One bright light in this comparatively modest economic recovery has been capital spending by U.S. businesses. While the overall economy has managed to expand less than 3.0% on average over the past three years, capital equipment spending has grown at a double-digit rate.
The computer and communications industries have benefited disproportionately from this investment boom. Information processing equipment now accounts for more than a third of business equipment investment. The size and nature of the investment boom has therefore fueled much of the tremendous demand for semiconductors and other electronic components.
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