Word: outputted
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Another important variable is whether recent improvements in U.S. productivity will continue in 1994. Productivity, which measures the hourly output of workers, had increased less than 1% a year for most of the 1980s, hurting U.S. competitiveness. But productivity grew a healthy 1.5% last year, after surging about 3% in 1992, as downsized companies ran their plants and offices with fewer workers...
...computers flashed confirmation of the power output, the onlookers erupted in cheers, and not a few tears. Some of them had worked on the project for more than 20 years, and the success of the experiment last week proved that the time had not been wasted. Not only had the researchers trounced the 1.7 million-watt record set by a similar European reactor early last year, they had also taken a major step toward exploiting a safe, clean source of power that uses fuels extracted from ordinary water...
...estimate are the lowest in 20 years, but factory orders are up, 1.2% in October; presumably they will have to be filled by new production. The average workweek in manufacturing has increased to 41.7 hours, the most since World War II, which leaves little or no room to raise output by working the existing staff still harder. Some factories will have to hire again...
...upshot: 1993 seems headed for a gangbusters finish. Many revised forecasts for fourth-quarter growth cluster around 4%, up from 2.8% in the third quarter and only 1.9% in the spring. That pace would be just too fast to keep up, so output is likely to drop back in early 1994 -- but hardly as much as it did early this year. The consensus forecast is 3% in 1994, but a few brave souls are beginning to mutter 3.5%. Which would be no boom, but maybe something better: a pace that could be sustained for a long time, keeping incomes...
...down from a March high just over $21 and the lowest in 3 1/2 years. The immediate reason was that the 12-nation Organization of Petroleum Exporting Countries, meeting in Vienna just before Thanksgiving, could not agree on a plan to cut production. Output from non-OPEC sources is rising too, and there is a possibility that United Nations sanctions against Iraq will be eased, allowing some Iraqi oil to flow abroad again. All that adds to a heavy surplus of supply over demand...