Word: outputted
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...consecutive quarters of decline in gross national product. Though the nation's business actually grew by a scant 1.1% in the first quarter, the economy is sinking fast. Retail sales slipped 1.6% in February and then an additional 1.3% in March. In response, businessmen are pulling back; factory output tumbled .8% in March, following a .2% drop in the previous month. Finally, perhaps the two most important industries, autos and housing, have collapsed (see following stones). Since automobile construction indirectly employs one out of six workers and housing one in five, those declines will ripple through the whole economy...
...experts expect that this recession will be as severe as the one six years ago, which lasted 16 months and caused output to decline by 5.7%. But the Carter Administration's projections of a "mild and short" decline are so much whistling past the graveyard. TIME Board of Economists Members Walter Heller and Otto Eckstein see the economic drop ranging from 3% to 4%, with a slow recovery starting in the second quarter of 1981. That would make this downturn the second worst since the Great Depression...
Auto industry layoffs may soon exceed 250,000, which badly hurts such auto-dependent cities as Detroit, where unemployment has already reached 24%. The current downturn is reminiscent of 1927, when Henry Ford helped push the country's economy into a slump by halting all Ford output for five months, as he switched production from the Model T to the Model A. Says United Auto Workers President Douglas Fraser: "The rest of America may be having a recession. But autoworkers are having a depression...
Productivity is affected by changes in capital equipment, materials, the mix of labor skills and output, efficiency, and technological change. In the early post World War II period, American productivity grew at an average annual rate of three per cent. About one-third of the growth resulted from increases in investment in physical plant and equipment, about one-third from improvement in labor force quality and shifts in inter-sectoral resource allocation, and the remainder from technological change and advances in knowledge...
From 1950 to 1977 output per manhour increased at an average annual rate of 2.4 percent in the U.S. and 5.2 percent in other major industrial countries. The American problem results not simply from continued relative decline of productivity compared to other major countries, but because the price of exports relative to all manufactured goods has declined in many countries like Japan but this is not true for the United States...