9  For the economists amongst you let me be more a little more precise: one would expect an impact on average unit labour costs but not on the marginal costs that matter for inflation. Suppose workers are paid wages equal to their marginal revenue products. In that case, all else equal, an extra job will have no impact on the ratio of the two (marginal costs). It will also have the same impact on aggregate output, in levels terms, as on aggregate wages. But because output is bigger than wages – GDP also includes gross capital income – the proportionate effect on output will be smaller, by a factor equal to the capital share of income (around a third). So when the compositional effects are positive – say they add 1% to average wages – you’d expect a slightly smaller proportionate rise in average productivity (around 2/3%) and a small rise, of around 1/3%, in the ratio of wages to productivity (average unit labour costs). BIS central bankers’ speeches  7  Bernanke, Ben S. and Powell, L. James, 1986, “The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Prewar and Postwar Ears.” in: R.J. Gordon, ed., The American Business Cycle, Chicago: University of Chicago Press Chassamboulli, A., 2011, “Cyclical Upgrading of Labor and Employment Differences across Skill Groups”, B E Journal of Macroeconomics Goos, M. and A. Manning, 2007, “Lousy and lovely jobs: the rising polarisation of work in Britain”, The Review of Economics and Statistics Nickell, S., 1979.
On an annual basis, cobalt output at 8,781.85 mt was 49.4% higher than the 5,879.14 mt of cobalt produced in 2009. The improvement in output was due to the resumption of production at Konkola Copper Mines and Chambishi Metals Plc. Manufacturing 20. During the quarter under review, production of clear beer by Zambian Breweries Plc increased by 6.2% to 237,458 hectolitres from 223,607 hectolitres the previous quarter. Further, this output was 46.7% higher than the 160,820 hectolitres produced in the corresponding quarter of 2009. On an annual basis, output of clear beer at 727,191.0 hectolitres was 27.6% higher than the 569,771.0 hectolitres of clear beer produced in 2009. 21. Similarly output of soft drinks by Zambian Breweries Plc rose by 28.8% to 163,848.0 hectolitres from 127,244.0 hectolitres in the previous quarter. Moreover, this output level was 45.3% higher than 112,722.0 hectolitres produced in the fourth quarter of 2009. On an annual basis, output of soft drinks at 561,910.0 hectolitres was 49.1% higher than the 376,747.0 hectolitres of soft drinks produced in 2009. 22. Production of milk by Parmalat Zambia Ltd during the quarter under review rose by 10% to 8,613,737.0 litres from 7,830,878.0 litres in the third quarter of 2010. Further, this output was 5.3% higher than 8,178,335.0 litres of milk produced during the fourth quarter of 2009. On an annual basis, output of milk at 32,456,505.0 litres was 8.2% higher than the 29,984,030.0 litres of milk produced in 2009. 23.