The statement of outgoing Labor Sec. Robert Reich (last item) is
interesting. He points to the problems created by growing economic
inequality, yet he does not mention that he was unable to do anything
about it when in office. Interesting. It seems that I remember other
similar cases, perhaps the most prominent being Eisenhower and his
farewell address on the Military Industrial Complex. I remind you of
this just in case some of us (me included) might occasionally succumb
to the persistent fantasy that the names of the players have any
particular importance for the working of the system.
Dave
----------
From: Hoyle_K
Sent: Friday, January 10, 1997 5:13 PM
To: DailyReport
Subject: BLS Daily Report
BLS DAILY REPORT, FRIDAY, JANUARY 10, 1997
RELEASED TODAY:
EMPLOYMENT SITUATION -- Nonfarm payroll employment increased in
December, and the unemployment rate was unchanged at 5.3 percent. The
number of payroll jobs rose by 262,000 over the month, with gains
occurring among most of the major industry groups. Average hourly
earnings rose by 6 cents in December, following a 9 cent rise in the
prior month ....
JEC STATEMENT -- In summary, nonfarm payroll employment continued
to expand in December, and unemployment was unchanged. Average hourly
earnings showed a sizable increase for the second straight month. For
all of 1996, payroll employment rose by 2.6 million, compared with an
increase of 2.2 million in 1995. The unemployment rate edged down
somewhat in the second half of 1996 and, at 5.3 percent, was
three-tenths of a percentage point lower in December than it was a
year earlier.
_____A continued surge in energy prices pushed finished producer
prices up 0.5 percent in December, BLS reports. The PPI advanced 2.8
percent in 1996. Although the yearly increase in the PPI is larger
than the 2.3 percent recorded in calendar year 1995, the core rate --
excluding volatile food and energy components -- edged up just 0.6
percent, after increasing 2.6 percent in 1995 ....(Daily Labor Report,
pages 2,D-3; Wall Street Journal, page A2).
_____With the big exception of energy, inflation in the prices charged
by producers of finished goods all but vanished last year. The PPI
core rate rose just 0.6 percent last year, the second-lowest annual
change on record ....Stocks and bonds rally on upbeat inflation report
....(Washington Post, pages G2,G1).
_____Producer prices rose more than expected during December, but when
the cost of energy and food was excluded, the increase was below
forecasts ....Producer data help to spur a stock rally ....(New York
Times, pages D2,D1).
New claims fall by 13,000 to seasonally adjusted 361,000 in the week
ended Jan. 4, the Labor Department announces ....(Daily Labor Report,
page D-1)_____The four-week moving average of jobless claims hit its
highest level since July ....(Wall Street Journal, page A2).
The nation's retailers reported uneven holiday sales results because,
after a strong and steady start in early December, traffic and sales
slowed in the weeks before Christmas. Many retail chains released
their monthly sales for December, and while there were some standouts,
other retailers were left scratching their heads about why shoppers
lost the momentum they had established just after Thanksgiving
....(Washington Post, page G2)_____A sinewy economy, flush consumers,
and a resilient bull market were not enough to give American retailers
the 1996 holiday season they wanted ....(New York Times, page D1)
The day before leaving office, Labor Secretary Reich warns the
second-term Clinton administration against efforts to control the
budget deficit that would continue the trend toward a widening gap in
earnings levels. In a farewell speech delivered before the Council on
Excellence in Government, Reich takes pains to point to the
accomplishments of the administration's first term, but firmly insists
that much "remains to be done" ....The speech's Technical Appendix,
prepared by the Office of the Chief Economist, contains tables based
on BLS's usual weekly earnings of full-time wage and salary workers
series and Displaced Worker Survey, as well as other sources (Daily
Labor Report, pages 1,A-1,E-13).
