BUREAU OF LABOR STATISTICS, DAILY REPORT, WEDNESDAY, APRIL 3, 2002: RELEASED TODAY: In February, 266 metropolitan areas recorded higher unemployment rates than a year earlier, 40 areas had lower rates, and 16 areas had rates that were unchanged, the Bureau of Labor Statistics reports. Thirteen metropolitan areas had jobless rates of at least 10.0 percent, eight of which were located in California's agricultural Central Valley. Sixteen areas posted unemployment rates below 3.0 percent, with nine located in the South and five in the Midwest. The national unemployment rate was 6.1 percent, not seasonally adjusted, in February. (Data for the nine metropolitan areas in Michigan were not available at the time of release).
The massive U.S. service sector expanded for the second straight month in March, but the pace of activity slowed from the nearly 1-1/2 year peaks hit in February, a report shows today. The Institute for Supply Management, an industry trade group, said its monthly nonmanufacturing index slipped to 57.3 in March from 58.7 in February, against market expectations for a 57.0 reading. March marks the second straight month the index has stayed above the 50 mark, indicating expansion in the sector that includes everything from transportation to legal and financial services. In February, the index surged well above expectations to its highest level since November 2000, prompting economists to raise their growth forecasts for the U.S. economy (Reuters, http://www.usatoday.com/money/economy/2002-04-03-services.htm). U.S. vehicle sales fell a mild 1 percent last month compared with March 2001, offering encouragement to analysts and automakers that demand will strengthen and the nation's economy will continue to improve. Sales of passenger cars fell 2 percent compared with the same month a year ago, while light truck sales slipped 1 percent, the industry reported Tuesday. Several automakers say strength in sales to retail customers helped their results. "The month was better than most forecasts and better than Detroit was expecting," said David Healy, an analyst with Burnham Securities. "That means that production will probably increase in the second quarter" (David Runk, Associated Press, http://www.nandotimes.com/business/story/340068p-2815793c.html).
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