[PEN-L:348] BLS Daily Report

[Richardson_D]

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BLS DAILY REPORT, FRIDAY, MAY 29, 1998

New claims for unemployment insurance benefits filed with state agencies
declined by 2,000 to a seasonally adjusted 312,000 for the week ended
May 23, DOL's Employment and Training Administration announces....
(Daily Labor Report, page D-15; Washington Post, page F2).

Economic growth charged ahead at a 4.8 percent rate during the first
three months of the year, powered by a record surge in inventory
investment, the Commerce Department reports....  (Daily Labor Report,
page D-3; Wall Street Journal, page A2)_____Driven by surges in consumer
spending and construction and a record inventory buildup by businesses,
the U.S. economy grew at a very strong 4.8 percent pace, rather than the
4.2 percent rate estimated last month.  But analysts said the nature of
the first-quarter figures makes it virtually certain that economic
growth will be slower in coming months....  Unusually warm weather led
to massive front-loading of consumer demand and construction, while the
increase in unsold goods on factory floors, in warehouses, and on store
shelves was responsible for 1.4 percentage points of the 4.8 percent
rise in GDP....  (Washington Post, page F1)_____The economy grew at a
surprisingly strong rate this winter, but analysts saw signs of a coming
slowdown, notably weaker corporate profits, and growing stockpiles of
unsold goods....  (New York Times, page C1)_____Amid renewed anxiety
about the impact of Asia's economic troubles on U.S. companies,
corporate profits fell for the second consecutive quarter....  (USA
Today, page 1B)

New orders for manufactured durable goods shot up 2.6 percent in April,
but, excluding the often volatile transportation sector, orders rose a
much more pallid 0.7 percent, the Commerce Department reports.  The rise
in April was the third increase in the last four months.  New orders
were 6.4 percent higher than a year ago....  (Daily Labor Report, page
D-1).

Organizing workers in high-technology fields like computer programming
continues to be difficult for unions, with representation efforts
hampered by employee attitudes and the industry's staffing structures,
according to union and industry sources contacted by BNA....  (Daily
Labor Report, page C-1).


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