。他强调说，这家公司有专业化的管理，但梅洛先生想对公司的战略持有绝对的话语权，这对股东们来说并不足为奇。