Demand was high; supply was low.
A central factor is the high supply of nutrients from agricultural runoff and wastewater.
The high supply brings lower prices, and then Congress has to make up for the income shortfall with emergency spending.
"The market has to absorb both [weak demand and high supply] at the same time," said US Bank's Haworth.
"It's a stark turnaround: high supply and lower demand," said Dan Black, the area director of campus recruiting for Ernst & Young, one of the Big Five accounting firms.
Prices hit a six-year low earlier this month, on the back of falling demand combined with high supply, with analysts blaming large-scale exports from its top producer, China.
But George Scalise, the association president, warned in an interview that a high supply of chips waiting to be sold might drive growth down to as low as 10percentt in 2001, half the association's earlier prediction of 22percentt.
"Hidden channels are likely to continue to fill this gap so long as demand remains high, supply tight, and oversight lenient".An alternative way to measure the availability of credit is simply to ask people.
Mr. Harris and his team offered similar observations, writing in a recent report about the REIT outlook for 2008: "We remain concerned about the overheated coastal residential markets and the Sun Belt, with its high supply and its low-price competition from single-family homes".
Storing electricity produced during times of high supply, and dispatching it during times of high demand, should be able to reduce the reliance on gas – the prices of which have been rising as Australia has expanded its gas exports – as well as the interconnector with Victoria.
It also wants the government to help find ways to store low carbon energy efficiently and effectively in times of high supply so it can be released during periods of high demand, or to keep the lights on after storms have damaged the power network.
