Word: outputted
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...board agreed that the business outlook in Europe is gloomier than in the U.S., which also faces postwar record unemployment and stagnating output. Said Brittan of the difference: "For all its problems, the U.S. still has a fairly flexible labor market. There has been hardly any increase in remuneration per head, after adjusting for inflation, since 1967. Europe suffers from rigid labor markets in which costs never go down or even stabilize. As a result, recessions in Europe now tend to be severe, while booms prove short-lived...
This has become abundantly clear since last March when Saudi Arabia, the group's biggest producer at 7.5 million bbl. per day of output, forced through what amounted to a 9.6% production cut. Its purpose: to take up slack in the market and prevent petroleum prices from slipping below the cartel's official $34-per-bbl. bench-mark level. Once they had agreed to the cuts, Iran, Libya, Venezuela and several other cash-squeezed member states began pumping crude at levels above their ceilings (see chart), as well as discounting the price to their customers. As a result...
...stick. The betting is that they will favor holding the official price at $34 per bbl. As for production, the Saudis might decide to raise the spring quotas by about 10%, which would legitimize the cheating with a return to pre-March levels, while perhaps trimming their own output to keep the glut from growing worse. At the same time, the Riyadh government would stand ready to provide low-interest loans to help tide over financially squeezed cartel members until the world economy starts to recover and, the Saudis hope, oil sales begin to improve...
...gross national product in fiscal 1981 to 20.3% in the fiscal year just concluded, and loosened many regulations that business found onerous. But federal spending has actually increased from 23% of G.N.P. in 1980 to 24.2% now. Even social spending has risen slightly as a proportion of national output, despite Reagan's deep cuts in such programs as food stamps and school lunches. Reason: the recession has driven up outlays for other programs like unemployment compensation. The number of federal employees, including civilians working in the Defense Department, has dropped 1.2%, from 2,100,800 in fiscal...
...experienced programmers like Kapor step up their output, and personal computers become more sophisticated, competition gets more intense. Apple's new Lisa computer, which will probably be introduced in January, will have many software functions built into the machine. That may limit the market for independent producers. Just as it is no longer possible to start a computer company in a garage, it is becoming harder to get rich writing software in an attic...