This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------ =_NextPart_000_01BD858A.C22DE1A0 charset="ISO-8859-1" Two comments. The Am. Elect. Assn. does not say how many of their 200,000 new jobs went to people living in the US at the beginning of the year. The Natl. Rest. Assn. never has believed the CPI for Food Away from Home before, claiming that because of coupons restaurant prices have been falling. Dave ------------ BLS DAILY REPORT, THURSDAY, MAY 21, 1998 RELEASED TODAY: The share of all U.S. families with at least one worker rose by 0.8 percentage point to 82.2 percent in 1997. Over the year, the proportion of all families with an unemployed person fell by 0.6 percentage point to 7.0.... BLS economist Fran Horvath told a Labor Research Advisory Council meeting that it appears Office of Personnel Management records on the number of federal workers covered by union contracts are more accurate than the current population survey. The CPS relies on respondents to accurately recall employment information. In some households the actual worker responds to the question, and, in others, a proxy -- usually a spouse -- answers the question. Proxy responses tend to show lower union representation than self response, Horvath said.... The agency will continue to search for a way to correct the under-representation, BLS economist Philip Rones said.... (Daily Labor Report, page A-1). Wives earn more than their husbands in about a quarter of dual-income marriages, altering the balance of power in the family and thus family resource allocation, according to an article in the April issue of the Monthly Labor Review.... Given that women still tend to earn less than men, the "large proportion of wives [who] earned more than their husbands is quite notable," said the article, written by Anne E. Winkler, associate professor of economics and public policy administration at the University of Missouri-St. Louis.... (Daily Labor Report, page A-3). The Federal Reserve Bank of Cleveland has tweaked the government's traditional measure of consumer prices and concluded that the U.S. may be a lot further from price stability than most analysts think. BLS calculates the CPI as the weighted mean -- or average -- of the prices of 36 product categories. By that measure, the annual inflation rate has fallen to barely 2 percent. But the Cleveland Fed publishes an alternative measure of inflation based on what it calls the median CPI.... The median CPI effectively discounts the most extreme fluctuations in consumer prices, which understate the overall rate of inflation. For example, over the past year, the prices of products such as fuel and used cars have fallen sharply, which has tended to pull down the government measure of inflation. By contrast, the median CPI gives less weight to these large but possibly isolated declines.... Cleveland Fed economists argue that their median-CPI method is a more accurate predictor of inflation and is more closely tied to the growth of money in the nation's economy. But ... they are still a long way from convincing colleagues at the Federal Reserve, where governors, including Chairman Alan Greenspan, are said to be skeptical (Business Week, May 25, page 26). High-tech industry added more than 200,000 new jobs to the U.S. economy in 1997, according to the American Electronics Association, a trade organization.... (Daily Labor Report, page A-16). U.S. international trade deficit in March was $13.0 billion, $0.8 billion more than the revised figure for February, the Commerce Department reports.... (Daily Labor Report, page D-1)_____"Two Sides of a Trade Chasm: The U.S. Economy May Hang in the Imbalance" is the title of this week's "Trendlines" in the Washington Post (page D1).... The U.S. trade deficit grew to $13 billion in March, up about 67 percent from a year earlier. The economic turmoil in Asia -- cutting demand for U.S. exports -- has been a major factor. The turmoil, however, also has cut the cost of many imports into the United States, helping to slow rapid economic growth and reduce inflationary pressures here.... _____The monthly trade deficit reached a new high, providing the clearest evidence yet how Asia's mounting economic woes are restraining American growth for good and for ill.... (New York Times, page D1)_____March's trade deficit makes it all but certain the year's gap will set a record by a wide margin.... (Wall Street Journal, page A2) Menu prices rose 2.5 percent for the 12 months ended in March, outpacing the rate of inflation, as higher labor costs were passed on to diners, says the National Restaurant Association. A higher minimum wage along with a competitive labor market create price inflation all the way up the ladder.... (Wall Street Journal, "Business Bulletin," page A1). 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[PEN-L:180] BLS Daily Report
Richardson_D Fri, 22 May 1998 10:05:03 -0400boundary="---- =_NextPart_000_01BD858A.C22DE1A0"