On average, share-price gains in those years have far outperformed the long-run average for the stockmarket.
American industry as a whole operated at 82.4% of full capacity, 1.4 percentage points above its long-run average.
Circa 4.5% per year coming out of serial or otherwise lousy recessions, settling into a long-run average of 3.3%.
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The Bank said consumer spending was forecast to grow slightly below its long-run average over the next couple of years.
The ratio of common market capitalization to sales, at 1.8, is well below the long-run average of 2.6.
He expects a second round of price declines: a further 20% fall would bring prices back to their long-run average against earnings.
Despite the recent rally, Mr Barty points out, even in the south prices are still below their long-run average relative to incomes.
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Federal spending is projected to consume about 23.6 percent of GDP, substantially higher than the long-run average of 19.8 percent of economic output.
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According to the CBO, once economic recovery occurs, federal revenues will revert to their long-run average of 18% of GDP under current tax rates.
After April's jump in prices, this ratio is well above its long-run average and only about 15% less than its all-time peak in 1989.
To determine why deficits are higher today than that long-run average, I decided to look at what spending and revenues will be over the next 5-10 years.
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But the ratio of inventories to orders is now back at its long-run average and the index has eased to 55 in June from a peak of 57.8 two months before.
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Olney was heartened by this especially since Europe on a 30-year 12-month forward price-to-earnings basis trades at a discount of 16% to the U.S. which is double the long-run average of 8%.
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Real GDP growth during the first decade of the 21st century averaging 3.1 percent a year, just slightly beneath the long-run average of 3.3 percent real growth the U.S. economy had experienced annually since the end of the Great Depression.
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After George W. Bush took office, the economic recession in 2001 and a tepid recovery combined with the short-run effects of his tax cuts caused revenues to dip below the long-run average for four years (to a low of 16.1% in 2005).
As you can see, the aggregate individual income tax burden will increase by roughly 5 percentage points of GDP when compared to the long-run average of about 8 percent of GDP (the CBO estimate only goes to 2035, so I extrapolated to show the same time period as the first chart).
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In January, it was given an index figure of 53.9, above its long-run series average.
Its projection for GDP growth was that it should continue to grow at its long-run historical average.
The index fell to 54.2 from 55 in the first quarter, below its long-run series average of 54.8 and to its weakest level in two years.
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Revenues, by contrast, oscillated narrowly around the long-run 18% average between 1962 and 1978, after which rapid inflation quickly drove revenues up to 19.6% in 1982 due to bracket creep.
In the late 1990s, coincident with the Internet bubble, federal revenues from the progressive income tax, spurred by the enormous realization of capital gains and Wall Street bonuses, grew much faster than GDP, rising briefly above the long-run 18% average to more than 20% before the bubble burst and the stock market crashed in 2001.
Capital expenditure may have a pay-off in the long run but, given the ever-shortening career span of the average chief executive, few may be willing to take a chance that they will be around for the long term.
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Long-run population and immigration patterns suggest that the total American workforce should grow, on average, by about 1.4m job-seekers a year.
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