BLS DAILY REPORT, THURSDAY, OCTOBER 30, 1997
RELEASED TODAY: Average annual pay of employees within the nation's 313
metropolitan areas increased by 4.0 percent from 1995 to 1996. The 4.0
percent increase from 1995 to 1996 was the largest over-the-year gain
since 1992. Average annual pay in metropolitan areas was $30,250 in
1996 ....
Nonfarm payroll employment rose in 42 states in September, as the
national jobless rate remained at 4.9 percent, DOL reports. The largest
employment growth is in Nebraska and Nevada ....(Daily Labor Report,
page D-1).
Although many Federal Reserve districts report tight labor markets and
hiring difficulties, there are few signs of wage or price pressures,
says the latest "beige book" released by the Federal Reserve Board.
Most districts report early autumn's economic activity is moderate to
strong, helping to intensify labor shortages for key sectors, especially
high-tech and energy extraction industries. Sharper-than-average wage
increases remained limited to computer-related jobs and those in energy
extraction industries ....(Daily Labor Report, page D-15).
New orders for manufactured durable goods dropped 0.6 percent in
September, driven down by falling electronic equipment orders, Commerce
Department data show ....(Daily Labor Report, page D-13).
More evidence of steady or slower growth emerged when the Commerce
Department said orders for durable goods fell in September for the first
time in three months and a Fed regional survey showed no sign of
inflationary price or wage pressures ....(New York Times, page D4; Wall
Street Journal, page A2).
Stock market correction of the last few days should help to extend - not
curtail - the U.S. economic expansion and reduce inflation pressures,
says Fed Chairman Greenspan ....(Daily Labor Report, page
A-12)_____Greenspan says the stock plunge may be good for the economy.
His remarks soothe Wall Street ....(Washington Post, page
A1)_____Greenspan sees a silver lining in stock unrest. He says decline
could ease inflation risks ....(New York Times, page A1)_____Greenspan
indicated that the recent sell-off in stocks would delay the need to
raise interest rates. In fact, he told Congress, the drop may prove to
be "a salutary event" for the economy ....(Wall Street Journal, page
A3).
Reports of the death of downsizing have been greatly exaggerated.
Though job elimination and downsizing dropped to their lowest levels in
the 1990s this summer, analysts say swift and massive job cuts will
remain a fact of life in the quickening environment of corporate America
.....(Washington Times, page B7).
OMB releases its final decisions on federally mandated race and ethnic
categories, including a change that will allow individuals to choose
more than one race on surveys or other government forms. In allowing
multiple choices, the agency rejects the idea of offering a
"multiracial" category. OMB says it is still drafting guidelines for
agencies on how to tabulate data that will include multiple race
responses. Enforcement agencies have different needs in tabulating
information on multiple races than do economic or statistical gathering
agencies, OMB officials say ....(Daily Labor Report, page
AA-1)_____Options for multiracial families expanded on the census and
other federal forms. After a long debate, Americans can choose more
than one category ....(Washington Post, page A11)_____People can claim
one or more races on federal forms ....(New York Times, page A1)).
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