Most troubling of all is the squeeze budgets are facing from their unfunded obligations for civil-service retirement pension and health benefits. The Pew Centre on the States, a research organisation, put these at $1 trillion in 2008. In a report, Joshua Rauh and Robert Novy-Marx, finance professors at Northwestern University and the University of Chicago respectively, note that these liabilities are coming due at an alarming rate. By 2018 Illinois will be paying $14 billion a year in benefits, equal to more than a third of the state's revenue, compared with $6.5 billion now. Mr Rauh says bondholders should worry because several state constitutions, including those of Illinois and New York, make state pensions senior to bond debt.
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Surveys by ICESI, a research organisation, suggest that whereas the Federal District still has a higher incidence of crime than Mexico State, the latter has been hit harder by drug MOBS.
一个研究组织icesi的调查显示,尽管联邦区相对于墨西哥州有更高的犯罪发生率,但后者的毒贩更为猖獗。
More important, China's productivity is growing faster, by 20% a year, according to America's Conference Board, a research organisation. That means overall unit costs are still falling.
更重要的是,根据研究机构America's Conference Board的统计,中国的生产率年增速到达20%,单位产品的成本仍在下降。
Two years later Perrine Burnod of CIRAD, a French research organisation, found that the number of land deals on the island had fallen by two-thirds.
两年后,一家名叫CIRAD的法国研究机构的Perrine Burnod发现这个岛上的土地交易数字下降了三分之二。
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