This is equivalent to a total drop in output, relative to potential, of 7%.
The worst, in the early 1980s, saw a peak-to-trough decline in output of 6%.
Conventionally, it is seen as a fall in output, yet that is too crude.
Unemployment is still under 7%, but that partly reflects dreadful productivity, measured in output per person.
Despite the reduction in output, the company is maintaining its full-year production guidance of 500, 000 ounces.
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With a decline in output, there is a possibility of renewed friction with mine workers.
This in part led to the weakest rise in output prices so far this year.
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The weakness mainly reflected a big drop in output at auto factories that is likely temporary.
For eastern Europe, Russia and its neighbours, the body predicts a fall in output of 5%.
Throughout this fragile recovery, over 90 percent of the growth in output has come from productivity gains.
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There were signs that the drop in output in this quarter will be less steep than feared.
So firms have to use more resources to achieve a given rise in output, and productivity growth falls.
If the Fed wants a robust recovery in output and employment, it must eliminate IOR and stabilize the dollar.
But if the shortfall in demand persists, inventories are run down, leading to an even sharper fall in output.
Its officials had demanded a raise in output of 2m-2.5m barrels a day.
After drought and floods, a sharp increase in output is unlikely before 2000.
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The drop in output comes on the heels of expectations that global platinum production as a whole is in a deficit.
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The improved trends in output and new orders prompted businesses to record the fastest rate of job creation for five months.
The rise in output was put down to companies deciding to re-stock after letting their stock levels run down during the recession.
But there are good reasons to think that a global peak, whenever it comes, need not lead to a collapse in output.
Meanwhile, more hawkish members of OPEC, such as Venezuela, are calling for a cut in output to stop oil prices falling further.
Achieving returns comparable to America can thus only come from achieving a similar rise in output from a similar level of investment.
Given the general relationship between economic growth and unemployment, such a fall in output implies a loss of more than 800, 000 jobs.
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The end result will be that prices will have risen somewhat, but not as much as if no change in output had occurred.
Jonathan Loynes of Capital Economics said the broad-based decline in output signified that the economy was likely to be weak for some time.
The excuse would be that Greece will be hit by a 6.9% fall in output this year, compared with earlier forecasts of 4.3-4.5%.
The weakness in output growth at home will open up a growing margin of spare capacity that will over time bear down on inflation.
The MPC said that at its meeting this month in May, "members agreed that a modest and sustained recovery in output was in prospect".
But once the artificially low interest rates end, those investments turn out to be unprofitable and must be abandoned, producing a decline in output.
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