Word: output
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...great run. It's generally accepted that on his watch the central bank has made the right moves on interest rates, successfully keeping inflation low (and, just as importantly, inflationary expectations), while the economy (now in its 14th consecutive year of growth) has experienced the longest expansion in output since quarterly measures began in 1959. With a booming stockmarket, a strong dollar, buoyant commodity prices and an unemployment rate that could soon fall below 5%, Macfarlane faced a parliamentary committee last Friday to explain the bank's actions, statements and thinking. For "Big Mac", as close to a rock star...
...Macfarlane, who takes a slightly longer view, told the committee about the emerging risks on inflation, asset prices and balance of payments. "It's more likely that interest rates will go up than they will the other way." The economy is still doing well, although it's disappointing that output growth is likely to be starting with a "2 or 3 rather than 3 or 4" for some time and inflation will be higher. "There comes a time," Macfarlane said, "when we have to expect a moderation in growth in order to prevent the build-up in the sort...
...second message is less direct - because it relates to areas outside the bank's responsibilities - but goes to the heart of what many observers believe is the country's lethargy about economic reform. During the past three years, demand has run well ahead of supply. After 14 years of output growth, the nation's spare capacity has been used up: there are shortages of skilled workers in a number of industries, particularly construction, and the price of raw materials and wages is rising. For instance, in Queensland electrical workers at Energex and Ergon secured a 31% pay rise over three...
Cusworth lead the Crimson with a game high 18 points on 8-of-11 from the floor, his highest output of the Ivy season thus far. In the Crimson’s earlier loss at Columbia, Harvard’s center was held to only five points by the active post defense of the Lions’ smaller frontcourt players. Cusworth was able to break free in the second half of Friday’s game, however, shooting a perfect 4-of-4 from the field and 2-of-2 from the line...
...cars? Well, the cars are magnificent. All 16 are vintage European--the U.S. was master of mass production, not small-scale luxury output. Most were designed originally to race, like the 1929 Blower Bentley, with the supercharger that sits bluntly beneath its radiator to blast more oxygen into the fuel mix. Many of Lauren's cars were produced in limited editions, sometimes very limited. In the case of the plump 1938 Bugatti Type 57SC Atlantic Coupe, that means three. That may have had something to do with its improbable steel ridgeback seam, several inches high, like a Mohawk haircut that...