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> BLS DAILY REPORT, TUESDAY, JANUARY 27, 1998
>
> RELEASED TODAY: On a seasonally adjusted basis, compensation costs
> for civilian workers rose 1.0 percent during the September-December
> 1997 period; for each of the two previous quarters, the increase was
> 0.8 percent ....Compensation costs for civilian workers (not
> seasonally adjusted) were up 3.3 percent for the year ended December
> 1997. This compares with increases of 2.9 percent in December 1996
> and 2.7 percent in December 1995 ....
>
> Bankers aren't out beating the pavement; despite takeover layoffs,
> jobs grow across the industry, says the Wall Street Journal (page A2)
> ....Despite huge layoffs in the banking industry from mergers and
> acquisitions, job prospects at commercial banks are improving, and the
> chance of landing a job at other types of financial firms is actually
> quite good. In 1997, jobs at commercial banks increased slightly more
> than 1.0 percent, according to BLS, the first increase since 1989 and
> the largest since 1987 ....Positions at other finance companies, such
> as mortgage banks and investment outfits, jumped more than 6.0 percent
> last year, after years of considerably smaller gains ....A lot of the
> jobs available are the result of a strong housing and commercial
> real-estate market and the expansion of banks into investment banking
> and non-credit-card consumer-finance products ....Economists don't
> expect the stronger demand to be long term. The industry is riding on
> the back of a record housing market, a booming stock market, and
> strong investment banking. But when these things slow down, so too
> will commercial-banking jobs. But for now, things look bright ....
>
> Economists from a range of industries reported that demand for their
> firms' products picked up in the fourth quarter of last year after
> slowing in the third, while employment levels remained high, according
> to a survey by the National Association for Business Economics
> ....(Daily Labor Report, page A-3).
>
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