[PEN-L:258] BLS Daily Report

[Richardson_D]

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BLS DAILY REPORT, WEDNESDAY, JULY 22, 1998

Federal Reserve Chairman Alan Greenspan says that the Asian crisis is
slowing U.S. economic growth, but by how much is unclear, and the risk
of a pickup in inflation still outweighs the danger of a slump.  In
testimony before the Senate Banking Committee, Greenspan said the
central bank might at some point need to raise short-term interest rates
to make sure inflation stays low....  Fed policymakers think slower
growth won't prevent a modest acceleration  of inflation from 2 percent
or less this year to 2.5 percent next year.  Unemployment at the end of
next year would still be between 4.5 and 4.75 percent, according to
these forecasts....  (Washington Post, page C9)_____Greenspan said the
Fed would have to be "particularly alert" to the possibility that a
renewed surge in growth could set off a destabilizing spiral of wage and
price increases....  (New York Times, page D1)_____Greenspan said the
Fed is worried more about an outbreak of inflation than an Asia induced
recession, but his carefully balanced congressional testimony suggested
the Fed is unlikely to make any interest rate move soon....  (Wall
Street Journal, page A2)

Housing starts rose 5.6 percent in June, the first increase in four
months.  Analysts said the increase was unexpectedly large and reflected
a combination of low mortgage rates, consumer optimism, and a stable job
market....  (New York Times, page D3; Wall Street Journal, page A2).

The 2.6 million members of the high school class of 1998 may represent
the most wanted group of high school students ever-at least until next
year, says The Wall Street Journal (page A1).  To hire students,
companies are entering the classroom in unprecedented ways and numbers.
In the 18 months ended in June 1997, the number of partnerships between
high schools and businesses jumped 270 percent, to 1,087, in 45 states
surveyed by the federal school-to-work office in Washington, D.C.
Across the United States, school districts that at one time had to beg
businesses to make a classroom appearance, now find the phones ringing
nonstop....  Employer interest in high school students is peaking just
as many educators are losing patience with the longstanding philosophy
of treating all students as potential college material....     

DUE OUT TOMORROW: Productivity by Industry, 1987-1996


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