BLS DAILY REPORT, WEDNESDAY, DECEMBER 20, 2000
RELEASED TODAY: BLS announces the first release of national employment and
wage estimates from the Occupational Employment Statistics survey using the
new OMB Standard Occupational Classification system. The new SOC system
consists of 821 detailed occupations, grouped into 449 broad occupations, 96
minor groups, and 23 major groups. ...
The nation's retailers are hoping for strong sales this weekend to rescue
them from their slowest Christmas in recent years. Sales were down sharply
last week compared with a year ago, and stores report they are failing to
meet even the conservative targets they set for themselves this season.
Retailers have had to contend with a weak economy, bad weather, high energy
costs , and the absence of hot new products that would drive shoppers into
stores. ... On the favorable side of the ledger, however, are a
longer-than-normal shopping season because of an early Thanksgiving and the
fact that Christmas falls on a Monday, giving consumers a full weekend to
finish shopping. The International Council of Shopping Centers reported
that sales at specialty stores in the nation's malls fell by 12 percent in
the third week of December and are down 8.2 percent for the period between
Thanksgiving and Dec. 17. ... (Washington Post, page A1).
Federal Reserve policymakers left interest rates unchanged but indicated
they are leaning toward a cut in the future. Agency says economic slowdown
poses greater threat than inflation. ... (Washington Post, page E1)_____The
Fed said it was shifting its sights from fighting inflation to steering the
economy away from a possible recession. The central bank left interest
rates unchanged, but made clear it was ready to cut rates if the current
slowdown shows signs of developing into a full-fledged downturn. ... (New
York Times, page A1)_____The Fed abandoned its anti-inflation stance,
declaring that the risks of economic weakness in the foreseeable future
exceed the risks of inflation. But officials left short-term rate
unchanged, disappointing investors. ... (Wall Street Journal, page A2).
Buck Consultants releases national survey of 88 health insurers, health
maintenance organizations, and third-party administrators pointing to
double-digit increases in health care rates. ... (Daily Labor Report, page
A-9).
Commerce Department reports trade deficit fell $0.5 billion to $33.2 billion
in October as U.S. imports and exports declined. ... (Daily Labor Report,
page D-1)_____America's trade deficit stayed close to an all-time high, as
imports of crude oil climber to the highest level ever. The deficits with
China and Japan also set records, propelled higher by a flood of Christmas
toys and automobiles. The October trade deficit was down a slight 1.6
percent from September's biggest imbalance in history. ... (Washington
Post, page E2)_____The U.S. trade deficit shrank in a sign of the economic
slowdown, though the gap was still the second largest ever. ... (Wall
Street Journal, page A2).
DUE OUT TOMORROW: Consumer Expenditures in 1999
application/ms-tnef
