1.   Businesses pared production in the second quarter as consumer demand slowed, he said.

2.   Each time, governments scrambled to mend their policies, businesses desperately pared their costs and fought for new markets, and the boom returned.

3.   Nevertheless, many businesses are still paring their payrolls to cut costs and remain competitive.

4.   Federal Reserve Chairman Alan Greenspan and his colleagues remain bullish about the long-term prospects of productivity growth, even though businesses have pared investment in computers and equipment.