This reduction reflects lower rates of interest earned on short term investment.

A reduction or increase in the consumption reflects the involvement extent of the state in the Israeli economy.

The reduction reflects a slowdown in chip orders.

"This reduction reflects that we think the whole market is softening."

Premier said the reduction reflected an unusually large payment in the fiscal year 2000 and did not indicate a future trend.

The reductions reflect lower costs for connecting to the local phone network.

The reduction reflects a significant decline in emissions of nitrogen oxides.

The reduction reflects the company's sweeping plan, begun last year, to reduce its labor force.

The reductions reflected a slump in the securities industry that sharply curtailed profitability last year.

A reduction would reflect further deterioration in July.