BLS DAILY REPORT, FRIDAY, FEBRUARY 25, 2000
RELEASED TODAY: Unemployment rates decreased in 35 states and the District
of Columbia from 1998 to 1999. All four regions and eight of the nine
geographic divisions also had rate declines. The national jobless rate
decreased from 4.5 percent to 4.2 percent from 1998 to 1999. ...
The number of work stoppages hit an all-time low in 1999, with only 17
reported, BLS said. The 17 work stoppages amounted to half the number
reported in 1998 and the lowest since BLS started keeping records in 1947.
In the early 1950s, the high point of work stoppages, nearly 500 stoppages a
year idled workplaces. The previous low was in 1997 when BLS reported 29
stoppages. In its work stoppage report, BLS counts strikes and lockouts
involving at least 1,000 workers and lasting at least one shift. ... Twelve
of the 17 work stoppages in 1999 were in the private sector. The remaining
five occurred in state and local government education services. ... (Daily
Labor Report, page D-4).
Initial claims filed with state agencies for unemployment insurance benefits
decreased by 7,000 to a seasonally adjusted 278,000 in the week ended Feb.
19, the Labor Department's Employment and Training Administration announced.
... The seasonally adjusted insured unemployment rate remained at 1.7
percent for the week ended Feb. 12, the most recent date for which this
information is available. This figure indicates the number of people
covered by the unemployment insurance law who are actually receiving
benefits. ... (Daily Labor Report, page D-1).
Factory orders for big-ticket manufactured goods fell in January, led by the
steepest decline in orders for electronic and other electrical equipment in
2.5 years. The Commerce Department reported that orders for durable goods
-- items expected to last at least three years -- dropped by 1.3 percent
last month, the first decline since October. ... (Washington Post, page
E2).
Most regions of the country logged a greater volume of help-wanted
advertisements in January than in December, raising the Conference Board's
help-wanted index 3 points to 89 percent. The index, which is based on
help-wanted ads appearing in 51 U.S. newspapers, compares monthly ad levels
with the average volume recorded in 1987. The difference is expressed as a
percentage. ... (Daily Labor Report, page A-1).
Lump-sum payment provisions were found in 15 percent of all non-construction
contracts negotiated in 1999, according to an analysis by BNA of 762
collective bargaining agreements that together cover more than 1.9 million
workers. Seventeen percent of agreements analyzed in 1998 and 22 percent in
1997 included lump-sum provisions. The weighted average first-year wage
increase in all non-construction settlements reported in 1999 was 3.1
percent, and the median wage increase was 3 percent. In settlements with
lump-sum payments, the weighted average increase was 4 percent, and the
median increase was 3 percent. Agreements without lump sums provided a
weighted average first-year increase of 2.9 percent and a median increase of
3 percent. ... (Daily Labor Report, page D-7).
The U.S. economy is staying robust this quarter despite some wan January
stats. Weather skewed the January data--sometimes up, sometimes down. Job
growth soared because the Labor Department took its survey during a mild
week. Then the winter turned harsh, keeping shoppers indoors, which
depressed the month's retail sales. But, despite the deep freeze and
snowstorms, builders still managed to break ground on more new homes. The
strongest argument against a meaningful moderation in growth comes from the
industrial sector. Manufacturing, unfazed by winter's whims, is
accelerating. Based on past patterns, it would be highly unlikely that
overall growth is slowing at a time when this extremely cyclical segment of
the economy is speeding up. ... (Business Week, Feb. 28, pages 29-30).
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