> BUREAU OF LABOR STATISTICS, TUESDAY, JUNE 19, 2001:
>
> RELEASED TODAY: Regional and state unemployment rates were generally
> stable in May. All four regions reported little or no change from April
> and 44 states and the District of Columbia recorded shifts of 0.3
> percentage point or less, the Bureau of Labor Statistics of the Department
> of Labor reported today. The national jobless rate was little changed at
> 4.4 percent. Nonfarm employment increased in 27 states and the District
> of Columbia.
>
> White collar job opportunities will fall off during the summer, providing
> further evidence of a weakening job market, according to projections from
> 266 respondents to the Bureau of National Affairs' latest quarterly
> employment survey. Production and service staff may see a slight
> improvement in their hiring prospects, but employment opportunities for
> those workers are running well below the high-water marks in early to
> mid-2000. Just a handful of responding employers expect third quarter
> staff cuts, but reports of workers on layoff increased among all three
> nonmanagement employee groups covered by the survey (Daily Labor Report,
> page D-14).
>
> According to data compiled by BNA in the first 24 weeks of 2001, newly
> bargained contracts in the nonmanufacturing (excluding construction)
> industry provided a weighted average first year gain of 4.3 percent,
> compared with 4.1 percent in 2000, while agreements in the manufacturing
> sector produced a weighted average increase of 3.3 percent, compared with
> 3.5 percent in 2000. The current median nonmanufacturing increase was 4
> percent, compared with 3.5 percent a year ago, the median manufacturing
> increase was 3 percent, unchanged from the comparable 2000 period. (Daily
> Labor Report, page D-1).
>
> New housing construction edged down in May, after a strong showing the
> month before, as builders broke ground on fewer single-family homes as
> well as apartments and condos. The Commerce Department reported Tuesday
> that housing starts fell by 0.4 percent last month to a seasonally
> adjusted annual rate of 1.62 million. The drop was smaller than many
> analysts were predicting and left housing starts at a still healthy level.
> The dip in May followed a solid 2.3 percent increase in April, according
> to revised figures, a better showing than the government previously
> estimated. ..While consumer spending has held up fairly well during the
> economic slowdown, some analysts worry that could change if the labor
> market seriously weakens in the coming months. That could force consumers
> to sharply cut back on spending, tipping the economy into recession.
> (Jeannine Aversa, Associated Press,
> http://www.nypost.com/apstories/V6541.htm'
> http://www.usatoday.com/money/economy/housing/2001-06-19-housing-starts.ht
> m;
> http://www.nandotimes.com/business/story/29255p-507275c.html).
>
> Even as many cash-strapped companies slash their work forces, some are
> worrying about severing ties with their best people, whom they hope to
> lure back once corporate fortunes rebound. Several employers are handing
> out bouquets along with pink slips, in an effort to maintain close ties
> with affected employees, Cisco Systems, Inc., for example, a San Jose,
> Calif. computer networking company, proposed this unusual option: Forgo a
> severance package and receive instead a third of one's salary, all
> benefits and stock option awards for a year. The catch? Takers must work
> for that year at a nonprofit group already associated with Cisco. (The
> Wall Street Journal, page B1).
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