Word: output
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...even with the decline of the dollars they hold in such abundance, OPEC nations might not have agreed to such a large price increase if Iranian production had not been disrupted. When rebellion broke out there in September, output fell from 6 million bbl. a day to less than half a million. Though Saudi Arabia tried to fill the gap with its own surplus, that did not suffice. "The drop in production in Iran was the important factor in the price boost," says a U.S. Treasury official. "The Saudis are able to hold off the price hawks as long...
...nationwide oil strike. In Ahwaz, workers were given their choice of going back to their jobs or being fired; by week's end most of the country's 37,000 oil and refinery employees were back at work, and production rose to roughly half the normal output of 6 million...
PRODUCTION. Real G.N.P. next year will average a mere 2% higher than in 1978, and most of the growth will occur in the first quarter. By spring, or summer at the latest, output will turn down. Housing, as willingness to risk recession in order to reduce U.S. inflation...
...good record of prognostication for previous years, but any forecast is subject to error. The most President Carter will concede is that real G.N.P. growth next year may fall below his official target of 3%. The Administration script calls for a "soft landing"-two or three quarters in which output gains are small but nonetheless real. High interest rates, in the opinion of Carter's advisers, no longer bite down as hard on business activity as they once did, and so far there are no signs of the imbalances, like a pile-up of inventories, that usually precede...
...turnabouts occurred because 1978 was the year when the U.S. ran out of excuses for bad economic policy and performance. The collapse of the dollar drove home the truth that the nation is suffering from shockingly lower investment and productivity than its industrial rivals. (American output per hour worked rose a mere .3% in the twelve months ending last September, a record that one high Administration official calls "an utter disaster.") The trade deficit that looked freakishly large at $26.5 billion in 1977 grew even bigger, and this time it could not be wholly blamed on oil imports -which actually...