[PEN-L:4250] BLS Daily Report

[Richardson_D]

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BUREAU OF LABOR STATISTICS DAILY REPORT, MONDAY, MARCH 8, 1999

__The economy again defied predictions of a slowdown, creating a seasonally
adjusted 275,000 new nonfarm payroll jobs in February, BLS reported.  The
jobless rate edged up 0.1 percentage point to 4.4 percent in February.
"Here we have the 20th month that the unemployment rate has been below 5
percent," Labor Secretary Herman says. ...  As long as the nation continues
its "balanced path" between high productivity and low costs, this robust
expansion with low inflation will continue, she says.  The 275,000 payroll
increase "compares favorably to an average of about 235,000 new jobs each
month in 1998, when the economy grew at a 4.3 percent rate," says JEC
Chairman Sen. Mack (R-Fla.). ...  Job growth has actually increased in the
last 3 months, compared with the first 10 months of 1998, BLS Commissioner
Abraham said. ...  (Daniel J. Roy in Daily Labor Report, page D-1; text of
statement, page E-1).
__With long-standing fears of interest-rate increases dashed by a reassuring
government jobs report, investors poured money into blue-chip stocks,
sparking a rally that sent the Dow Jones industrial average to a record
9736.08 and also boosted the bond market. ...  Fears were allayed when the
Labor Department said that the average hourly wage increased just 1 cent in
February, despite the addition of 275,000 jobs, more than expected and well
above the 235,000 monthly average over the last 6 months.  Over the past 12
months, wages rose 3.6 percent -- far lower than the 12-month peak of 4.4
percent in April 1998. ...  (Ianthe Jeanne Dugan in Washington Post, March
6, page E1).
__Another big burst of job growth in February showed that the United States
economy was still on a roll while wage pressures remained remarkably
subdued.  For bond and stock investors yesterday, that combination eased
fears of inflation, setting off a wild celebration. ...  Fueled by a boom in
construction and consumer spending, American employers added 275,000 jobs to
their payrolls.  Since Thanksgiving, the economy has been adding jobs at the
staggering pace of 3.2 million a year. ...  (Sylvia Nasar in New York Times,
March 6, page A1).
__February's lackluster employment report damped hopes of a quick turnaround
in the manufacturing sector, but set Wall Street ablaze with the prospect of
continued low interest rates. ...  (John Simons in Wall Street Journal, page
A2).    

The Wall Street Journal forecast for the PPI (page A6), to be released by
BLS on Friday, is for a decline of 0.1 percent in February, compared with an
increase of 0.5 percent in January. 

Milk prices are expected to drop within a month, which could mean a decline
in the cost of milk, cheese, butter, and other dairy products. ...  The drop
comes after a record year in which producers received extremely high prices.
....  (Washington Post, page E1)_____Raw milk prices are plunging, but, as
was the case with falling hog prices last year, consumers probably won't
benefit for months.  The nationwide drop in milk prices, however, is another
big blow to the battered farm economy. ...  (Wall Street Journal, page A2).


DUE OUT TOMORROW:  Productivity and Costs -- Fourth Quarter 1998 (Revised)


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