[PEN-L:175] BLS Daily Report

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BLS DAILY REPORT, THURSDAY, SEPTEMBER 17, 1998

RELEASED TODAY:
     CPI -- On a seasonally adjusted basis, the CPI-U rose 0.2 percent
in August, the same as in July.  In August, the food index increased 0.2
percent for the second consecutive month.  Prices for food at home
advanced 0.3 percent as a sharp increase in prices for dairy products
was partially offset by a decline in the index for fruits and
vegetables.  The energy index, which was unchanged in July, declined 1.0
percent in August.  The index for petroleum-based energy decreased 1.4
percent, and the index for energy services fell 0.4 percent.  Excluding
food and energy, the CPI-U increased 0.2 percent in August, the same as
in July.  An upturn in the index for apparel, reflecting the
introduction of fall-winter wear, was largely offset by smaller
increases in the indexes for cigarettes and airline fares, coupled with
a decline in the index for telephone services. ...
     REAL EARNINGS -- Real average weekly earnings increased by 0.5
percent from July to August after seasonal adjustment.  The increase
stemmed from a 0.5 percent increase in average hourly earnings; average
weekly hours were flat.  The earnings increase was slightly offset by a
0.1 percent rise in the CPI-W. ... From August 1997 to August 1998, real
average weekly earnings grew by 3.5 percent. ...

The gap in hourly compensation costs between manufacturing production
workers in the United States and the average for 28 foreign economies
widened in 1997, reflecting the dollar's rise against foreign
currencies, BLS reports. ... (Daniel J. Roy in Daily Labor Report, page
D-6).

Fed Chairman Greenspan told Congress that there is no current plan for a
coordinated cut in interest rates by the central banks of major
industrial countries to spur slowing world economic growth.  But
Greenspan did not rule out rate cuts by the Fed, either alone or in
concert with other central banks, if the turmoil in global financial
markets, which has spilled over into U.S. markets, threatens continued
U.S. economic growth. ... (Washington Post, page C1; Wall Street
Journal, page A2)_____Greenspan testifies that the world's big economies
had no plans for a coordinated reduction in interest rates. ...
"Deflationary forces are continuing to emerge" in much of the rest of
the world, he said, and they are moving toward the United States. ...
(New York Times, page A1).    

While virtually all regions of the United States kept up their pace of
strong economic growth in late summer, prospects are dimming in some
areas and industries as businesses look toward the final quarter of this
year, the Federal Reserve reports in its latest "beige book."  Tight
labor markets persisted in most Fed districts, a factor that is pushing
up wages at a faster rate.  Countering reports of higher wages, the Fed
says that its districts report that prices for most goods and services
are still rising at a modest clip.  The Asian economic crisis is most
evident in manufacturing areas of the Fed's San Francisco district,
where high-technology firms are paring back production. ... (Daily Labor
Report, page D-17; Washington Post, page C3; Wall Street Journal, page
A2).

Industrial production rebounded 1.7 percent in August as workers
returned to factories following the General Motors strike, the Federal
Reserve reports. ... (Daily Labor Report, page D-1; Washington Post,
page C3; New York Times, page C23; Wall Street Journal, page A2).

Business inventories were unchanged in July, reflecting a drop in car
dealer stocks as a result of the GM strike, according to the Commerce
Department. ... (Daily Labor Report, page A-10; Wall Street Journal,
page A2).

While most industrialized countries have recorded reduced immigration
flows in recent years, the United States is in the midst of an
immigration boom that is likely to have significant impact on the
workforce and the economy, according to the OECD. ... Foreign workers
are increasingly present in the services sector, the study finds. ...
(Daily Labor Report, page A-3).

DUE OUT TOMORROW:  Regional and State Employment and Unemployment:
August 1998


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