That may sound daft for a country used to rates either side of their long-run average of 5%.

These values would be expected to represent a conservative view of long-run averages, although banks would be free to use more conservative estimates.

These values would be expected to represent a conservative view of long-run averages.

Changes in revenues primarily represent a return to the long-run average.

The capacity utilization rate for total industry rose to 78.1 percent, a rate 2.3 percentage points below its long-run (1972--2010) average.

The factory operating rate moved up 0.6 percentage point to 75.9 percent, but it was still 3.1 percentage points below its long-run average of 79.0 percent.

The operating rate for utilities was 76.8 percent, a level 9.8 percentage points below its long-run average.

The U.S. price-rent ratio was 18% higher than its long-run average as of October 2004.

The industry has horizontal long-run average and marginal costs.

"There could be times where one might forecast stock returns to be either above or below their long-run average for the foreseeable future," he said.