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The UK's productivity rate, which measures output per hour, has only recently returned to its pre-crisis level.
Productivity, which measures output for each hour worked, rose at a revised annual rate of 6.4percentt in the period, up from 5percentt in the third quarter.
After a steep decrease of the trend or potential GDP as a result of drastic adjustment measures, output grew in a more stable way in the following years.
The random measures output by the mth filter are denoted xi_{t}^{m,N}, quad pi_{t}^{m,N} quad text{and} quad rho_{t}^{m,N}, quad text{with (m = 1, 2,..., M .}.
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In other words, GDP measures outputs which might have made sense in a more mechanized, industrial era.
"If you can't measure output," Chris would observe sagely, "measure input".
The difficulties of measuring output, however, have already been noted.
Measured output, adjusted to filter out seasonal variations, started to pick up as early as March.
After graduating, he solicited philanthropists, including Ted Turner, and went about developing reliable ways to measure output.
Another measure – output per hour – decreased by 0.2% in the fourth quarter of 2014 from the year before.
(Professional breweries measure output by the barrel — roughly 31 gallons each).
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