> BUREAU OF LABOR STATISTICS, FRIDAY, JUNE 29, 2001:
>
> RELEASED TODAY; In March 2001, employer costs for employee compensation
> for civilian workers in private industry and State and local government in
> the United States averaged $22.15 per hour worked, the U.S. Department of
> Labor's Bureau of Labor Statistics reports. Wags and salaries, which
> averaged $16.07, accounted for approximately 73 percent of these costs,
> while benefits, which averaged $6.08, accounted for the remaining 27
> percent.
>
> Reflecting the weakened labor market, both the number of mass layoff
> events and the number of workers involved were significantly higher during
> the first 5 months of this year than in the same period of 2000, according
> to the Bureau of Labor Statistics. The latest figures underscored the
> continued decline of manufacturing employment, as factory layoffs made up
> a larger share of the total than was the case last year. The layoff
> events reported for May involved a total of 155,759 workers, about 18,000
> fewer than in April (Daily Labor Report, page D-1).
>
> Several factors are combining to constrain the current supply of nurses in
> the United States, a key factor being job dissatisfaction, according to
> the General Accounting Office. "Inadequate staffing, heavy workloads, and
> the use of overtime to address staffing shortages are frequently cited as
> key areas of job dissatisfaction among nurses," GAO's director of health
> care and public health issues, testified at a June 27 congressional
> hearing. She cited a recent survey conducted by the Federation of Nurses
> and Health Professionals finding that half of registered nurses currently
> employed had considered leaving the patient care field for reasons other
> than retirement during the past 2 years.(Daily Labor Report, page A-5).
>
> The Conference Board finds that demand for labor declined in May, as the
> help-wanted advertising index fell by 5 percentage points from the
> previous month, to 60 percent. The decline in the help-wanted ads index
> may indicate another drop in employment levels in June, said an economist
> at the Conference Board. In May 2000, the index was at 83 percent. "Most
> major regions of the country have experienced 20-25 percent declines in
> want-ad volume over the past year, with most of these loses taking place
> over the last 3 months," he said (Daily Labor Report, page A-5).
>
> The U.S. economy limped along in the first 3 months of the year, at a pace
> slightly slower than the government previously thought. The biggest drag
> on growth came from companies struggling to get rid of their unsold goods.
> Gross domestic product, the country's total output of goods and services,
> grew at an annual rate of 1.2 percent from January to March, according to
> revised figures released by the Commerce Department. The weak economy and
> higher energy prices took a bite out of U.S. companies' profits in the
> first quarter, which registered their biggest decline in 3 years (Jeannine
> Aversa, Associated Press, http://www.nypost.com/apstories/V0109.htm;
> http://www0.mercurycenter.com/breaking/headline2/019692.htm;
> http://www.chicagotribune.com/business/businessnews/article/0,2669,ART-527
> 16,FF.html; http://www.nandotimes.com/business/story/34833p-576743c.html).
>
> Energy prices, which helped drive the economy to the brink of recession,
> are declining and could be crucial in reviving growth, says Greg Ip,
> writing in The Wall Street Journal (page A2). Rising production, moderate
> weather and weakening demand have helped reduce prices of natural gas,
> gasoline and Western wholesale electricity to below year-ago levels and
> return inventories to a comfortable range. If sustained, the drop in
> prices, combined with a tax cut and lower interest rates, helps increase
> the likelihood of an economic recovery in coming months. But here is the
> catch: Prices have dropped in part because slowing economies in the U.S.
> and abroad have lessened demand. A sharp rebound in growth could tighten
> supplies and cause prices to rise.
>
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