Cost-cutting here is defined as raising labor output while holding the amount of labor constant.
这里的成本削减定义为在保持劳动力数量不变的情况下提高劳动力产出。
Even in America, the fiscal stimulus is kicking in, the "cash for clunkers" scheme is a big, if temporary, prop to output and firms will, sooner or later, stop cutting inventories.
即使在美国，财政刺激计划也正见成效，“老爷车换现金”这一庞大计划短期内可维持汽车产量，而那些公司早晚也会停止削减库存。
Again, improved efficiency confers great benefits in the longer term. However, to the extent that firms are able to find further cost-cutting measures as output expands, they may delay hiring.
提高效率赋予了企业长远而巨大的好处，但是，只要企业在提高产出时能够找到进一步削减成本的措施，他们可能会延迟聘用新员工。
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