[PEN-L:4210] BLS Daily Report

[Richardson_D]

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BLS DAILY REPORT, FRIDAY, MARCH 5, 1999

RELEASED TODAY:
     EMPLOYMENT SITUATION -- Payroll employment rose in February, and the
unemployment rate was little changed at 4.4 percent.  Nonfarm payroll
employment increased by 275,000; large gains occurred in construction and
retail trade, while manufacturing had a substantial decline. ...  
     JEC STATEMENT -- The unemployment rate was essentially unchanged at 4.4
percent in February and has remained within the narrow range of 4.3 to 4.5
percent since last April.  Nonfarm payroll employment rose by 275,000 in
February.  This increase was about in line with the average of the prior 3
months, but was well above the average for the first 10 months of 1998.
Substantial employment gains in construction and retail trade contrasted
with large job losses in manufacturing and mining during February.  All
other major industry groups experienced moderate employment increases. ...


Nonfarm payroll employment increased in 31 states in January, BLS reports.
Alaska, Colorado, and Idaho showed the largest percentage advance at 0.6
percent each. ...  (Daily Labor Report, page D-6).

New claims for unemployment benefits filed with state agencies fell by 8,000
to a seasonally adjusted 286,000 in the week ended Feb. 27, the Employment
and Training Administration of the U.S. Department of Labor reports.  The
level of claims has been below 300,000 for 5 consecutive weeks, leading some
economists to project that the labor market will remain strong for the next
few weeks. ...  (Daily Labor Report, page D-4)_____The average level of new
applicants for unemployment befits reached a 10-year low during February.
....  (Washington Post, page E1).

Given a good push by a 102.7 percent increase in orders for aircraft, new
orders for manufactured goods rose 1.7 percent in January, the Census Bureau
announces.  The January increase followed a 2.3 percent increase in December
and is the seventh increase in the last 8 months.  New orders for January
1999 were 3.9 percent above those for January 1998. ...  (Daily Labor
Report, page D-1)_____Factory orders rose, despite a drop in orders for
nondurable goods.  But, excluding transportation items, new orders fell 0.3
percent in January, the first drop since October. ...  (New York Times, page
A2).  

Retail sales jumped to better-than-expected levels last month, as the robust
economy and good weather in most of the country encouraged Americans to
spend.  Many Wall Street analysts were so impressed with the strong sales
that they raised their estimates for first-quarter earnings.  Discount
chains fared the best, outpacing all other retail formats.  Also reporting
big gains were specialty clothing chains (Washington Post, page
E1)_____Retailers' sales at stores open at least a year rose 7.6 percent in
February, more than expected, as shoppers snapped up basic household goods
at discounters like Wal-Mart Stores Inc. and new spring fashions at clothing
chains like Gap Inc. ...  (New York Times, page C2)_____A robust economy
continued to drive consumer spending in February, leading to
better-than-expected sales for most retailers and raising expectations for a
strong 1999. ...  (Wall Street Journal, page B2)


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