We haven't had two consecutive quarters in which output contracted.
The world should reach its peak levels of oil production in 2037, after which output is expected to fall precipitously.
Better to describe cycles in terms of a recession, in which output falls well below trend, a recovery, in which output returns to trend, and then an expansion, in which the economy grows more or less at trend.
Second, the productivity slowdown hasn't been confined to sectors in which output is tough to measure: it has been broadly based.
As advanced economies develop, many of their fastest-growing parts tend to be service industries, such as health care, in which output can be hard to track.
"We aren't alone in trying to find a fair and transparent way of managing workload in which output is valued over time spent at work".
High support prices and a limit on export subsidies have acted as two vicious cords tying farmers into a highly controlled market in which output is artificially constrained.
The degree to which output of a particular element balances input within a given aquatic ecosystem varies according to the type of inland water involved.
That would still imply rising unemployment (which many would consider disastrous), but no full-blown recession, in which output actually falls.
The British economy remains in a depression, defined by the authoritative National Institute of Social and Economic Research as any period in which output remains below its previous peak.
Economists now see the possibility of a recession in the euro area, in which output may be flat or negative for two quarters, even as employment remains fairly steady.
