Word: outputted
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Half of U.S. coal output already comes from surface mines, and energy companies have taken leases on large chunks of the huge unexploited coal reserves of the West, where low-sulfur coal lies close to the surface. But with 1,000 chewed-up acres being added each week to the existing 2.5 million acres of strip-mined land, Congress is finally acting to make sure that coal producers do not create another ravaged Appalachia...
...Gain. The nation's real output of goods and services has already suffered two consecutive quarterly declines, and last week New York's First National City Bank reported that the economy is gripped by not just a temporary slowdown but by "a pervasive recession." The bank predicted that real gross national product will probably show a drop for all of 1974, instead of the small gain forecast by the Administration...
Greenspan will face an imposing challenge in his new job. Last week, for example, the Government disclosed that consumer prices in June climbed 1% over the previous month, or at a scorching annual rate of 12%. The Commerce Department reported that the nation's output of goods and services, after dropping 7% in the first quarter, fell another 1.2% in the second. Though according to the most popular definition two consecutive quarters of decline in gross national product add up to recession, many economists do not believe that the slide has reached that stage...
...Government should also explore all possible ways to increase the productivity, or output per man-hour, of the nation's work force. High productivity enables employers to grant wage increases without raising prices, but U.S. productivity fell at an annual rate of 5.5% in this year's first quarter...
Early estimates from several members of TIME'S Board of Economists, for example, indicate that output of goods and services, adjusted for price changes, is essentially flat. David Grove calculates that real gross national product, which dropped at an annual rate of 6.3% in the first quarter, dipped another .3% in the quarter ended last month. Otto Eckstein more optimistically figures that production rose-but by a lackluster rate of 1.6%. Whatever the exact figure, the pattern of a sharp first-quarter drop followed by little if any real growth in the second quarter will keep economists arguing...