[PEN-L:4974] BLS Daily Report

[Richardson_D]

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_01BE81C6.478DF0A0

> BLS DAILY REPORT, WEDNESDAY, APRIL 8, 1999:
> 
> The index of leading economic indicators increased in February, indicating
> continued strong growth, the Conference Board reports.  After a sharp 0.5
> percent advance in January, the index rose 0.2 percent in February to
> 107.1 percent of its 1992 base.  This is the fifth consecutive increase in
> the leading index, but it shows less breadth than usual, with only four of
> the 10 components rising in February, the director of business cycle
> research at the Conference Board said.  "Nonetheless, the overall trend
> continues to point to strong growth ahead."  The coincident index -- which
> measures current economic conditions -- rose 0.3 percent to 123.3 percent
> of its 1992 base in February.  All three of the available components of
> the coincident index -- employees on nonagricultural payrolls, industrial
> production, and personal income less transfer payments -- increased in
> February.  Data on manufacturing and trade sales are not yet available
> (Daily Labor Report, page D-1).
> __The index of leading economic indicators posted its fifth consecutive
> monthly increase in February, suggesting that the economy will keep
> growing well into its ninth year of expansion.  The index, which was
> released by the Conference Board, is intended to predict economic growth
> for the following 6 months.  It rose 0.2 percent in February -- as
> expected -- after an unreversed gain of 0.5 percent in January. Declining
> jobless claims and rising consumer confidence led the increase.  The
> number of workers filing for state unemployment benefits was below 300,000
> for all of February and has stayed below that level for 9 consecutive
> weeks, the longest such stretch since an 18-month run that ended in
> December 1973.  The University of Michigan's index of consumer
> expectations -- the gauge used in calculating the leading economic
> indicators -- rose in February to 103.6, the highest level since April.
> "The economy seems to be cruising along well, shrugging off international
> challenges," said the chief economist at LaSalle Bank in Chicago (The New
> York Times, page C2).
> 
> The "Economic Indicators" feature of USA Today (page 5B) estimates that
> the Producer Price Index for March, to be announced April 9, is likely to
> be 0.3 percent higher than that for February, although the Producer Price
> index for February was 0.4 percent less than that for January.  The
> Producer Price Index for March, less food and energy, is likely to remain
> unchanged from that of the previous month, which actually occurred in
> February.  The Consumer Price Index for March, to be released April 13, is
> predicted to be 0.3 percent higher than the index figure for February.  In
> February, the CPI was 0.1 percent higher than the January CPI.  The
> Consumer Price Index less food/energy for March is predicted to be 0.2
> percent higher than the index figure for February, although that same
> index item in February was 0.1 percent higher than in January.
> 
> "Is the U.S. income gap really a big problem?" asks Sylvia Nasar in the
> column "Economic View" in the "Money & Business" section of The New York
> Times of April 4, page 6.  She indicates that two distinguished empirical
> economists are attempting to decide whether rising inequality is good,
> bad, or indifferent.  One approach, taken by Martin Feldstein, is to
> examine some of the changes that have created an explosion of riches at
> the top of America's income distribution.  The most important, economists
> agree, is the market's increased tendency to heap most of its rewards on
> those with lots of education and sophisticated skills.  In addition,
> opportunities for entrepreneurs have burgeoned wildly. As recently as
> 1980, 60 percent of the Forbes 400 had inherited the bulk of their wealth;
> by 1997, the old money had dropped to just 20 percent.  Then there's the
> well-publicized phenomenon of the 70 hour work week for investment
> bankers, lawyers, management consultants and other top professionals, a
> contrast to the past when those who worked the longest were those with the
> lowest wages.  And finally, there's the extraordinary bull market in
> securities, mostly owned by the haves.  All these changes, Feldstein says,
> are in themselves positive, and tend to benefit some individuals without
> making others any worse off.  Finis Welch, a labor economist at Texas A &
> M who gave this year's prestigious Ely Lecture at the American Economics
> Association annual meeting, focuses on inequalities' consequences rather
> than its causes.  He points out that, while the market's uneven rewards
> for skills have cause the wage gap between high-paid and low-paid
> individuals in general to widen dramatically, they have also sharply
> narrowed the far more disturbing wage gaps between blacks and whites and
> between women and men. It is hard to believe that most Americans would
> prefer the more homogenous income distribution of the late 1940's when
> racism and sexism severely limited occupational choice and pay, says
> Nasar.  Growing inequality could have devastating effects if it convinced
> those at the bottom that efforts to move up are doomed to failure.  But
> largely the opposite has happened.  Young Americans are finishing high
> school and going on to college in record numbers.  Still one clear
> response to increased wage inequality that Welch identifies is
> unambiguously troublesome.  Low-skill, low-educated men react to their
> falling earnings potential by giving up on work and relying, instead, on
> welfare and other social programs for income, an option that did not exist
> before the mid-1960's.  "Everyone was just wringing their hands" about
> income inequality, Welch says, "but I just kept thinking that people have
> more of a sense of control over their destinies than when I was a kid."  
> 

------_=_NextPart_000_01BE81C6.478DF0A0
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------_=_NextPart_000_01BE81C6.478DF0A0--