> BUREAU OF LABOR STATISTICS, DAILY REPORT, MONDAY, DECEMBER 17, 2001: > > RELEASED TODAY: The 2002-03 editions of the Occupational Outlook Handbook > and the Career Guide to Industries were issued today on the Bureau of > Labor Statistics' Internet site. The print versions of these > publications are expected to be available in January, 2002. The > Occupational Outlook Handbook, published by the Bureau of Labor > Statistics, has been a nationally recognized source of career information > for more than 50 years. > > Lower energy costs kept the consumer price index unchanged in November, > despite the largest increase in the index's core rate since January 1996, > the Bureau of Labor Statistics reports. The so-called core rate -- or all > items excluding food and energy -- increased by 0.4 percent, primarily due > to rising tobacco and new vehicle costs, BLS says. It attributed the 0.6 > percent rise in new vehicle costs -- the largest increase in more than a > decade -- to the return of normal prices after deep discounting in > October. Despite the core rate increase and a 1.3 percent increase in > "other goods and services," a decline of 4.4 percent for energy kept > inflation flat (Daily Labor Report, page D-5). > > The inflation-adusted weekly earnings of most U.S. workers rose by 0.8 > percent in November, according to figures released by the Bureau of Labor > Statistics. Over the year ended in November, real weekly earnings rose > 3.3 percent on a seasonally adjusted basis and average hourly earnings > rose 3.9 percent (Daily Labor Report, page D-18). > > Industrial production declined 0.3 percent in November, a better > performance than economists expected, figures released by the Federal > Reserve show. Output in the nation's factories, mines, and utilities has > fallen 13 out of the last 14 months, edging up 0.1 percent in July. The > decline in November brought the industrial production index down to 137.1 > percent of its 1992 average. November's decrease was affected by warm > weather, which resulted in a 2 percent drop in utilities production (Daily > Labor Report, page D-1). > > Industrial production, which has been dropping for more than a year, fell > again last month but by much less than had been expected, prompting some > analysts to say that the big monthly manufacturing declines may be over, > writes John M. Berry in The Washington Post ( Dec. 15, page E1). The > Federal Reserve said the output of the nation's factories, mines and > utilities fell 0.3 percent last month, compared with declines of 0.9 > percent in October and 0.8 percent in September. Exceptionally warm > weather causes a large drop in utility output while factory production > fell only 0.2 percent. A Commerce Department report provided more > evidence that production could improve in coming months. It found that > business tocks of unsold goods declined last month at the fastest rate in > more than 20 years. > > The yearlong slump in manufacturing showed signs of ebbing in November, > thanks to surging auto sales, while falling energy prices put a lid on > inflationary pressures and businesses continued to clear out excess > inventories. The Federal Reserve said production at manufacturers, mines, > and utilities fell 0.3% in November, its 13th monthly drop in the past 14 > months. But the drop was less than the 0.7 percent consensus expectation > of Wall Street forecasters, suggesting that the decline in output is > easing. Meanwhile, consumer prices were unchanged in November, after > falling 0.3 percent in October, as rising prices for housing, automobiles > and tobacco offset falling energy prices, the Labor Department said. > Separately, the Commerce Department said U.S. business inventories fell > 1.4 percent in October from September (The Wall Street Journal, page A2. > The Journal's page 1 chart is of the CPI-U, for the year 2001). > > The biggest economic issue is not when the economic recover will begin. > It is whether the robust growth of the late 90's and 2000 was an > aberration or the new norm, writes David Leonhardt in The New York Times > (page C1). Unemployment is almost certain to rise for much of 2002. In > recessions, companies usually continue to cut their costs, including their > payrolls, until they are certain that revenues are growing at a healthy > rate again. By the time each recession of the last four decades had run > its course, the number of jobs fell 1.4 percent to as much as 3 percent, > relative to its peak. Through November of this year, the drop was less > than 1 percent, suggesting that the United States could lose another > 600,000 jobs, or more, next year. That would make the days of 4 percent > unemployment -- the norm in the last 90's -- feel far away. > > U.S. consumer confidence is rising as fears about terrorism fade, > preventing a collapse in spending and suggesting the first recession in a > decade will be short-lived, reports this week are expected to show. > Confidence as measured by the University of Michigan, coming Friday, is > forecast to rise in December for a third straight month (Bloomberg News, > http://www.latimes.com/business/la-000099987dec17.story?coll=la%2Dheadline > s%2Dbusiness12/17/01). > > Between 1997 and 2002, the number of women-owned firms in the U.S. grew at > twice the rate of all firms (14 percent vs. 7 percent) according to the > Center for Women's Business Research > (http://www.csmonitor.com/2001/1217/p14s5-wmcr.html). > > DUE OUT TOMORROW: Workplace Injuries and Illnesses in 2000. >
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