BLS DAILY REPORT, WEDNESDAY, FEBRUARY 2, 2000
RELEASED TODAY: In December, 206 metropolitan areas reported unemployment
rates below the U.S. average (3.7 percent, not seasonally adjusted), while
114 areas registered higher rates. Thirty-two metropolitan areas had rates
below 2.0 percent, with 15 of those located in the Midwest, 10 in the South,
and 5 in New England. Of the nine areas with jobless rates over 10.0
percent, eight were in the West. ...
U.S. employers laid off 139,508 workers in 1,336 mass layoff actions in
November, according to BLS. The November mass layoff figures and the number
of workers involved both were lower than in November 1998, when the data
showed U.S. firms laid off 162,537 workers in 1,372 mass layoffs. The total
number of mass layoff events from January to November 1999, at 13,354, and
the total number of initial claimants, at 1,530,379, were lower than the
figures from January to November 1998--14,132 and 1,581,602, respectively.
... (Daily Labor Report, page D-1).
__The manufacturing sector continued to expand in January, though at a
slower pace than in December, the National Association of Purchasing
Management reported. The NAPM's overall purchasing manager's index stood at
56.3 percent, down 0.5 percentage point from December's upwardly revised
56.8 percent. December was also down slightly from November, when the index
stood at 57.1 percent. But a reading above 50 percent indicates the
manufacturing economy is generally expanding, and economists did not see the
back-to back declines as signaling weakness.... (Daily Labor Report, page
A-5).
__ U.S. manufacturing cooled in January as production and job growth slowed.
... The index of prices paid by factories rose to 72.6 in January from 68.3
during December, indicating more companies reported price increases during
the month. That's the highest for the price index since a 74.5 reading in
April 1995. ... (Washington Post, page E10).
Construction spending surged 2 percent in December to an all-time high,
pushing the amount of money spent on building single-family homes to a
monthly record. ... The increase came as a surprise to many analysts, who
had been predicting that construction spending would fall 0.3 percent in
December. For the year, spending rose 6 percent, after an increase of 7.6
percent in 1998. ... (Washington Post, page E10).
__The industrial sector grew in January for the 12th consecutive month, the
NAPM said in a report that raised inflation worries. Separately, the
Commerce Department said construction spending surged 2 percent in December,
pushing the amount of money spent on building single-family homes to a
monthly record. ... (New York Times, page C1).
__Manufacturing remained strong, though many companies reported paying
higher prices for industrial commodities. Construction spending set a
record. ... (Wall Street Journal, page A2).
Asia's trade picture shows signs of deteriorating due to a recovery in
imports. South Korea in January had its first trade deficit since 1997. ...
(Wall Street Journal, page A20).
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