BLS DAILY REPORT, FRIDAY, FEBRUARY 4, 2000
RELEASED TODAY: Employment rose in January, and the unemployment rate was
essentially unchanged at 4.0 percent. Nonfarm payroll employment increased
by 387,000. There were sharp increases in construction and in other
weather-sensitive industries, due, at least in part, to unseasonably mild
weather during the survey reference period. Average hourly earnings rose by
6 cents in January and by 3.5 percent over the year. ...
__Retailers' same-store sales rose 4.9 percent in January from a year
earlier as a brisk economy fueled spending on clothing, home furnishings,
and appliances, according to the Goldman, Sachs retail composite index.
January sales, coupled with the biggest holiday season in seven years,
should bolster fiscal fourth-quarter earnings for many retailers, analysts
said. ... (New York Times, page C2).
__Another survey showed that retailers' same-store sales rose 5.4 percent in
January from a year earlier as a strong economy and steep discounts on
leftover holiday merchandise encouraged consumers to spend. The increase
surpassed forecasts of a 4 percent gain, said the Bank of Tokyo-Mitsubishi,
which analyzed the results of 67 retailers. ... (Washington Post, page E2).
New claims filed with state agencies for unemployment insurance benefits
decreased by 5,000 to a seasonally adjusted 274,000 in the week ended Jan.
29, indicating a tighter labor market, the Department of Labor's Employment
and Training Administration reports. ... (Daily Labor Report, page D-1).
A surge in factory orders in December gave manufacturers their best year
since 1995. That, plus big sales gains at retailers and a surprise dip in
unemployment applications, all show the economy is starting 2000 with plenty
of momentum. Strong demand for airplanes and electronic equipment helped to
push orders to factories up 3.3 percent in December and contributed to
making 1999 the strongest year manufacturers had experienced in four years,
the Commerce Department said. ... (New York Times, page C10).
The pace of expansion in the U.S. economy's nonmanufacturing sector
moderated somewhat in January, but concern grew over higher prices for an
increasingly wide range of commodities, according to a National Association
of Purchasing Management survey. NAPM's nonmanufacturing business activity
index continued to show growth in January, but at a slower rate of increase
than in December. ... (Daily Labor Report, page A-10).
Declaring that the weakness of Europe's year-old single currency had created
concern about price stability, the European Central Bank raised interest
rates for the second time in three months. The rise in the benchmark
refinancing rate, to 3.25 percent from 3 percent, came the day after the
Federal Reserve increased interest rates in the United States and indicated
that further rises might be necessary to keep America's strong economy from
producing inflation. ... (New York Times, page C4).
DUE OUT MONDAY: 2000-01 Edition of the Occupational Outlook Handbook
Published
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