[PEN-L:2843] Re: BLS Daily Report
Richardson_D forwarded from the BLS: >BLS has asked for $7 >million to complete the revisions to the CPI to make it reflect more >accurately cost-of-living changes Wanna bet that means a still-lower CPI? Doug
[PEN-L:2842] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4F99.E409CB40 BLS DAILY REPORT, TUESDAY, FEBRUARY 2, 1999 The administration is seeking additional funding for the Bureau of Labor Statistics so that the statistical agency can continue revising the consumer price index and industry classifications and begin new initiatives aimed at improving the quality of data available to the public. The proposed BLS budget asks for appropriations of $421 million in FY 2000, an increase of $22 million from funds appropriated for FY 1999. ... BLS has asked for $7 million to complete the revisions to the CPI to make it reflect more accurately cost-of-living changes. ... BLS also looks to complete its project to update the standard for classifying industries. ... The budget request also includes funding for several new BLS initiatives. BLS requested $5 million to improve and expand price, output, and productivity measures. BLS said that the funding will allow it to expand the amount of services data available, to accelerate introduction of new products in the PPI, and to expand PPI coverage to the construction sector. BLS also seeks funding to expand the employment cost index program to include more employers in the sample, to improve the reliability of the data, and to provide new information to employers on the cost of providing benefits. ... The budget plan also calls for resources to improve public access to BLS data on its Internet site. This piece of the budget plan was in place before the recent premature releases of data, according to BLS Financial Manager Kate Newman. The planned improvements to the Internet site will not protect against the errors that led to those early releases, she said, although the improvements will help to protect against hackers. ... Physicians and surgeons have the highest mean annual wages -- $100,920 a year - according to a study by the Bureau of Labor Statistics. Others in the top five: dentists, podiatrists, airplane pilots, and lawyers (Wall Street Journal "Work Week" feature, page A1). Workers are retiring younger, the Labor Department says [in August 1998 MLR]. The average retirement age in the U.S. was 62.2 for men, 62.7 for women, between 1990 and 1995. That was down from 64.1 and 65.3, respectively, between 1965 and 1970 (Wall Street Journal "Work Week" feature, page A1). Real hourly wages grew faster for women than for men overall between 1997 and 1998, as wages for the typical workers rose by 5 percent, according to a report released by the Economic Policy Institute. ... Jared Bernstein and Lawrence Mishel, authors of the study "Wages Gain Ground," attributed the rise in real wages to persistently low unemployment, low inflation, and the 1996-97 increase in the minimum wage. ... (Daily Labor Report, page A-8). Manufacturing activity continued to slow in January, but at a much slower pace than in earlier months, the National Association of Purchasing Management reports, suggesting that the country's manufacturing decline may be nearing an end. Results of NAPM's latest monthly survey put the purchasing managers' index at 49.5 in January, up considerably from the 45.3 reading in December. ... Analysts said the report suggests a bottoming out in the manufacturing sector, which has been wracked by economic troubles in Asia. ... (Daily Labor Report, page A-3; New York Times, page C6). Personal income rose 0.5 percent in December, but spending increased at a higher rate, the Commerce Department says, explaining that consumer spending in December rose 0.8 percent. Because Americans spent more than they earned, the personal earnings rate was negative by 1 percent. ... For the year 1998, the Commerce Department reported a 5.0 percent increase in income, which is the lowest increase since 1993. Spending for the year rose 5.7 percent. ... (Daily Labor Report, page D-1; Washington Post, page E2; New York Times, page C6). Construction spending advanced 1.7 percent seasonally adjusted, with gains posted in all major building categories, the Commerce Department reports. (Daily Labor Report, page A-4; New York Times, page C6). The manufacturing sector showed some spark last month, as a survey of purchasing managers indicated a sharp rise in production and new orders. At the same time, personal income and construction spending rose, adding to the economy's momentum going into 1999. ... (Wall Street Journal, page A2). The administration's budget assumes the economy will grow at a very moderate 2.2 percent annual rate on average for the next 6 years, with higher but well-behaved inflation and the unemployment rate inching up. ... Inflation, as measured by the CPI, is forecast to rise at 2.3 percent this year, which is about the same as the increase in the "core" CPI - which e
[PEN-L:2799] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4EC9.47001F40 BLS DAILY REPORT, MONDAY, FEBRUARY 1, 1999 The U.S. economy continued to outpace expectations, logging growth of 5.6 percent at an annual rate in the last 3 months of last year. The Commerce Department says solid consumer spending, business investment in equipment, home building, and an improvement in exports lifted gross domestic product to the strongest growth rate since the second quarter of 1996, when it advanced 6.1 percent. ... One measure of inflation, the GDP chain price index, increased 1.0 percent for the year - compared with 1.9 percent in both 1997 and 1996 - which made it the smallest increase since the index rose 1.0 percent in 1959. One has to go back to 1950 for a lower gain, when it rose 0.9 percent. ... (Daily Labor Report, page D-3). __The United States last year achieved the best combination of strong economic growth, low inflation, and low unemployment in more than 3 decades. The unexpectedly strong quarter pushed growth to 4.1 percent since the end of 1997, the largest such increase since 1984. Moreover, shortly before the end of the year, the economic expansion that began in April 1991 became the longest in U.S. peacetime history. ... Economists attributed the exuberant growth to a combination of influences, including low inflation, low interest rates, low unemployment, and a spending spree by consumers emboldened by fatter paychecks and stock portfolios. ... (Washington Post, Jan. 30, page A1). __A year of pleasant economic surprises ended with the biggest one of all: a last minute burst of growth that surpassed even the most bullish predictions. ... 1998 was the third consecutive year that the economy had expanded at a nearly 4 percent pace. For all of 1998, the GDP increased 3.9 percent. ... (New York Times, Jan. 30, page A1). __The U.S. economy charged into 1999, suggesting that it will remain resistant to financial turmoil abroad for the foreseeable future. ... The report also showed that two of the economy's weak spots in 1998 - manufacturing and exports - appeared to be turning around. ... (Wall Street Journal, page A2). The U.S. economy continues to confound experts, surging when many expected it to cool. "This economy is the wonder of the economic world," Robert Dederick, consultant with the Northern Trust Co., tells the Bureau of National Affairs. "This is rewrite the [economic] textbook time. While the consumer continues to buy as if there is no tomorrow, the housing market is rip-roaring, and inflation is in check. It's a central banker's dream in a world that is a central banker's nightmare." ... Analysts interviewed still expect the economy to slow soon, but that are surprised at its vitality in this longest peace-time expansion in U.S. history. Most of the data released in January involved economic conditions at the end of the fourth quarter of 1998. But the strength of December and a January consumer confidence level near a historical high indicates strong momentum going into the new year. ... "The most notable report was the employment report," said the chief economist with Daiwa Securities America. ... Among the surprises, the employment report showed job growth at a robust 378,000 in December, and an unemployment rate, at 4.3 percent, that has not been lower in 30 years. "We think January is going to be a strong employment report, but not s strong as December," the senior economist with Macroeconomic Advisers in St. Louis said. Jobs supply the fuel for spending, and spending has driven this expansion. ... (Daily Labor Report, page D-1). The January unemployment rate, due out Friday, is forecast to be 4.4 percent according to the Technical Data Consensus Forecast in The Wall Street Journal (page A6). The December unemployment rate was 4.3 percent. Nonfarm payrolls are expected to increase by 180,000, compared with a rise of 378,000 in December. --_=_NextPart_000_01BE4EC9.47001F40 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcCAAIACwAdADsAAgA/AQEggAMADgAAAM8HAgAC AAsAHQA7AAIAPwEBCYABACEAAABERUU3NjEyQzhCQkFEMjExODg4RTAwQzA0RjhDNzgzMQA+BwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBIDAAAHEAAOQCg mrpGyU6+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5OyVcf LGHn37qLEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACHCQAAgwkAAGUQAABMWkZ1 RwHs2v8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gEZFQlIoVUFSGQAxGYAxOQca8AqFCoVUaGUgVVAuUy4gBZFuA3B5GiAcoXQLgApQZCB0VG8gCGB0 CrBjHCBlvHhwBZABkB1AAiBzGYBJFMBnZwuAZyAJwG8Id3RoHdBmIDUutDYgHoByHjACMCAewJ8h EAOgAHAdYAdAIHIe
[PEN-L:2801] Re: BLS Daily Report
>BLS DAILY REPORT, MONDAY, FEBRUARY 1, 1999 >"This economy is the wonder of the economic world," Robert >Dederick, consultant with the Northern Trust Co., tells the Bureau of >National Affairs. "This is rewrite the [economic] textbook time. While the >consumer continues to buy as if there is no tomorrow, the housing market is >rip-roaring, and inflation is in check. It's a central banker's dream in a >world that is a central banker's nightmare." Will wonders never cease? My advise for aspiring textbook rewriters -- wait and see. Wait and see. Judging strictly from the current volume of exuberant hyperbole, a hard rain is going to fall. regards, Tom Walker
[PEN-L:2748] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4DFB.A4C3B0E0 BLS DAILY REPORT, FRIDAY, JANUARY 29, 1999 __Private industry wages rose 3.9 percent in 1998, the same increase as the year before, data released by BLS show. The size of the gain surprises analysts who expected an acceleration from 1997. Private industry compensation costs accelerated slightly in 1998, rising 3.5 percent after a 3.4 percent 1997 advance. The 1998 increase was the largest since a 3.6 percent gain in 1993. ... Although 1997 and 1998 had the largest yearly advances in wages and salaries since a 4 percent increase in 1990, the fourth quarter moderated 1998's gain. Private industry wages and salaries grew 0.7 percent in the fourth quarter, compared with advances of 1.3 percent in the third, 1 percent in the second, and 0.8 percent in the first. Many economists, who look at an acceleration in wage gains as a precursor for an uptick in inflation, voice relief that the increase in wages was less in the fourth quarter than in the third. ... (Daniel J. Roy in Daily Labor Report, page D-1). __Brisk economic growth last year pushed up Americans' wages and benefits by 3.4 percent from 1997. But not everyone was able to cash in on what was the largest overall pay increase in five years. Finance, insurance, and real estate agents, as well as high-tech workers on the West Coast, saw some of the biggest increases in compensation for the year. Money managers, stockbrokers, and other investment professionals garnered the largest gains for 1998, 5.9 percent over 1997, while bankers got a 4.3 percent increase. Home health care, aircraft, and transportation workers were given lackluster raises in their total benefits package last year. ... (Dawn Kopecki in Washington Times, page B9). New orders to factories for durable goods rose 1.9 percent in December to post their strongest gain in five months, the Commerce Department reports. For the entire year, orders increased 3.4 percent over 1997. ... (Daily Labor Report, page D-17). New claims filed with state agencies for unemployment insurance benefits dropped 15,000 to a seasonally adjusted 301,000 in the week ended Jan. 23, the Labor Department's Employment and Training Administration announces. This is the fourth straight week in which claims declined, following the dramatic increase of 83,000 claims in the week ended Dec. 28. ... (Daily Labor Report, page D-15). __U.S. workers' wages, salaries and benefits rose only moderately last year, despite a drop in joblessness to the lowest level in nearly three decades, a government report said. The employment cost index (ECI), a broad measure of the nation's labor costs, rose 3.4 percent last year, only slightly more than 1997's 3.3 percent gain, BLS said. The wage and salary component of the index was up 3.7 percent, a downtick from the 3.8 percent increase the year before. ... Meanwhile, the Commerce Department said that new orders for durable goods rose a strong 1.9 percent last month, with orders for technology equipment leading the way. ... (John M. Berry in Washington Post, page E3). __Factory orders for big-ticket goods increased for the sixth time in seven months as demand for industrial hardware, electronics, and electrical equipment accelerated. ... In another report, wages and salaries in the fourth quarter grew at their slowest pace in two years. ... In addition, first-time jobless claims fell to the lowest level in more than a month. ... (Bloomberg News story in New York Times, page C6). __Durable-goods orders showed surprising manufacturing strength. Labor costs remained steady in the fourth quarter. ... (Alejandro Bodipo-Memba in Wall Street Journal, page A2). Signaling a slight dip in job growth, the Conference Board's help-wanted index slipped 2 points in December, falling to 88 percent of its 1987 base, down from 90 percent in November. December's showing still was above the 87 percent posted one year ago. ... (Daily Labor Report, page A-7)_Robust job growth in Western states was offset by shrinking demand in the Northeast. ... (Wall Street Journal, page A6). The all-industries median first-year wage increase under contracts negotiated in 1998 was 3 percent, unchanged from 1997, according to data compiled by the Bureau of National Affairs. The median increases deferred to the second and third years of contracts bargained in 1997 also were unchanged at 3 percent each. ... (Daily Labor Report, page D-19). The late Cesar Chavez, who rose from a fruit and vegetable picker to the leadership of the United Farm Workers of America, was inducted into the Labor Hall of Fame at the U.S. Department of Labor. ... Chavez was chosen by the 10-member selection panel, a group of labor, management, and public representatives that is independent of the Labor Departm
[PEN-L:2702] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4B9E.5B9CC810 BLS DAILY REPORT, THURSDAY, JANUARY 28, 1999 RELEASED TODAY: The Employment Cost Index (ECI), not seasonally adjusted, for December 1998 was 139.8 (June 1989=100), an increase of 3.4 percent from December 1997. ... On a seasonally adjusted basis, compensation costs for civilian workers rose 0.7 percent during the September-December 1998 period, following a gain of 1.0 percent in September 1998. Wages and salaries also increased 0.7 percent during the September-December 1998 period. The increase was 1.2 percent in the June-September 1998 period. Benefit costs increased 0.6 percent in the September-December 1998 period; for each of the two previous quarters, the increase was 0.8 percent. ... In the third quarter of 1998, personal income in 48 states and Washington, D.C., grew more than 3 times faster than the increase in prices paid by consumers, according to the Department of Commerce. Across the nation, personal income grew 1.1 percent in the third quarter, the same as in the second. The advances in personal income growth were greater than the 0.3 percent hike in prices paid by U.S. consumers as measured by the price index for personal consumption expenditures. ... (Daily Labor Report, page D-1). Despite an abundance of credit and other bright economic conditions for startups - not to mention scads of success stories about young entrepreneurs striking it rich - the number of businesses started in the U.S. is on the decline. A recent study by the National Federation of Independent Business found that business starts fell 4 percent in 1997, on top of a 14 percent drop in 1996. The federation's preliminary figures for 1998 point to a third straight year of decline. ... Ironically, the reason for the drop seems to be precisely the reason for the success of so many new businesses these days: the strong economy. A senior research fellow at the NFIB, located in Washington, D.C., says, "There's always a large number of people who go into business for themselves because of the loss of a job or the fear of the loss of a job. That negative push is lighter today." An adjunct professor of entrepreneurship at Columbia Business School says that, as employees, "everybody seems to have better opportunities now than they may have had three or four years ago." ... As further testament to the conflicting pull of the strong economy on entrepreneurial activity, the NFIB study shows that, while fewer new businesses are being launched, fewer small businesses are failing as well. ... (Wall Street Journal, page A2). --_=_NextPart_000_01BE4B9E.5B9CC810 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAB0ACgAtABwABQBMAQEggAMADgAAAM8HAQAd AAoALQAMAAUAPAEBCYABACEzMkI1RTFGNjY2QjdEMjExODg4RTAwQzA0RjhDNzgzMQATBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCECQAAHEAAOQAA wT5lnku+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5LnmSO 9uG1OLdmEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw ND2oHP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmASiBBTlVBUhkAMjh5GYAxORsQCoUKhRkgTKBFQVNFRBmQTxnxBDogGZBoZSBFbb0LUG8GwAnw BUAIUHMFQARJbg2weCAoRUNkSSkZgG5vBUAR8GEGcwIgB0BseSBhZHxqdR5ACYAZgAIQBcBEHQWQ ZQbQBJAa8jggdyMfoBrwMzkuIdAoSox1bh1QGwA4OT0XAH4wHxEDkQuABQAfkR1Qb4BmIDMuNCBw BJAPITAd8QNSIQs3LiAuayaQHRBPA6BhH38ggSB+YidQBAAZgAWgHYAJ8HP4YXRpAiAo0R5ABCAg 0rhjaXYDEAcwA6B3BbAeawSQBCADYCQxMC43zSTHZAhxFuAgdB1BBmD7BTAhQy0hHCTRKXAgox/w bm8D8CyxJxBnC3EkUjF+LhhgJNYwAS0nIZMmsVf8YWcHkQBwKFApQAtgCIH9MqFsH7AjxyhQK78s zy3f3wRwJrEdMiPXIfMuEiAwqds1siKiLTFcN2hCCfANwO5pBUAptDPqNjlONf8uO747IMMnQBGw JFI+gnQq4J8kwBUwKnAIYAQgcXUKwP8ggBHgGYA+gjhLNIAugyUCzyZ1G0wecEF0aGkLIEKG/zAj IbEZgCTRH7MjwgNwOCJ8IDQh0B5AKVAylTJgcxtGwBbgdAIgGYBELkP+LhmACcEH4ARgFTA+cQOR 9jM+cAdzZidQR1JL80M7uzABE5BpITAEIAqwaShR9yAQBaAAgHUHgELyANAFob5kNXMzwD6CIRAK sXQd07skYQhQbU/BITAmsUEFAP8eMAQgPoIf0CliSA9LRDBg/jE5Tka7QxQpQEjxIgE51e8R8E9x N8YgMHYAcE6yTlL/VA8vYD6AIeAEkFTTSaFNGX80gExAJNZGwCsQTk8gEFX8LlMmcE93V+IHgCdQ CHD/KEIgED6CToMjwR6SINJIJ79PdAUwKXIeoCkRUHB0YIGycyZ1KEQLcCABTAGgfQWxUj7QFNFT 0TJxGLAtmDEpLhtMIRBzcDxg61fRJvFiIrBkWZIkUiPxX2PhMrMfUB1ABcBiBRBn/mgFQFiiA3BO oE9iY+Epcecp9EmBACB1cAQhY8FKQf8dEB9CUMEd0ilyBPAgMAQg/yRhT6BQMAeQBCAeQAWwM1P1 BuB1BUB5CGA1gR3hFTDfQgEiwAhwbxIFEGs1cjxh/06RQTBsp1MzT7AhYiRhaFD/AJAiwAQQB5Fs EyhBOdVfI/8EACRQOeQFgSqQIsBSkitQZyEhHfEeQHVkIBBg1U77KVNIgUYJgASQKVQkYR5y+2Oy HeJCc+UgwWhhS+IFQPdz1mwEKfFlH/BJQDCaJjKzGYB18m9wJFInEDEkuO5kA2B+oH3ENjfVfNB5 Fr4nTtEVMCqQauAf0HIgEN08UGdkEiDDLlRvC4BtU98nEEa0cVELcGpSeSdAR3P7dmcmk0kDYAMA bjAf8UMU/yQCKYEg0nYjf9IR8CFAUxH/M8AhYEHyKlAR8CABh19Xgf9uxW6CbYEAcCAQIsAH4HPZ 5z6BJDFogHlzHQFXY3CQ9wIgcFFqo3l20xHwAwAFsf9kIYVBQSF80i9gICBtUXgy+EZJQhmAFMB
[PEN-L:2678] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4ACC.92C65E30 BLS DAILY REPORT, WEDNESDAY, JANUARY 27, 1999 Adding to a series of Internet-related calamities at BLS, the agency's Web site fell prey to a hacking prank, says an article in the Wall Street Journal (page A2). A computer hacker defaced the bureau's introductory Web page Friday afternoon, adding several juvenile messages, including the boast, "You've been hacked." Labor Department technicians discovered the digital graffiti less than 15 minutes after they had been written and ripped the page from the Web. Carl Lowe, the department's associate commissioner for technology, said no sensitive date were compromised. "I would classify this as minor hacking," he said, adding that some of the messages indicated it was the work of teenagers, according to the article. The incident was the third Internet mishap at the department in as many months. In November, BLS mistakenly posted portions of a monthly employment report a full day ahead of schedule. The leak moved financial markets and caused Labor officials to rethink the department's procedures for releasing information on the Web. In a similar incident earlier this month, the BLS inadvertently released the monthly Producer Price Index, another report that affected the day's financial markets. ... Increasingly, hackers use password programs that generate frequently used passwords in a matter of minutes, helping them to gain quick access to computer servers. The Labor Department won't say how the hacker entered the Web site. Mr. Lowe, however, said technicians "have removed the vulnerability." Consumer confidence edged up in January, indicating continued economic expansion in the coming months, the Conference Board reports. The organization's consumer confidence index advanced 1 percentage point to 127.6 percent of its 1985 base. ... Nearly 46 percent say jobs are plentiful, up from nearly 43 percent last month. The proportion of respondents who feel jobs are 'hard to get' declined from 14.6 percent to 13.3 percent. ... (Daily Labor Report, page A-2)_Americans are slightly less confident about the outlook for the next six months than for the month ahead. ... (Washington Post, page E4)_The rebound on Wall Street during January helped restore consumer confidence in the economy, but Americans still have concerns about their own finances in the months ahead. The number of people who said they expected their incomes to increase over the next six months dropped 5.3 percentage points. ... (New York Times, page C8)_Low unemployment and a steady stream of new jobs are keeping consumer confidence at high levels. ... (Wall Street Journal, page A2). Led by booming information technology businesses, more than 80 percent of manufacturing industries and all the major service sectors are expected to grow through 1999, according to a trade and industry report by the Commerce Department and McGraw-Hill. ... The report, "U.S. Industry & Trade Outlook '99," forecasts broad-based growth, with gains in the consumer goods, machinery investment, construction, and high-tech sectors. The outlook predicts that economic growth will be between 2 and 2.5 percent in 1999, lower and more sustainable than the 3 percent growth seen in 1998, the report said. ... "The big winners are clearly information technology sectors which continue to plow on, regardless of what happens in the world," says the director of the Office of Trade and Economic Analysis in the Commerce Department's International Trade Administration. The information technology sector is projected to grow 8 percent in 1999, according to the report. ... The report predicts that economic growth abroad will be relatively weak in 1999. The report cites chemicals and machinery as examples of export-reliant industries that are expected to be dampened by weak export markets. ... (Daily Labor Report, page D-1). The White House said the administration was considering plans to produce two sets of official census data in 2001. One would be based on a traditional head count to be used for apportioning Congressional seats, and another adjusted by sampling that states could use to draw lines for federal, state, and local political districts. The Supreme Court ruled that sampling, a statistical technique, could not be used to adjust the 2000 census for the purposes of apportioning seats in the House. But the court left the door open to using sampling for other purposes, including possibly redistricting and allocating Federal money. ... (New York Times, page A13; Washington Post, page A2). DUE OUT TOMORROW: Employment Cost Index -- December 1998 ---
[PEN-L:2649] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4A14.CE7735F0 BLS DAILY REPORT, TUESDAY, JANUARY 26, 1999 __The AFL-CIO, pointing to new statistics from BLS that show membership in unions increased by more than 100,000 in 1998, says the organizing strategy laid out by the federation's leadership more than three years ago is working. At the same time, the Organizing Director noted that the labor movement is not growing enough to keep up with the economy's rate of job growth, which was 2.2 million new jobs created in 1998. According to the BLS statistics, the number of U.S. workers belonging to unions in 1998 grew from 16.1 million to 16.2 million, marking the first time in the last five years that membership outpaced the previous year's total. The density of union membership in the workforce, however, decreased from 14.1 percent in 1997 to 13.9 percent in 1998. ... (Daily Labor Report, page A13). __BLS announced that union membership grew by 100,000 last year, after three years of decline, causing the AFL-CIO to boast that its efforts to revive organized labor were beginning to pay off. ... (New York Times, page A20). __The number of workers who belong to labor unions grew slightly last year, the government said, but the percentage of unionized jobs continued to decline. ... Labor's biggest gains came among health-care workers, public employees, and service workers. It lost members in manufacturing and most other private sectors. ... (Wall Street Journal, page B2). Health benefits costs rose 6.1 percent in 1998 - nearly twice as fast as the medical component of the CPI, ending five years of nearly flat cost growth, a survey of 4,181 U.S. employers by William M. Mercer shows. The average cost of covering active and retired employees rose to $4,164 in 1998, from $3,924 in 1997, survey data showed. The medical CPI increased 3.4 percent in 1998. Employers predict their costs will rise even faster in 1999 with 72 percent of employers polled anticipating cost increases averaging 9 percent, Mercer said. ... (Daily Labor Report, page A-8). Existing house sales set a record in 1998 for the third year in a row, thanks to low mortgage rates, strong job growth, and a rising stock market. Sales of existing single-family homes surged 13.5 percent to 4.79 million, beating 1997's record high of 4.22 million, the National Association of Realtors reported (Washington Post, page E6)_Sales of existing single-family homes jumped 3.1 percent in December from November, as a strong economy, low mortgage rates, and warm weather spurred a flurry of purchasers. ... (Wall Street Journal, page A2) The Supreme Court rejected the federal government's plan for using a controversial counting method to estimate portions of the nation's population in the 2000 Census, ruling in a case that carries enormous political and economic consequences for communities around the country. By a 5 to 4 vote, the justices said federal law prevents the administration from supplementing the Census Bureau's traditional procedure of trying to reach every household with statistical estimates that would be used to determine the nation's population and divide seats in Congress among the states. But beyond the crucial apportionment purpose of the census, the court did not foreclose allowing "statistical sampling" for other important purposes, such as the drawing of political boundaries within each state and the allocation of federal funds for everything from road construction to housing for the poor. ... (Washington Post, page A1)_Dealing a bitter blow to Democratic hopes, the Supreme Court ruled today that the official census for 2000, which will be used to apportion seats in the House of Representatives, must be conducted by the traditional head count. ... (New York Times, page 1)_In a political setback for the Clinton administration, the Supreme Court limited the use of statistical sampling in the 2000 census, a method that Democrats argued would help to account for some minorities and others who historically have been hard to count. ... (Wall Street Journal, page A2) --_=_NextPart_000_01BE4A14.CE7735F0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBABsACwAwAAsAAwA7AQEggAMADgAAAM8HAQAb AAsAMAADAAMAMwEBCYABACEAAABGMzk0Qzk4QkNFQjVEMjExODg4RTAwQzA0RjhDNzgzMQA7BwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgC8DAAAHEAAOQCg hSTTFEq+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5KFNHd i8mU+bXOEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw U/ZryP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0LjIGAAbDAoMyESdwcu5xEiAHbQKDMwPF E3UHE+0CgzQDxhYVfQqACM8J2eI7GIIyNTUJuhnxGaMfCasa4hexDaILYG5nMTwwMxUgCwoVIgHQ IEKCTAXwREFJTFkH8EBFUE9SVCwT0FUURVMe4FkfoEpBTkhVQVIfIDI2H6AxDjkhIAqFCoVfX1Ro AmUWAEZMLUNJTykfoHBvC
[PEN-L:2657] Re: BLS Daily Report
>__The AFL-CIO, pointing to new statistics from BLS that show membership in >unions increased by more than 100,000 in 1998, says the organizing strategy >laid out by the federation's leadership more than three years ago is >working. In what is called putting a positive spin . . . >The density of >union membership in the workforce, however, decreased from 14.1 percent in >1997 to 13.9 percent in 1998. ... (Daily Labor Report, page A13). . . . on bad news. Tom Walker http://www.vcn.bc.ca/timework/
[PEN-L:2607] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE493E.FDD13430 BLS DAILY REPORT, FRIDAY, JANUARY 22, 1999 RELEASED TODAY: Regional and state unemployment rates continued to be relatively stable in December. All four regions reported little or no change from November, and 41 states recorded shifts of 0.3 percentage point or less. The national jobless rate, 4.3 percent, was little changed from November. Nonfarm payroll employment rose in 45 states. ... New claims filed with state agencies for unemployment insurance benefits dropped 14,000 to a seasonally adjusted 346,000 in the week ended Jan. 16, the Employment and Training Administration of the Department of Labor announces. This is the third straight week in which claims declined, following the dramatic increase of 83,000 claims in the week ended Dec. 28. (Daily Labor Report, page D-1)_The fall was further evidence of tight labor markets. ... (Wall Street Journal, page A2). The trade deficit in goods and services worsened in November, rising 14.0 percent to $15.49 billion, its highest level since August, the Commerce Department says. The widening in the November deficit, after narrowing the previous 2 months, came about as imports rose to a record high. ... (Daily Labor Report, page D-3)_The U.S. trade deficit surged, as the free-spending American economy drew in a record amount of imports and exports to slump-bound foreign countries continued to fall. ... (Washington Post, page E-1)_The U.S. trade deficit expanded sharply, as continuing economic weakness among America's trading partners precipitated a plunge in exports. Imports rose again, as the U.S. continued to be the buyer of first and last resort. The import increase would have been greater were it not for the break in energy prices that U.S. consumers continue to enjoy. The volume of petroleum imports was down, because of mild autumn weather, and the price of a barrel of imported oil sank to $10.51 in November, from $11.59 in October. ... (Wall Street Journal, page A2) DUE OUT MONDAY: Union Members in 1998 --_=_NextPart_000_01BE493E.FDD13430 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBABoACgARABsAAgApAQEggAMADgAAAM8HAQAa gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCICAAAHEAAOQDQ ot/7Pkm+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5JPvsI QtGtfrUEEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAADHBQAAwwUAAPYIAABMWkZ1 rl7c4v8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIEYUUkkYwFkZ gEpBTkhVQVIZADIyGYAxHjka8AqFCoUZIExFQUBTRUQgVE8Z0TpiIAfwZWdpAiAHQCARAHBkIHMB kHRlINB1bmVtC1BvBsAJ8P0FQHIeAQQgBaACMAuAClDhHcB0byBiHiAVMAtg9R+gdiCAeR3SAmAe IAuATxiwBZAeYCBAci4c8EH+bAMgAhAIcCBhHTIEIBUw5nAU0R/hbGkCQCFhBbF+biAgEbEW4B4g A1IHsG/PINAiAhmAHaI0MR3UI2JXBaENsB3BaAaQdAQgb4BmIDAuMyBwBJD7IeACMGElISOgC4AF QAWx5yFgBBAiQVRoHiAdYB+geR1Tam8hUQQRHxIZgDTzKGgZgHdhBCAkFSTkHcDnJVsiQSWgbmYK wCWACrBueQNgIoEeam8R8CGCNPY1JqUiQC4x0BzwGywHwupjC2FtBCBmAxAf4QPwzHRoHdUpAW5j CJAzkfcFsR5LC4BzCHAAcCHgIDHXHlAzsCfxZANgcCiQHcCwMTQsMDhAIAJhHdAOZSzQHVIg8WFk anXjHeAf4TM0NjgzIZE0MHUeIHcJ4Gsv4B2wH+FK2wBwIkAxOjA6s0UeeB2iLlQfEAuAC4BnE9Bk bf89oR3gHxEdQSgSOsIhwAqx9nQewyghTAGgBbEAcCSw/x5AIeAqBAQAIYAEIDrCNDDOaQsgHdE9 gWdoBUA7A/0hkXcnwBGwMzYFgSQQHlDuZBmAAhAigG8D8D3ROsLtN5BhAMAfoGMhgQUAOOHzJGEo MDgzODMzRTqfIbLJIkAyODG1KEQLcCDxP0BEHRAjohmACrAlIUQt+DEpX0vyKkIvICKBLMKOZghw OsEFwGV2aQ2wPzbCPvJCwwtgQGIAwHJr0xIAMaYoV0ySUz5wCeAdBUBKCGEdYUtFQTIp/i4bLCpC PnENsERRM7A1APE2QiBnbwRwBCAdowSQ/02gQQEssAWwEfBEsSGCJajvBRAAkD3ROBAuGGAolSAC wCQxNS40OSAwAxD/JBACIBmAN1InwELQB5BOkZ9NkCCAHdBGcVGBdWc5sbs8JAhQbQeAKLE/WnMv gP8qBgPwTcE9wkgVJaZTViYh9wGATWEdYHIDYEVXE5BNkZ8IYAQgEiAEYAIwaHMZgO5jRgA0oQbg dT0RQZEecP8U0SNhMLI4gyckWUNJr0q/xC0zS+hVLlMiQFMMPzaBLbEmIUHEA1AJ4C1z/yiQHbA9 w1uBQ7ADkQWRJLD+bSEAN5AH0SGRY7dGAEDRZz/zYrYdomV4YtQgEXO7CkAecC1iMR2xNVFlQsD/ A6AFoGyxCIEfXUyCT4gnsbcW4CAQA6BQMLBLNkVLyn9nbwVAbeEdoSeDCsALUHk/aPMfdT3CavRG QTsAYWvvHlAEEWyBajgnQcFTET3C3z+CHlAR4GCSNQBwJCAeAX9sYSiACkAlEiGRbeUiQUl/Ysop AAtxaPd0Mx9+OsJi/HV5TWEoITOwEeA9FAtg/1mhFTA5AAAgKhVitEZoVUD0dWxkIWEg0CAxCfBU AP9GoV+COwAVMFkBJKEFQDVS/3/DRqFDQzcRaLAhABOQVPP/NDAeAH5nNoBbgR9YIAIJ8PUrEHkq FXYG8IhhKBIokLs+cAbwZW6wYqcswmRFQP9Y4SBAYdA5sEbjPiCDgYzQ/nRusENxhHFNUSYkYGRU 8fsoEjiwYl/RWgFs9x/hKVDfWhEAcDswV+MoUDUmkFXbOyVTWBAxkfBYYCGRT2MvIBAiE0+vUL8p GyxEVZJFk+BVVAXQT04ctHZVAwA+wU0h80fzGuE4LwqPF+iZ9RRRAJxQAAMA8T8JBwD9P+QE AAADACYAAAMANgAAAgFHAAEwYz1VUzthPSA7cD1CTFM7bD1EQ1BDU01BSUwx LTk5MDEyNjE1MTcyN1otMTc2MzEAHgA4QAENUklDSEFSRFNPTl9EAB4AOUAB DQAAAFJJQ0hBUkRTT05fRABAAAcwQDHe+z5JvgFAAAgwMDTR/T5JvgEeAD0AAQEA OUM3RDAxMTlBRTQwMDYwOTcwNUNEODhCNEQyMjdAZGNwY3NtYWlsMS5QU0IuQkxTLkdPVj4
[PEN-L:2604] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE493C.6E4EEF50 BLS DAILY REPORT, MONDAY, JANUARY 25, 1999 The Midwest's jobless rate of 3.5 percent was the lowest of the four U.S. regions in December, BLS reported. The West reported the highest unemployment rate at 5.2 percent for the month, followed by the Northeast at 4.4 percent and the South at 4.2 percent. In 1998, unemployment rates declined in 34 states and Washington, D.C., increased in 12 states, and were unchanged in four states. The states with the lowest jobless rates in December were Minnesota, Nebraska, and North Dakota (2.5 percent each), South Dakota (2.6 percent), and Iowa (2.7 percent). New Mexico had the highest jobless rate (6.4 percent) in December, followed by Hawaii (6.1 percent), West Virginia (6.0 percent), and California (5.9 percent). Six of the eight states with the highest unemployment rates were in the West. ... (Daily Labor Report, page D-1). The share of wage and salary workers who were union members averaged 13.9 percent in 1998 as compared with 14.1 percent a year earlier, according to data from BLS. For the first time in five years, however, the number of U.S. workers belonging to unions outpaced the previous year's total, increasing by 101,000 members to 16.2 million. ... Some other highlights from the 1998 data are: (1) About three-fifths of the 16.2 million union members were in private nonagricultural industries and about two-fifths worked in federal, state, or local government. (2) Among occupational groups, the unionization rate was highest among workers in protective service, which includes police and firefighters. (3) Men were more likely to be union members than were women. (4) Median weekly earnings for union members who work full time were about a third higher than the median for nonunion workers. ... (Daily Labor Report, page AA-1). Encouraged by the success of its two-year pilot organizing program in Las Vegas, presidents of the 15 unions affiliated with the AFL-CIO Building and Construction Trades Department have agreed to expand the department's organizing program to other cities. The Building and Construction Trades Department claims the Building Trades Organizing Project in Las Vegas has been extremely successful, gaining 169,000 members during the 1996-1997 period. This puts construction unions among the fastest growing in the country, according to BCTD president Robert A. Georgine. ... However, BCTD's claims of gains in building trade union membership are at odds with union membership data released by BLS today. BLS data for 1998 shows that while construction employment increased to a record high of almost 6 million workers, union representation of construction workers in percentages and numbers edged downward. Unions represented 18.4 percent or 1,093,000 construction workers in 1998, down from 19.5 percent or 1,118,000 workers in 1997. According to BLS, union membership in construction also slipped in 1998, down to 17.8 percent to 1,056,000 workers from 18.6 percent or 1,067,000 workers in 1997. (Daily Labor Report, page A-5 and A-6). There was a significant jump in the number of workers whose job loss was trade-related during the first quarter of fiscal year 1999 compared with the same period a year earlier, according to statistics released by the Department of Labor's Employment and Training Administration. ETA certified 25,466 dislocated workers as eligible for aid under the Trade Adjustment Assistance program between Oct. 1, 1998, and Dec. 31, 1998, compared with 18,525 during the same three months in FY 1998, the statistics show. ... ( Daily Labor Report, page C-1). --_=_NextPart_000_01BE493C.6E4EEF50 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBABoACQA7AAwAAgBDAQEggAMADgAAAM8HAQAa gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAsCwAAHEAAOQDQ RG1vPEm+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5JPGy6 QtGtdrUEEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAABpCAAAZQgAAHwPAABMWkZ1 BEXGC/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gEpBTlUkQVIZADI1GYAxOUca8AqFCoVUaGUF0GkkZHcHkHQnBCBqb0cCYAeQBCByYXQcIG+AZiAz LjUgcASQRmMJ8AVAIHdhBCB0fxwRFMAcch2iHvICEAhwIBBVLlMuHVBlZ2nfAiAEIAuAGLAFkGUG 0ASQvxmAF5wKIBhyF50goXAU0XcJgCCQHAJXH2IkRh7jaMxpZxwQH3F1biGQC1AebwbAHmIdYx1w IDUufxIgHiYCEAXAHvIEYAIwaJsZgAIQbB8yJeBieR7jPk4U0RwQHsAFQCfhNC7uNB4XAHAl5FMI YB7wK1TbKDcgkEkDoBrhOBmAJs+7BCAFgWwLgCXRITEzK7B3HJAvoyxSVx7AJkAW4HTDAiAZgEQu Qy4ZgAuA9wUAKxEwVDESIDDkGYAsUv8ccBUwLrERsRbgMFQgEzDk/yTEMOUD8C0BHvkc6iEbNGTl HEBuJtBzbwGQGYAHwPJiHWBzazqBLFIqwxiwxGFrOmEgKDId+SsQ3RGwKRmALNQ7+DYeFj1x7SxS SR9APEM3PrcgkAezsE1leGkFoCYwYSXsaRzrKDYrqCkhLCnKSNJhHrBpaUNiMT6
[PEN-L:2463] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE461F.E55FB2A0 BLS DAILY REPORT, THURSDAY, JANUARY 21, 1999 The median weekly earnings of the nation's full-time wage and salary workers were 5.9 percent higher in the fourth quarter of 1998 than they were one year earlier, according to data from BLS. Meanwhile, the CPI-U rose only 1.5 percent in the same period. BLS also released 1997 and 1998 annual average weekly earnings for major demographic, occupation, and education groups. ... (Daily Labor Report, page D-5). Housing construction proved more robust than analysts expected, rising a seasonally adjusted 3.5 percent in December, Commerce Department data show. In 1998, starts totaled 1.62 million units, a 9.6 percent jump from 1997. Most economists expect a slight cooling in new construction in 1999. ... (Daily Labor Report, page D-1; Wall Street Journal, page A2)_New home construction was stronger last year than at any time since 1987. Builders broke ground on a total 1.616 million new homes, up nearly 10 percent from 1997, in a boom helped by soaring stock prices that boosted household incomes (Washington Post, page E8; New York Times, page C8). The U.S. economy remained strong in most regions of the country through the end of 1998 and early 1999, virtually unaffected by inflation, the Federal Reserve reports. In its latest "beige book," or summary of current economic conditions, the Fed notes that most of its 12 districts from the end of December through early January "are showing solid economic growth overall, despite mixed or weak results for individual sectors in some areas." ... Most districts reported that inflation remained tame, as consumer and producer prices were stable or declining. The Fed, however, points to exceptions: rising home prices in some districts, increased fees for services in Dallas, and price increases by selected manufacturers in Boston. All districts reported labor market tightness, the Fed said. ... Wage pressure, while less than reported in previous surveys, seemed to be the greatest in the manufacturing and construction sectors, the Fed said. ... (Daily Labor Report, page D-12)_The nation is "showing solid economic growth" despite worker shortages in some industries and generally waning manufacturing activity, the Federal Reserve said. What is keeping the economy humming along? Robust consumer spending - spurred by low inflation, low interest rates, and low unemployment. Indeed, these are heady times for consumer because prices are either generally stable or declining across the country. Producer prices are following the same pattern. ... (Wall Street Journal, page A2)_The Federal Reserve's latest reading on the nation's economy suggests the current expansion, already at a peacetime record, will persevere in 1999 while inflation remains at bay. ... (New York Times, page C8). The December employment report should have carried the disclaimer attached to mutual fund brochures: "Past performance is no guarantee of future gains." Payrolls ended 1998 with a bang, and the unemployment rate slipped to a 28-year low. The data sent economists and Wall Street scurrying to rethink the slowdown forecast. ... Several questions arise about just how much momentum the economy carries into 1999, especially now that a Brazilian currency devaluation threatens the global outlook. First, BLS said unusually warm weather boosted construction employment by 104,000, the biggest gain in 14 years. That suggests the cold snap gripping most of the nation in January is holding down jobs in the building grades and elsewhere this month. And government jobs jumped by an unusually large 59,000 in December. More important, and more troubling for the outlook, the data indicate that wage growth is slowing -- and that may spook consumers. As measured by hourly pay for production workers, wages rose 3.8 percent in the year ended in the fourth quarter, down from a 4.1 advance in the third and this expansion's peak of a 4.3 percent gain in the second quarter. Moreover, the slowdown is evident in both manufacturing and service pay. The idea that wage gains are slowing when only 4.3 percent of the labor force is unemployed seems impossible. Tight labor markets typically mean that businesses should be increasing pay raises to attract or keep workers. (Business Week, Jan. 25, page 33). There's little question that the U.S. jobless rate is low - slipping back to 4.3 percent in December and posting an average rate of 4.5 percent last year. At that level, the lowest full-year reading since 1969, many observers believe that the employment situation should have started kindling inflationary fires some time ago. While there is no shortage of explanations why it hasn't, economists Robert Ho
[PEN-L:2416] Re: Re: BLS Daily Report
Tom Walker wrote: >>RELEASED TODAY: Median weekly earnings of the nation's 96.2 million >>full-time wage and salary workers were $541 in the fourth quarter of 1998. >>This was 5.9 percent higher than a year earlier, compared with a gain of 1.5 >>percent in the CPI-U over the same period. ... > >Four and a half percent is quite an astonishing increase in real median >weekly earnings. The three-year increase in real weekly earnings for all of 1998 - 7.0% - is the highest since the BLS started the all private workers series in 1964, eclipsing 1973's previous record of 6.2%. For manufacturing workers, the 1995-1998 figure was 6.1%, which is lower than the golden age numbers, but still the highest since the early 1970s. Longer hours contributed a lot to recent performance, though; real hourly earnings for all private sector workers were up just 1.9% from 1995 to 1998; in the late 60s/early 70s, the figures were in the 4-7% range. Doug
[PEN-L:2411] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4570.35B7E480 BLS DAILY REPORT, WEDNESDAY, JANUARY 20, 1999 RELEASED TODAY: Median weekly earnings of the nation's 96.2 million full-time wage and salary workers were $541 in the fourth quarter of 1998. This was 5.9 percent higher than a year earlier, compared with a gain of 1.5 percent in the CPI-U over the same period. ... BLS has completed the first two of four pilot projects in Jacksonville, Fla., and Tucson, Ariz., using alternative methods of gathering wage and benefit data for determining locally prevailing wages under the Davis-Bacon Act. The pilot projects are the result of an agreement between the Labor Department's Employment Standards Administration and BLS to test the feasibility of using BLS to collect and publish Davis-Bacon wage data. ... Robert Van Giezen, a BLS economist working on the project, says it is too early to comment on the effectiveness of the alternative approach to gathering data for Davis-Bacon prevailing wage surveys. He adds that BLS was pleased with a relatively high survey response rate. Methodology used in the pilot surveys mimicked the approach BLS used in its National Compensation Surveys, Van Giezen said. This meant that its adaptation to Davis-Bacon data gathering was relatively easy for BLS staff, and "fit well with our ongoing programs." He said the agency's regional offices have reported considerable interest in the survey results. Agency staff will evaluate the advantages and disadvantages of the pilot studies procedures once all the studies are completed, Van Giezen said, probably by the end of this year. The Davis-Bacon Act requires the payment of locally prevailing wages and benefits on federal construction projects valued at more than $2,000. ... (Daily Labor Report, page A-4). A final rule implementing a host of changes in Labor Department requirements for recording workplace injuries and illnesses is now targeted for publication in June, Department officials said yesterday. ... Perhaps the most significant issue being debated is how employers are to determine whether an employee injury should be recorded. Some have said an injury should be recorded if it is more than 50 percent work related. Others believe they should be recorded if work contributed in any way to the injury. ... Another important issue is who will be covered by the new requirements, with possible exemptions for industries that for two decades have had to comply with the existing requirements. But the proposal also would cover some industries that for years have been exempt from the requirements. ... (Daily Labor Report, page A-7)_An industry task force is proposing that employers be only required to record those cases that are "clearly linked to the workplace," seeking a narrow approach to the definition of work-related injuries under OSHA's planned record keeping regulation. ... (Daily Labor Report, page A-8). --_=_NextPart_000_01BE4570.35B7E480 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBABUADQA7ADsABABzAQEggAMADgAAAM8HAQAV AA0AOwAtAAQAZQEBCYABACEyQjZDNkY5QTI3QjFEMjExODg4RTAwQzA0RjhDNzgzMQAfBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAsCgAAHEAAOQAg oiU+cEW+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5FcD34 mm9sLLEnEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAABsBwAAaAcAAHAMAABMWkZ1 eAAlHP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgMBKQU5VQVIZAAHQeRmAMTkbIAqFCoUZIEyIRUFTGbAgVE8aAbw6IAXQCYAHMAOgdwng4Gts eSBlCsADABbgAQQgb2YgdGhlIFBuYXRpAiAnBCA5VDYuEiBtAxBsH1EgdGZ1ICAtH0AHgB2gYcZn HwAAcGQgcwdACsD1HgB3BbBrBJAEIB2wFTDAICQ1NDEgC4Ae00cCEAhwHuAgcXUKwHQnBJAeohsR OC4dIFRoBwQAIREEIDUuOSBw3QSQYwnwBUAlUGce8AXA4x7gA5FhIHkeIR4SIDB3BJAZgAWgbQqx CYAdoGmbI/EnUGcLcSSTLjUmB0EjRUNQSS1VHqB2vybTHwAhsCDxJhEfUGQlEP4uLMAdIB0gG1wX nAogGHLvF50mgCWhKFJsEgAosSNz9mkR4AVAdCIgHqIjsiYATQMQbwVAE5BvagWQdEsEICNBSgDQ a3MCIHbVIBFlGYBGC2AuGYAhcrhUdWMz8RmABxF6NMHudQCQFuAhYGwkYR8iK3D7H/ASAGgEcB6T KVAe4QUQOzZRISdiCfANwCjwIGT/HzAnUAIQBcANsCRhIAAeUjogFMBjB0Ad8ROQZXZvC3AgMDhl BCB1IYArhURiYTQgcy1CANAgUUF/M0AlEywhMqwokR7TFTBz/yCQBUAesSciCcIHgCZhOSA3MdAJ 4R7TTAGgBbFEZa0KsXRBEh+BRTCxbwbAPSZSUwGQIYALEQQgQWS7OoIxoHIfMyFjGIJ0MfBfJGAx oiOCHiAAkGI7wXT/HgAesTYkRdUUoTDQM0AhY/xwdQJgBAAkAD0qISM5ok8spQgAOSAAICBWA5FH vQiQegnwNNEYcwWRbgNw/0TxIhM2QiBRHuIy9RmAIbD+eTNhKnEEIEYQMfAnwh4A/UhjbUETTkUN wTMxNwE5QOcEER61NophcDLxANAkAP9GETf4Oac9Kjt9IaAIcCtw609gJRFIIVFkN5EnAQVA/xiC JZIwwSWgKLgVMAtgNvLvHfEmkldlP+JwAiAR8D/gvR8wZSURHUA3YhSxZx4A/zYgKLEjRTKUV3Uf 8SAAM9D/MQVTxxiCXYYo8AehHzMHQN8q8ChhCfAhsEVDU1eEGYD7TAghoWkskSU0B4AAcEZy/1ix YUJYQFPAAZBFQ0YRPSr/OaM3+gQgWllG4R4AOfIYgu0xoGEN0DTUIjliHbAgIOco1DJ
[PEN-L:2413] Re: BLS Daily Report
>RELEASED TODAY: Median weekly earnings of the nation's 96.2 million >full-time wage and salary workers were $541 in the fourth quarter of 1998. >This was 5.9 percent higher than a year earlier, compared with a gain of 1.5 >percent in the CPI-U over the same period. ... Four and a half percent is quite an astonishing increase in real median weekly earnings. Tom Walker http://www.vcn.bc.ca/timework/
[PEN-L:2344] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE4486.E5492330 BLS DAILY REPORT, TUESDAY, JANUARY 19, 1999 __The price of goods imported into the United States dropped 0.7 percent in December and fell 6.1 percent in 1998, BLS reports. The 1998 decline was the largest annual price drop since 1983, when BLS began its series on import prices. "Those type of drops are, of course, extremely helpful in keeping the U.S. inflation rate well under control," says the chief capital markets economist with First Union. Export prices dipped 0.1 percent in December and fell 3.5 percent for the year. The decline in export prices was the sharpest annual downturn since BLS began this export price series in 1984, and was more than double the percent of decreases in 1997 and 1996. ... (Daily Labor Report, page D-6). __Last year, prices for goods imported into the U.S. took their sharpest decline in more than a decade, falling 6.1 percent, the Labor Department said. Oil prices pulled that reading down, as they plunged 40 percent during the year. Prices of exported goods also fell in 1998, declining 3.5 percent after falling 1.1 percent in 1997. ... (Wall Street Journal, Jan. 18, page A2). Employees of companies that don't offer full benefit packages are still most likely to purchase benefits like vision care, health and life insurance, and dental coverage through their employers, according to a study commissioned by financial services company MetLife, New York (Wall Street Journal, "Work Week", page A1). Last year, 62 percent of mothers with children under the age of 3 had jobs, compared with 52 percent in 1988, according to BLS. ... Working fathers spend an average of 2.3 hours a day with their kids, a half hour increase over 20 years ago, according to the Families and Work Institute, New York (Wall Street Journal, "Work Week," page A1). The nation's factories, mines, and utilities ended a sluggish year on the upswing, as industrial production increased slightly in October, November, and December. Consumer sentiment also rose in the early part of January, still buoyed by low inflation, low interest rates, and a tight labor market. Industrial production rose 0.2 percent in December, and readings for November and October were revised upward slightly, the Federal Reserve said on Friday. The readings indicate that production has expanded at a slower pace, but not as slowly as previously believed. During all of 1998, industrial production expanded just 3.7 percent, the slowest rate in 5 years. In 1997, production grew a total of 6 percent. ... (Wall Street Journal, Jan. 18, page A2). Business inventories increased 0.4 percent in November, and sales matched inventories, up 0.4 percent, Census Bureau data show. ... (Daily Labor Report, page A-8). DUE OUT TOMORROW: Usual Weekly Earnings of Wage and Salary Workers: Fourth Quarter 1998 --_=_NextPart_000_01BE4486.E5492330 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBABQACgAJACwAAwAtAQEggAMADgAAAM8HAQAU AAoACQAlAAMAJgEBCYABACExMUE0OTU4MTQ3QjBEMjExODg4RTAwQzA0RjhDNzgzMQDrBgEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAUCgAAHEAAOQCQ b3LphkS+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5EhuhP gZWkF7BHEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAABSBwAATgcAAG8MAABMWkZ1 ZWorGP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBKQZBOVUFSGQAxORmADxqwGwAKhQqFX19UaCRlIBOQaWMcUG9muCBnbwRwBCAHcHAU0UcJgB1Q AjBvIHQcQVW7AwAdslMBkB2wBCBkA2DEcHAdwTAuNxxgBJDfHKACMB3hGLAFkGUG0ASQRiAAcB3Q ZmVsAyA27C4xIBoa8TgZgBecCiCbGHIXnSAVMB2Ccy4ZkG8cQSLiH1AFkGwLgBxQd85hBCAeQgtg cmcHkAVAuQBwbnUHQBxlH2IgAJCmbhyhGrA4MxmAdxxA9wOgGIIhIGcDkR6gBCAR8D8IgQQgAiAd VRxkJeEgIu0cMG8R8B4weR+gHMIfYvsEIArAZRmAHNEFoAhwEfAxGYBleHQVMAeAbHnCIBxAbHBm dQMgIKEqawngcAuAZx40LlOnJfALgBaxdGkroXIfEfsnECGydSFwITEFoAIwA2DIbCwiKTBheSdE EbB7CJAugWEwoAGQAyAAwHL3MHArAQWRbgNwBAAFQAPw8R5AIEZpEeAFQB6BAiD5LKFFeCv5H1AF IB+kIhvhIN8gMy41OQcCEAXA+R5CeWUKwCyhHDImpjmRdy8gN6onJnMRwR+gJ/hk/G93AjAIcAOg KUQqWB5AzwQAPXsrJiKzODQZgCFivyciBGAVMB4xA5E/4HUCYP9EQhxROSUtkgWQFTAnMELWnjkg ACFiGvEh8CAuR9DZJWAoRAtwL5FMAaAFsT5SJZMZgAqwJ9AYsC02/CkuG6dIkCfxPCJJUTgEnzui HQ8eFjFCHhBvax4yrzawPtg82UQYYSaSYQ2w/RmAZgdAJtEw0CH5GYAeQndIlDnACrF0B4A5YTPA adpkLKFPAxE39XAwEETw/x3QRGEFQEZBOGAwwT/iQ3G/J0MvoAtQMsAn0B3QNBhg3TkWZAhxMMU8 JVA4BBzR7z2EHcFMBAdAcx4gIaMit3cmpDCyOuphAYAhMVEGMfUiDzdHtldRER7hCdEFQHpKCGFu B0AaEQBwJfAxsyMRSXNBMkn3CoVFTHD/FMA8IFl0BaBMcABwK2JVM/k/4G4nRcIhoF2RVNEqgc0m 8GYeoElhY2tJgS4D/ykwMdAhwQRgJ/Em0DBwL5H/HhFUwDkwEcAtEWYFBCBoAvwgdgQAMeI0sC4y HEAHQN82cSFiJtAhoB3hcwhwAHC/HKBDdA2wAjAoYQWgdgSQ50mCHkADYHVnNoBOJCEA92NTEeBD cWMFoVWzHhFQYPkn8HVkL6BkATYBajIdwf5iL6BmQGDgKWA
[PEN-L:2327] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE43E2.2F05F6E0 BLS DAILY REPORT, TUESDAY AND WEDNESDAY, JANUARY 12 AND 13, 1999 __The producer price index for finished goods rose a seasonally adjusted 0.4 percent in December, after a 0.2 percent drop in November, BLS reports. The data were inadvertently released on the Internet a day early. The core rate -- minus volatile food and energy prices -- jumped 1 percent, its largest advance since a like rise in October 1996. The core increase has not been greater than this since January 1981, when it advanced 1.1 percent. BLS said the December increase is largely the result of a 30.7 percent leap in cigarette prices. Excluding the rise in cigarette prices, the index for finished goods other than food and energy declined 0.1 percent. ... BLS released the full PPI report on the Internet at 5 p.m. on Jan. 12, following an earlier release of the data that BLS official Kathy Hoyle said was caused by an "internal computer program error." ... (Daily Labor Report, Jan. 13, page D-1). __For the second time in three months, BLS prematurely released key economic data by posting it on the Internet. A computer glitch resulted in the early release of the report on prices charged by producers of finished goods last month and last year -- information that was not due to be published until Wednesday and that could be worth millions of dollars to stock and bond traders fortunate enough to spot it. ... Economists, however, said there was no indication that the mistake played any part in Tuesday's broad stock market decline, which traders attributed to profit-taking and a correction in the values of some Internet and technology stocks. ... "It was a flawed programming design," William Parks, a senior BLS economist, said. "It was not human error. Our systems people are looking at it." In November, when the employment numbers were released inadvertently, "that was more the case of somebody pushing a button," Parks said. ... (Tim Smart in Washington Post, Jan. 13, page F1). __Prices paid to producers rose 0.4 percent last month after a record surge in cigarette prices more than offset declines in energy and food costs, the government said in a report that was posted by mistake on the Internet one day early. ... Scott Sager, a spokesman for the bureau, said the report was posed on the Web site about 2 p.m. because of a computer error. He said the department deleted the information within an hour, but later decided to release the data because some people had seen the posting (Bloomberg News story in New York Times, Jan. 13, page C3). __A spike in cigarette prices pushed wholesale inflation up sharply last month, but prices otherwise remained tame. For the second time in two months, the government accidentally put data out early on the Internet, forcing a rushed disclosure of the report late Tuesday afternoon. BLS officials blamed the early release on a computer-programming error. ... The premature release of the PPI figures helped bond prices in late trading, even after prices had already shot up during the day. ... Tuesday, the mistake was discovered internally at about 3 p.m. Eastern time. "We have no indication that anyone traded or used the information," said BLS press officer Kathy Hoyle. "But once we learned that there was a possibility, we felt we had to go ahead and release the data." ... (Alejandro Bodipo-Memba and Jacob M. Schlesinger in Wall Street Journal, Jan. 13, pages A2, C1). Between 1995 and 1997, the proportion of the U.S. labor force described as contingent has declined, with a robust economy the likely catalyst for the decrease, according to an article in the November Monthly Labor Review. Despite the downturn in the number and percentage of contingent workers, nearly three-fifths say they would rather hold a noncontingent job. BLS released proofs of the November MLR issue, including the article "Contingent Work: Results from the Second Survey," by Steven Hipple, an economist with the agency. ... Up to 4.4 percent of the workforce, or 5.6 million workers, were employed in contingent positions in 1997, according to a study conducted as part of BLS's Current Population Survey. Two years earlier, as much as 4.9 percent of the labor force, or 6 million workers, had contingent jobs. BLS defines contingent workers, for purposes of this survey, as any employees who believe their positions are temporary and not expected to continue. ... (Daniel J. Roy in Daily Labor Report, Jan. 13, page A-7; text of article, page E-3). No one knows exactly how many contingent workers there are in the U.S., mainly because definitions vary. Using one of the government's more conservative definitions - people who've worked on the job a year or less - B
[PEN-L:2326] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE43E1.5DA84040 BLS DAILY REPORT, THURSDAY, JANUARY 14, 1999 RELEASED TODAY: CPI -- The CPI-U rose 0.1 percent in December, on a seasonally adjusted basis, following increases of 0.2 percent in each of the preceding 2 months. The food index was unchanged in December, after advancing 0.1 percent in November. ... The energy index, which was unchanged in November, fell 1.4 percent in December. ... Excluding food and energy, the CPI-U increased 0.3 percent in December, following increases of 0.2 percent in each of the preceding four months. Three-fourths of the December rise in the index for all items less food and energy was accounted for by a 18.8 percent rise in the index for cigarettes, reflecting the pass-through to retail of the 45-cents-a pack wholesale price increase announced by major tobacco companies in late November. ... REAL EARNINGS -- Real earnings increased by 0.5 percent from November to December after seasonal adjustment. This gain was due to a 0.4 percent increase in average hourly earnings and a 0.3 percent rise in average weekly hours. The earnings increase was slightly offset by a 0.2 percent increase in the CPI-W. ... Over the year, real average weekly earnings grew by 1.8 percent. ... __Labor Secretary Herman asks the Labor Department inspector general to investigate the BLS' second premature release of time-sensitive data in less than three months. Herman says in a statement she is "deeply troubled and dismayed" by the posting of the producer price index on the BLS Web site one day before schedule. ... The inadvertent posting follows a Nov. 5 release of some supplemental employment data a day before the schedule. "This is clearly unacceptable, and I have asked BLS Commissioner Katharine Abraham for a full report," Herman says. ... At a press briefing, Abraham says a computer programming error caused the premature release of the PPI. ... BLS Associate Commissioner Lois Orr said the data were mistakenly released at 1 p.m. The bureau discovered the error roughly an hour later, and then withdrew the price measure from its Web site. When BLS discovered that between 40 and 50 people had retrieved the information, the agency decided to release the PPI at 5 p.m. that evening. BLS Commissioner Abraham said it may be impossible to determine who retrieved the PPI from the Web site early and what, if any, benefit they accrued. ... (Daniel J. Roy in Daily Labor __Secretary Alexis Herman, calling Tuesday's inadvertent release of December's producer price index "clearly unacceptable," said she was "deeply troubled and dismayed that there has been another early release of time sensitive BLS data." ... "Needless to say, the Bureau is both embarrassed and concerned by these incidents," Abraham said. "We will do everything possible to see that they do not recur, as the integrity of the data we produce is our highest priority." ... Tuesday's gaffe didn't have the same impact on markets as did the November incident. But nonetheless, some bond traders apparently did get a leg up on their competition. The blunder also rattled other Wall Street watchers and has been an increasing source of concern among economists who use government economic indicators to analyze the state of the U.S. economy (Alejandro Bodipo-Memba in Wall Street Journal, page A6). Independent contractors tend to prefer their employment arrangements to a traditional job, enjoy lengthy job tenures and high job satisfaction, and receive, on average, higher compensation than traditional workers, according to an article in the November 1998 "Monthly Labor Review" by BLS economist Sharon R. Cohaney. The article, entitled "Workers in Alternative Employment Arrangements: A Second Look" is based upon February 1997 data obtained from the Current Population Survey. It revealed that about one in 10 workers, or 12.6 million people, worked in one of the four alternative employment arrangements. ... (Victoria Roberts in Daily Labor Report, page A-2; article reprint, page E-1). DUE OUT TOMORROW: U.S. Import and Export Price Indexes -- December 1998 --_=_NextPart_000_01BE43E1.5DA84040 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBABMADgAYACsAAgA9AQEggAMADgAAAM8HAQAT gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgDsDAAAHEAAOQAg xeZd4UO+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb5D4VzZ bbosHa+OEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEpCgAAJQoAAKYRAABMWkZ1 buE3w/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERB
[PEN-L:2324] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE43E0.91FE4AC0 BLS DAILY REPORT, FRIDAY, JANUARY 15, 1999 RELEASED TODAY: The U.S. Import Price Index decreased 0.7 percent in December. The decline followed a 0.5 percent decrease the previous month and was again attributable to a large decline in petroleum prices. Prices for nonpetroleum imports were unchanged in December. Export prices edged down 0.1 percent in December, after increasing 0.2 in November. ... __The CPI-U edged up a seasonally adjusted 0.1 percent in December and advanced a modest 1.6 percent in 1998. Not since 1986, when the CPI-U rose 1.1 percent, has the price index been this quiescent. In 1997, the CPI-U rose 1.7 percent. Energy prices, which fell 1.4 percent in December and dropped 8.8 percent in 1998, helped hold back consumer price increases. The 1998 decline in energy costs is the sharpest drop since a 19.7 percent plunge in 1986. Analysts do not expect energy prices to fall as steeply in 1999 as in 1998. ... Although the CPI core rate accelerated in 1998 to 2.4 percent from the 2.2 percent gain in 1997, much of this advance can be attributed to increased tobacco prices, says BLS economist Patrick Jackman. (Daniel J. Roy in Daily Labor Report, page D-1). Real average weekly earnings were up 0.5 percent in December, after adjustments for seasonal employment variations, BLS reports. ... (Daily Labor Report, page D-18). Retail sales rose 0.9 percent in December, lifted by strong sales of autos and other durables, the Commerce Department says. ... (Daily Labor Report, page D-24). New claims filed with state agencies for unemployment insurance benefits dropped 4,000 to a seasonally adjusted 352,000 in the week ended Jan. 9, the Employment and Training Administration of the Department of Labor announces. This decrease continues the previous week's slide, with claims declining by a revised 16,000 in the week ended Jan. 2. Both of these declines follow the dramatic increase of 83,000 claims in the week ended Dec. 26, 1998. ... (Daily Labor Report, page D-22). __The U.S. economy last year displayed an almost unprecedented combination of strengths - including low inflation, low unemployment, and strong retail sales. BLS reported that consumer prices rose by a scant 1.6 percent in the 12 months ended in December, an even lower rate of inflation than the year before when the consumer price index rose by 1.7 percent. It was the first time in more than 30 years that the economy could boast two years of such low inflation back to back. Cheap energy and falling prices for computers helped keep inflation low, with the only major price rise occurring for cigarettes. Separately, the Commerce Department reported that retail sales in December were up 0.9 percent from the same month a year before. Sales of automobiles and housing materials were major contributors to the increase. The last time the economy displayed anything close to this combination of favorable indicators appears to have been in the mid-1950s, according to Patrick C. Jackman, an economist at BLS. In addition to the report on consumer prices, initial claims for unemployment insurance fell in the week ended Jan. 9. ... Jackman said the U.S. economy had also enjoyed strong growth in 1955, when the unemployment rate was 4.4 percent and the inflation rate was only 0.4 percent. But the strong growth at that time resulted from coming out of a recession, he said. ... (Martha M. Hamilton in Washington Post, page E1). __Consumer prices rose in 1998 at their slowest pace in 12 years, and retail sales surged in December, capping a year in which rising wages allowed consumer spending to rise at its fastest pace since 1984 and energized the economy's longest peacetime expansion. ... (Bloomberg News story in New York Times, page C2). __Consumer prices rose just 0.1 percent in December and a tiny 1.6 percent for all of last year, the lowest rate since 1986. Meanwhile, retail sales increased a surprisingly strong 0.9 percent during December. ... (Rodney Ho in Wall Street Journal, page A2). Business executives' optimism about sales, profits, and new orders fell in the current quarter, according to a survey by Dun & Bradstreet. ... (Washington Post, page E1). Companies increasingly will turn to employees who work under short-term contracts, typically without benefits, to fill their personnel needs during the next few years, according to a study commissioned by TAC Worldwide Cos., a Newton, Mass., staffing firm. The report found that only 39 percent of the more than 100 companies surveyed in November and December increased their contract staffing in 1998. However, 54 percent of respondents said they expect increases in 1999, and 66 percent foresee growth over the next five years. ... According to TAC, the most compelling r
[PEN-L:2067] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE3E39.10239030 BLS DAILY REPORT, MONDAY, JANUARY 11, 1999 __The nation's nonfarm payroll catapulted to a seasonally adjusted gain of 378,000 in December, as the construction industry hired more workers to take advantage of mild winter days, according to BLS. The agency reports the unemployment rate in December edged down to 4.3 percent from 4.4 percent in November. ... The services sector posted 111,000 new jobs in December. Business services added 49,000 jobs in December, boosted by gains in personnel supply services, up 27,000, and computer and data processing services, up 14,000. Employment in retail trade rose by 53,000 in December. The manufacturing industry shed 13,000 jobs in December. ... At a press briefing, BLS Commissioner Katharine G. Abraham said the agency in December revised the factors with which it seasonally adjusted data for 1998, using updated employment patterns. This revision resulted in a jobless rate in the 4.3 percent to 4.5 percent range since April, slightly lower than originally reported. ... (Victoria Roberts in Daily Labor Report, pages D-1, E-3). __American consumers have been spending money like there's no tomorrow. And why not? The Labor Department reported yesterday that more people have jobs than ever, as businesses created 378,000 new jobs in December, nearly double what analysts had anticipated. Last month's unemployment rate was equal to that of April, which was the lowest since 1970, during the Vietnam War. About 64.2 percent of the population had jobs last month, an all-time high. (Tim Smart in Washington Post, Jan. 9, page G1). __Despite an unsettled global economy, lower corporate profits, and a new round of layoffs, the American economy keeps creating jobs at an astonishing pace. In December, the number of workers on payrolls made the biggest gain in more than a year. ... Signs of strength in the economy were impressive and widespread, showing healthy gains in employment and wages among disadvantaged demographic groups. ... For 1998 as a whole, net job growth was nearly 3 million, and unemployment hovered between 4.3 and 4.5 percent. Except for a period at the height of the Vietnam War, the last time unemployment was this low for any significant length of time was in 1957. (Sylvia Nasar in New York Times, Jan. 9, page A1). __So where's the slowdown? The government's surprisingly robust report on employment growth in December shows that the economy is roaring ahead, despite some weakness in the manufacturing sector. Construction and retail trade gains more than offset losses in manufacturing jobs. ... (Alejandro Bodipo-Memba in Wall Street Journal, page A2). A new study of census data shows that the number of immigrants living in the United States has almost tripled since 1970, rising from 9.6 million to 26.3 million today, and far outpacing the growth of the native-born population. The new figures dramatically affirm that the country is going through a remarkable transformation in just a generation's time, one that will reshape the nation's demographics and social landscape for years to come. As a percentage of the population, immigrants account for nearly one in 10 residents, the highest proportion in 7 decades. ... The great tide of immigration over the past 3 decades has disproportionately affected certain areas. ... The new figures are included in a study conducted by the Center for Immigration Studies and are based on the Census Bureau's Current Population Survey for March 1998. ... (Washington Post, Jan. 9, page A4). Employees in most organizations must report to work on Martin Luther King Jr. Day, according to a Bureau of National Affairs survey of 364 employers nationwide. Only one out of four respondents will provide a paid holiday for all or most workers on the third Monday in January. ... (Daily Labor Report, page A-11). Silicon Valley added 19,400 jobs last year, compared with 62,000 in 1997, and exports from the region declined for the first time in 8 years, according to the 1999 Index of Silicon Valley. The report, which is compiled by Joint Venture: Silicon Valley Network Inc., a coalition of corporate and civic organizations, shows that the region has continued to grow but that some of the remarkable start-up fever, a trademark of the area, has ratcheted back. ... For the first time, the report included data that compare the region's productivity in specific industries with the rest of the country. Measured in terms of value added per employee, Silicon Valley workers in the computer and communications industries generated $250,000 for each employee, compared with slightly less than $100,000 for the average United States worker. Valley workers also sharply outpaced average rates in the semiconductor
[PEN-L:2051] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE3D7D.8FE5F260 BLS DAILY REPORT, FRIDAY, JANUARY 8, 1998 RELEASED TODAY: EMPLOYMENT SITUATION -- Employment rose in December and the unemployment rate, at 4.3 percent, was little changed. Nonfarm payroll employment rose by 378,000. Growth was spread throughout the service-producing sector, and unusually mild weather across much of the country contributed to strength in construction. ... COMMISSIONER'S STATEMENT -- Over the past year, payroll employment rose by 2.9 million, or 2.3 percent, somewhat less than in the prior year. Unemployment fell early in 1998 to 4.3 percent and has remained near that level since April. The 3.8 percent pace of growth in average hourly earnings over the year was similar to that experienced in both 1996 and 1997. A survey of employee benefits in medium and large private businesses reveals that more employees participated in nontraditional health care plans in 1997 than in 1995, BLS reports. While just over three-fourths of employees covered by the survey received employer-funded medical care coverage in both 1995 and 1997, employee participation in nontraditional plans, such as health maintenance organizations and preferred provider organizations, increased from 63 percent in 1995 to 73 percent in 1997, BLS says. ... Participation in traditional fee-for-service plans dropped from 37 percent in 1995 to 27 percent in 1997. In 1991, 67 percent of employees used the traditional plans, in which employees pay for specific medical procedures as the expenses are incurred, the data reveals. ... (Victoria Roberts in Daily Labor Report, page D-6). New claims filed with state agencies for unemployment insurance benefits dropped 22,000 to a seasonally adjusted 350,000 in the week ended Jan. 2, the Employment and Training Administration says. ... An economist with Donaldson, Lufkin & Jenrette cautioned that the data do not necessarily reveal a slackening in the labor market. The data were influenced by two holiday weeks and adverse weather conditions throughout the country. ... (Daily Labor Report, page D-1; Wall Street Journal, page A2). New orders for manufactured goods rose 0.6 percent in November, the Census Bureau says. The November increase follows a revised 1.7 percent decrease in new orders in October. October marked the only decline in new orders since May. ... (Daily Labor Report, page D-3; New York Times, page C2)_November factory orders edged up after falling in October, but manufacturing remains weak. ... (Wall Street Journal, page A2). The shortage of skilled workers in the construction industry will continue to be a major, if not the leading, cause for concern in 1999, according to various surveys and trade association reports. A study by the Construction Industry Institute shows that 75 percent of contractors are experiencing shortages of skilled workers and that these shortages are costing contractors and owners time and money. ... Robert Gasperow, executive director of the Construction Labor Research Council, releases an analysis of collective bargaining in construction in 1998, which shows that the average first-year wage and benefit increase in new labor agreements was 94 cents per hour or 3.4 percent. The analysis is based on 425 agreements covering about 327,000 union building trades employees. ... (Daily Labor Report, page C-1). The administration will host a summit on Jan. 12 on enhancing U.S. workers' job skills in the new century, led by Vice President Al Gore. It will bring business, labor, government, education, and community leaders from across the country together to discuss various topics related to enhancing U.S. workers' job skills in the new century and is to take place at George Washington University in Washington, D.C. ... (Daily Labor Report, page A-7). Outplacement firm Challenger, Gray & Christmas says more layoffs were announced in 1998 - 677,795 - than in any other year in the decade. The 1998 total exceeds by 62,609 the previous decade high of 615,186 reached in 1993, the Challenger report says. ... (Daily Labor Report, page A-6)_Job cuts announced by U.S. firms in December - totally 103,166 - were the highest of the year, doubling the figures for November. ... Analysts at the firm attributed the rise in job cuts to the Asian economic crisis, low oil prices, and a weakening manufacturing sector (Washington Post, page F1). Retailers charted sales in December that were more robust than anticipated, they reported. ... (Washington Post, page F1)_What was supposed to be a good season for retailers turned out to be a great one instead, as last-minute and post-holiday shopping propelled December sales gains to their highest in half a decade. Same-store sales, or sales in stores open at least a year, a standard ind
[PEN-L:2027] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE3B45.993A5970 BLS DAILY REPORT, THURSDAY, JANUARY 7, 1999 RELEASED TODAY: The proportion of full-time employees with medical care coverage remained fairly constant from 1995 to 1997, but more employees in medium and large private establishments were participating in non-traditional health care plans. Just over three-fourths of full-time employees participated in employer-provided medical care plans in both 1995 and 1997, but shifts occurred in the types of plans. ... U.S. employers laid off 160,888 workers in 1,554 mass layoff actions in October, BLS reports. Both the number of mass layoffs and the number of workers involved were higher than in September. ... (Daily Labor Report, page D-1). Increasingly, companies are sending their employees to web sites to untangle insurance and investment options, says The New York Times (page E1). Employers embrace the notion as a way to automate their human resources departments, cutting costs and increasing efficiency. Employees either like it or hate it. Some find it empowering to be able to see their files and change their choices. But other find it frustrating to be left to sort out the merits of an insurance plan on their own, trying to decipher the coverage limits described on an insurer's Web site without the benefit of a human being to help explain them. That inherent tension leads some observers to question whether low-tech human assistance is better than high-tech self-help in the area of employee benefits, or in at least some parts of the benefits process. And experts and users seem divided on whether self-service systems guarantee employees the depth of information they need to make timely benefits decisions. ... Income in the U.S. drew attention at this week's meeting of the American Economic Association in New York. Economists from the University of Chicago, Texas A&M, and the Economic Policy Institute in Washington were among those debating reasons behind the large gap between the rich and the poor (Wall Street Journal, "Business Bulletin" column, page 1). Business activity in the nonmanufacturing sector weakened slightly in December, the National Association of Purchasing Management reports. The six industries reporting growth of business activity in December were agriculture, insurance, retail trade, utilities, real estate, and entertainment. Nine indicated decreased activity, led by mining, communication, wholesale trade, and business services. ... (Daily Labor Report, page A-4). Sales of new homes rose in November to a record, which should bolster economic growth in coming months. ... (New York Times, page C4)_The sales of newly built homes surge 7.6 percent in November, another sign of a booming housing market. The U.S. housing market continues to benefit from strong consumer confidence, low interest rates, and a tight labor market, making it difficult for home builders to keep pace with demand. ... (Wall Street Journal, page A2). Most studies of foreign-born workers mix legal and illegal entrants and find that immigrants' job skills are low and declining. But, in a National Bureau of Economic Research paper, a team led by New York University sociologist Guillermina Jasso separated out legal immigrants, examining federal records for all legal entrants from 1972 through 1995. Their finding: For most of the last 25 years, the job skills of male legal immigrants have exceeded those of native-born male workers - and, since 1986, male legal immigrants' skills have been rising. ... Changes in immigration laws explain much of the trend. A 1976 law to limit visas to foreign physicians pushed down immigrants' average skill levels. But they have since risen because of laws passed in the 1980s to boost the number of visas available to highly skilled workers and to crack down on fraudulent marriages by immigrants trying to get around quotas. Better education in countries of origin has also contributed (Business Week, Jan. 11, page 34). Strong productivity, willing consumers, and low inflation may again confound the doomsayers in the New Year, says Business Week (Jan. 11, page 86) in a lengthy article that includes graphs showing productivity, inflation, wages, etc., from 1994 through 1998. DUE OUT TOMORROW: The Employment Situation: December 1998 --_=_NextPart_000_01BE3B45.993A5970 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAgADwAdACEABQAxAQEggAMADgAAAM8HAQAI gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgDADQAAHEAAOQBA zwuaRTu+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb47RaFD avMCwKboEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAD9CgAA+QoAACQSAABMWkZ1 KP1sm/8ACgEPAhUCpAPkBesCgwBQEwNUAgBja
[PEN-L:2025] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE3B23.1BA7F620 > BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999 > > RELEASED TODAY: In October 1998, there were 1,554 mass layoff actions by > employers as measured by new filings for unemployment insurance benefits > during the month. Each action involved at least 50 persons from a single > establishment, and the number of workers involved totaled 160,888. The > number of layoff events and initial claimants for unemployment insurance > were higher this October than in October 1997. The total of layoff events > from January through October 1998, at 12,762, was about the same as in the > prior year (12,170), while the total number of initial claimants, at > 1,419,165, was higher (1,270,463). ... > > Construction spending rose 0.9 percent in November, with strong gains in > residential and public building, the Commerce Department says. ... (Daily > Labor Report, page A-2)_Construction spending rose for the sixth > consecutive month. ... (New York Times, page C18)_Construction > spending jumped, showing that a main source of the U.S. economy's strength > remains healthy. ... (Wall Street Journal, page A2) > > U.S. sales of cars and light trucks ended 1998 on a strong note for most > auto makers. The trend was the same as it has been for several years: > Soaring sales of light trucks overcame declining demand for cars. ... > (Washington Post, page F1; Wall Street Journal, page > A2)_DaimlerChrysler and Ford beat analysts' December sales forecasts, > benefiting from strong truck demand and heavy discounts as the industry's > second-best U.S. sales year ended. ... (New York Times, page C3). > > "Remaking the U.S. Economy: More Signs of Manufacturing's Weakened Role" > is the title of "Trendlines" by Tim Smart (Washington Post, page F1). > Smart says that, although manufacturing has been on the decline lately, > the economy in general has been healthy, as shown in construction > spending, consumer spending, and car sales, among other indicators. ... > The consumer-driven and services-dependent economy, largely domestic in > its orientation, is robust. Contrast that strength with the weakness > shown in the part of the economy that relies upon exports and makes goods. > Prices in that sector tend to be set globally. ... > > U.S. factories have cut payrolls by nearly a quarter million since March > 1998, with slack demand from economically troubled Asia, a strong dollar, > and cheaper foreign imports contributing to the job loss, say analysts > contacted by the Bureau of National Affairs. But, they add, technological > advances heighten productivity, and an increasingly popular management > philosophy favoring a leaner workforce has also driven manufacturers to > cut staff. Payroll declines in manufacturing are not a new story. In > fact, they are a long-term trend. However, the recent large job losses > focus attention on the issue. ... U.S. factories cut their workforce by > 47,000 in November, with job losses widespread across industries, > according to data from the BLS establishment survey. ... BLS Commissioner > Katharine Abraham said the Asian crisis depressed employment in some > sectors, especially in electronic equipment and industrial machinery. ... > (Daniel J. Roy in Daily Labor Report, page C-1). > > The prevailing view at the three-day meeting of the American Economic > Association was that high stock prices probably reflect the economy's > actual strength and not a speculative bubble that could burst. ... In the > minds of many economists, the stock market serves mainly as a gauge of the > real economy and a stimulus for spending. What accounts much more for the > strong economy, in this view, is the happy combination since 1995 of four > factors: robust job creation, rising output, falling unemployment, and > minimal inflation. ... (New York Times, page C2). > > The National Institute for Occupational Safety and Health released a > report that called job stress "a threat to the health of workers" and > urged companies and employees to help reduce their risk. ... NIOSH cited > numerous studies of workplace stress that have been conducted in the past > decade, including a 1998 survey by the Families and Work Institute that > found that 26 percent of workers said they were "often or very often > burned out or stressed by their work." The report also said tensions > appear to be on the rise, citing a 1997 survey conducted by Princeton > Survey Research Associates, which found that three-quarters of employees > believe the
[PEN-L:2005] Re: Re: Re: BLS Daily Report
G'day Ellen and Jim, Jim writes: >IMHO, the strength of the US stock market first and foremost reflects the >strength of the US profit rate I get confused here. Many 1998 annual reports within the Fortune 500 pointed at DECLINING profits, no? And might we not be conflating 'core business' performance with profits made on the stock markets? I mean, if a firm spends a heap on buy backs (& other stocks, too, I s'pose) on a roaring Wall St, simply because of CEO stock options and the fact that making the widgets of yore doesn't offer the returns you can get from shares - why, wouldn't profit statements actually be reflecting Wall St (and a bubble at that) rather than underpinning it? Sorry if this is crap. I just gotta know, that's all. Cheers, Rob.
[PEN-L:2013] Re: Re: BLS Daily Report
Tom Walker: There is a difference between a transaction, which established a current price, and value which reflects the likely future price of the inventory based on the latest transaction price. Say's law applies more to transactions. While for every buyer, there must be a selling and vice versa, the gain and loss of the transaction in price terms affect the value of the entire system in economic terms. Also there are occasions where there is a price but no transactions because systemic resistance to price adjustments contradicts with transactional prerequisites. Or, there are times that potential particiapnt in the market agree the price is right, yet no transaction take place for other reasons, such as liquidity shortage. Further, some transactional losses are not transferable into counter party gains. Such losses just evaporate from the system as in a burst bubble. Henry C.K. Liu Tom Walker wrote: > Barkley Rosser wrote, > > > Of course he could be wrong and this is January, when > >the "January Effect" of unusually rapidly rising stock > >prices frequently happens. But then October is often a > >time of unusual declines and this last one saw a record > >runup. Oh well, we shall just have to wait and see. > > As I understand Say's law, for every seller, there's a buyer, eh?. > Obviously, then there's as much money to be made during a stock market > decline as during a rise. Or as Malthus said, "What an accumulation of > commodities! Quels debouches! What a prodigious market would this event > occasion!" (quoted by Keynes on page 364 of the General Theory of Employment) > > Tom Walker > http://www.vcn.bc.ca/timework/
[PEN-L:2012] Re: Re: Re: Re: Re: BLS Daily Report
Jim Devine wrote: >One reason why corporations are able to buy back their stocks these days is >because of abundant cash flow, which is partly the result of high profit >rates. They're also borrowing heavily again, to buy each other and their own shares. More in LBO #87, now on press. Doug
[PEN-L:2010] Re: BLS Daily Report
Seems like "a" ,not "the", triumph of capitalism. Charles Brown >>> "Ellen T. Frank" <[EMAIL PROTECTED]> 01/07 12:16 PM >>> At 10:45 AM 1/7/99 -0500, you wrote: >BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999 >The prevailing view at the three-day meeting of the American Economic >Association was that high stock prices probably reflect the economy's actual >strength and not a speculative bubble that could burst. ... In the minds of >many economists, the stock market serves mainly as a gauge of the real >economy and a stimulus for spending. Over the last few days, I have been looking over data on wages, exports, bankruptcies, etc. in the former so-called emerging markets. International capital, it seems, is really putting the screws to the laboring classes in Asia and South America. Asian assets are on sale at rock-bottom prices; commodity prices are so low, they're practically giving them away. Is this not the triumph of capitalism? Little wonder the Dow hit 9500. Ellen Frank
[PEN-L:2007] Re: Re: Re: BLS Daily Report
On Thu, 7 Jan 1999, Jim Devine wrote: > Ellen writes: > >Over the last few days, I have been looking over data on wages, exports, > >bankruptcies, etc. in the former so-called emerging markets. International > >capital, it seems, is really putting the screws to the laboring classes in > >Asia and South America. Asian assets are on sale at rock-bottom prices; > >commodity prices are so low, they're practically giving them away. Is this > >not the triumph of capitalism? Little wonder the Dow hit 9500. > > IMHO, the strength of the US stock market first and foremost reflects the > strength of the US profit rate, with the speculative bubble being present > but secondary. Orthodox economists tend to conflate what's good for capital > (the profit rate, a high stock market) with what's good for the people (the > GDP and its distribution, with limited negative environmental impact, etc., > etc.) So it's natural that they would make this mistake. > > The question is whether the high US profit rate will persist given the mess > that the rest of the world is in, not to mention the dynamic problems the > result when an economy enjoys (and suffers from) a high and rising profit > rate. (See my 1994 RESEARCH IN POLITICAL ECONOMY paper, on-line at: > http://clawww.lmu.edu/Faculty/JDevine/subpages/depr/D0.html or /Depr.html) > > Can the "triumph of capitalism" (or more accurately of some sectors of US > capitalism) persist? It didn't after 1929, the previous period of similar > capitalist triumphalism. So the question is: are we currently in the > historical analogy of 1929 or of 1927? It seems, though, that US capital has found ways to benefit from the mess in the rest of the world. GE, for example, made huge purchases in Asia, which it had been eyeing and organizing for some time but had found them too expensive. The capital goods are so cheap now that even if it takes years for Asia to recover, GE will make out like bandits. And their stock will continue to soar. It's the old maxim about a crisis causing consolidation of capital, but the winners and losers were already mapped out before the crisis started. If we believe that profit rates equalize across sectors, then this banditry should create rising profitability in the US by raising the opportunity cost of investing. This would not preclude shrinkage in the "real" sector; in fact, it might even encourage it. Cheers, Tavis
[PEN-L:2008] Re: Re: BLS Daily Report
Gosh, well I didn't get to any of those sessions where people were being so pollyannaish about the US stock market. OTOH lots of us have gotten burned predicting imminent collapses, etc., that have not happened, or were followed more than compensatory runups, as in the second half of last year. Nevertheless, I note that yesterday's Financial Times reports that the US $ has hit a recent low against the Japanese yen, partly triggered by comments by E. Seikekabaru (sp?), known as "Mr. Yen", that the US stock market is overvalued and that the US economy will shortly slow significantly. He used the term "bubble." Of course he could be wrong and this is January, when the "January Effect" of unusually rapidly rising stock prices frequently happens. But then October is often a time of unusual declines and this last one saw a record runup. Oh well, we shall just have to wait and see. Good to see a number of you in New York. Barkley Rosser On Thu, 07 Jan 1999 09:45:19 -0800 Jim Devine <[EMAIL PROTECTED]> wrote: > Ellen quotes: > >>BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999 > >>The prevailing view at the three-day meeting of the American Economic > >>Association was that high stock prices probably reflect the economy's actual > >>strength and not a speculative bubble that could burst. ... In the minds of > >>many economists, the stock market serves mainly as a gauge of the real > >>economy and a stimulus for spending. > > Ellen writes: > >Over the last few days, I have been looking over data on wages, exports, > >bankruptcies, etc. in the former so-called emerging markets. International > >capital, it seems, is really putting the screws to the laboring classes in > >Asia and South America. Asian assets are on sale at rock-bottom prices; > >commodity prices are so low, they're practically giving them away. Is this > >not the triumph of capitalism? Little wonder the Dow hit 9500. > > IMHO, the strength of the US stock market first and foremost reflects the > strength of the US profit rate, with the speculative bubble being present > but secondary. Orthodox economists tend to conflate what's good for capital > (the profit rate, a high stock market) with what's good for the people (the > GDP and its distribution, with limited negative environmental impact, etc., > etc.) So it's natural that they would make this mistake. > > The question is whether the high US profit rate will persist given the mess > that the rest of the world is in, not to mention the dynamic problems the > result when an economy enjoys (and suffers from) a high and rising profit > rate. (See my 1994 RESEARCH IN POLITICAL ECONOMY paper, on-line at: > http://clawww.lmu.edu/Faculty/JDevine/subpages/depr/D0.html or /Depr.html) > > Can the "triumph of capitalism" (or more accurately of some sectors of US > capitalism) persist? It didn't after 1929, the previous period of similar > capitalist triumphalism. So the question is: are we currently in the > historical analogy of 1929 or of 1927? > > Ellen, it was good to see you at the convention! > > Jim Devine [EMAIL PROTECTED] & > http://clawww.lmu.edu/Faculty/JDevine/jdevine.html > -- Rosser Jr, John Barkley [EMAIL PROTECTED]
[PEN-L:2009] Re: BLS Daily Report
Barkley Rosser wrote, > Of course he could be wrong and this is January, when >the "January Effect" of unusually rapidly rising stock >prices frequently happens. But then October is often a >time of unusual declines and this last one saw a record >runup. Oh well, we shall just have to wait and see. As I understand Say's law, for every seller, there's a buyer, eh?. Obviously, then there's as much money to be made during a stock market decline as during a rise. Or as Malthus said, "What an accumulation of commodities! Quels debouches! What a prodigious market would this event occasion!" (quoted by Keynes on page 364 of the General Theory of Employment) Tom Walker http://www.vcn.bc.ca/timework/
[PEN-L:2002] Re: BLS Daily Report
At 10:45 AM 1/7/99 -0500, you wrote: >BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999 >The prevailing view at the three-day meeting of the American Economic >Association was that high stock prices probably reflect the economy's actual >strength and not a speculative bubble that could burst. ... In the minds of >many economists, the stock market serves mainly as a gauge of the real >economy and a stimulus for spending. Over the last few days, I have been looking over data on wages, exports, bankruptcies, etc. in the former so-called emerging markets. International capital, it seems, is really putting the screws to the laboring classes in Asia and South America. Asian assets are on sale at rock-bottom prices; commodity prices are so low, they're practically giving them away. Is this not the triumph of capitalism? Little wonder the Dow hit 9500. Ellen Frank
[PEN-L:1998] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE3A54.BBBD19E0 BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999 RELEASED TODAY: In October 1998, there were 1,554 mass layoff actions by employers as measured by new filings for unemployment insurance benefits during the month. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 160,888. The number of layoff events and initial claimants for unemployment insurance were higher this October than in October 1997. The total of layoff events from January through October 1998, at 12,762, was about the same as in the prior year (12,170), while the total number of initial claimants, at 1,419,165, was higher (1,270,463). ... Construction spending rose 0.9 percent in November, with strong gains in residential and public building, the Commerce Department says. ... (Daily Labor Report, page A-2)_Construction spending rose for the sixth consecutive month. ... (New York Times, page C18)_Construction spending jumped, showing that a main source of the U.S. economy's strength remains healthy. ... (Wall Street Journal, page A2) U.S. sales of cars and light trucks ended 1998 on a strong note for most auto makers. The trend was the same as it has been for several years: Soaring sales of light trucks overcame declining demand for cars. ... (Washington Post, page F1; Wall Street Journal, page A2)_DaimlerChrysler and Ford beat analysts' December sales forecasts, benefiting from strong truck demand and heavy discounts as the industry's second-best U.S. sales year ended. ... (New York Times, page C3). "Remaking the U.S. Economy: More Signs of Manufacturing's Weakened Role" is the title of "Trendlines" by Tim Smart (Washington Post, page F1). Smart says that, although manufacturing has been on the decline lately, the economy in general has been healthy, as shown in construction spending, consumer spending, and car sales, among other indicators. ... The consumer-driven and services-dependent economy, largely domestic in its orientation, is robust. Contrast that strength with the weakness shown in the part of the economy that relies upon exports and makes goods. Prices in that sector tend to be set globally. ... U.S. factories have cut payrolls by nearly a quarter million since March 1998, with slack demand from economically troubled Asia, a strong dollar, and cheaper foreign imports contributing to the job loss, say analysts contacted by the Bureau of National Affairs. But, they add, technological advances heighten productivity, and an increasingly popular management philosophy favoring a leaner workforce has also driven manufacturers to cut staff. Payroll declines in manufacturing are not a new story. In fact, they are a long-term trend. However, the recent large job losses focus attention on the issue. ... U.S. factories cut their workforce by 47,000 in November, with job losses widespread across industries, according to data from the BLS establishment survey. ... BLS Commissioner Katharine Abraham said the Asian crisis depressed employment in some sectors, especially in electronic equipment and industrial machinery. ... (Daniel J. Roy in Daily Labor Report, page C-1). The prevailing view at the three-day meeting of the American Economic Association was that high stock prices probably reflect the economy's actual strength and not a speculative bubble that could burst. ... In the minds of many economists, the stock market serves mainly as a gauge of the real economy and a stimulus for spending. What accounts much more for the strong economy, in this view, is the happy combination since 1995 of four factors: robust job creation, rising output, falling unemployment, and minimal inflation. ... (New York Times, page C2). The National Institute for Occupational Safety and Health released a report that called job stress "a threat to the health of workers" and urged companies and employees to help reduce their risk. ... NIOSH cited numerous studies of workplace stress that have been conducted in the past decade, including a 1998 survey by the Families and Work Institute that found that 26 percent of workers said they were "often or very often burned out or stressed by their work." The report also said tensions appear to be on the rise, citing a 1997 survey conducted by Princeton Survey Research Associates, which found that three-quarters of employees believe the worker today has more on-the-job stress than a generation ago. ... NIOSH pinned the blame on a variety of factors, including overwhelming workloads, poor social environments at work, conflicting or uncertain expectations, job insecurity, and loss of control over the pace of work because of computerization. ... (Washington Post, page F1). The cos
[PEN-L:2006] Re: Re: Re: Re: BLS Daily Report
I wrote: >>IMHO, the strength of the US stock market first and foremost reflects the >>strength of the US profit rate Rob writes: >I get confused here. Many 1998 annual reports within the Fortune 500 >pointed at DECLINING profits, no? right. But the trend from the recovery from the Bush-era recession until 1998 has been for the profit rate to rise. Even though it didn't reverse the profit-rate trend, the current small fall in profits is part of the basis for the uncertainty about future profit rates. This fits well with my view that the current profit-led growth path of the US economy is becoming increasingly shaky. (The profit-led growth path is what I previously called the "Tugan-Baranowsky path," "false prosperity," and "bootstrap growth.") >And might we not be conflating 'core >business' performance with profits made on the stock markets? I mean, if a >firm spends a heap on buy backs (& other stocks, too, I s'pose) on a >roaring Wall St, simply because of CEO stock options and the fact that >making the widgets of yore doesn't offer the returns you can get from >shares - why, wouldn't profit statements actually be reflecting Wall St >(and a bubble at that) rather than underpinning it? One reason why corporations are able to buy back their stocks these days is because of abundant cash flow, which is partly the result of high profit rates. Another factor is that interest is currently grabbing a smaller chunk of pre-interest profit income than it a few years ago. Relatively low interest rates help encourage buy-backs. I don't think the profitability of producing widgets is down (except in the limited fall during 1998). Private investment has surged relative to consumer demand in the current business cycle. Jim Devine [EMAIL PROTECTED] & http://clawww.lmu.edu/Faculty/JDevine/jdevine.html
[PEN-L:2004] Re: BLS Daily Report
>>>strength and not a speculative bubble that could burst...In the minds of >>>many economists, the stock market serves mainly as a gauge of the real >>>economy and a stimulus for spending. I guess that means that "in the minds of many economists" the real economy grew 2.5% yesterday but then shrunk a bit today. Tom Walker http://www.vcn.bc.ca/timework/
[PEN-L:2003] Re: Re: BLS Daily Report
Ellen quotes: >>BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999 >>The prevailing view at the three-day meeting of the American Economic >>Association was that high stock prices probably reflect the economy's actual >>strength and not a speculative bubble that could burst. ... In the minds of >>many economists, the stock market serves mainly as a gauge of the real >>economy and a stimulus for spending. Ellen writes: >Over the last few days, I have been looking over data on wages, exports, >bankruptcies, etc. in the former so-called emerging markets. International >capital, it seems, is really putting the screws to the laboring classes in >Asia and South America. Asian assets are on sale at rock-bottom prices; >commodity prices are so low, they're practically giving them away. Is this >not the triumph of capitalism? Little wonder the Dow hit 9500. IMHO, the strength of the US stock market first and foremost reflects the strength of the US profit rate, with the speculative bubble being present but secondary. Orthodox economists tend to conflate what's good for capital (the profit rate, a high stock market) with what's good for the people (the GDP and its distribution, with limited negative environmental impact, etc., etc.) So it's natural that they would make this mistake. The question is whether the high US profit rate will persist given the mess that the rest of the world is in, not to mention the dynamic problems the result when an economy enjoys (and suffers from) a high and rising profit rate. (See my 1994 RESEARCH IN POLITICAL ECONOMY paper, on-line at: http://clawww.lmu.edu/Faculty/JDevine/subpages/depr/D0.html or /Depr.html) Can the "triumph of capitalism" (or more accurately of some sectors of US capitalism) persist? It didn't after 1929, the previous period of similar capitalist triumphalism. So the question is: are we currently in the historical analogy of 1929 or of 1927? Ellen, it was good to see you at the convention! Jim Devine [EMAIL PROTECTED] & http://clawww.lmu.edu/Faculty/JDevine/jdevine.html
[PEN-L:1995] Re: Re: Re: Re: BLS Daily Report
Doug wrote: >'Cause I'm way out of town this week. How's the convention? I heard there >was a party for the Long Term Capital guys. I don't know about the party, since I wasn't invited. The URPE part of the convention was very good, since the ASSA cut-backs seem to have energized URPE's spirit to resist. Also, it's great to talk to an over-full room. I went to only one AEA session, with Edmund Phelps, proxies for the late Robert Eisner, and Ray Fair talking about the NAIRU. Alan Blinder and Jamie Galbraith and James Tobin and ?? can't remember ?? commented. It was pretty good, considering. The old NAIRU is in trouble. Interestingly, the most conservative of the bunch, "Ned" Phelps, was pushing a thesis that showed up in my Ph.D. thesis: a rising rate of profit lowers the NAIRU (what he called the "natural" rate). Much less plausibly, he saw the high stock market as helping lower the NAIRU. Hmmm Doug, this cyber-Bud's for you. Jim Devine [EMAIL PROTECTED] & http://clawww.lmu.edu/Faculty/JDevine/JDevine.html
[PEN-L:1992] Re: Re: Re: BLS Daily Report
Jim Devine wrote: >Not to minimize the bad news concerning this reestimation, but the good >news, as Dave Richardson pointed out awhile back, is that lower measured >inflation rates mean that the Fed is less likely to get pressured to step >on the brakes. I'm way out of touch here in southwestern Virginia this week, but it sounds like the Fed is worried about the stock market, now that the crisis period in Asia is fading. The president of the Atlanta Fed gave a speech the other day that evoked bubblish fears, though in that careful way Fedsters do. >BTW, Doug, I didn't see you at the economics convention. I still owe you a >beer (or four). I guess I'll have to send you a cyber-beer. 'Cause I'm way out of town this week. How's the convention? I heard there was a party for the Long Term Capital guys. Doug
[PEN-L:1994] Re: BLS Daily Report
Doug Henwood wrote, >sounds >like the Fed is worried about the stock market, now that the crisis period >in Asia is fading. The president of the Atlanta Fed gave a speech the other >day that evoked bubblish fears, though in that careful way Fedsters do. I was wondering when someone was going to notice. What's the market up so far this year? 5%? Tom Walker http://www.vcn.bc.ca/timework/
[PEN-L:1989] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE39AE.00F5BD70 BLS DAILY REPORT, TUESDAY, JANUARY 5, 1999 The manufacturing sector continued its slowdown in December, recording the lowest level of activity since May 1991, the National Association of Purchasing Management reports. Analysts had predicted the monthly index of manufacturing business activity would rise in December. ... (Daily Labor Report, page A-2)_Manufacturing activity slowed for the seventh straight month in December, as production slumped, factories eliminated jobs, and weak demand hurt prices. ... The index has been below 50 since June, which means the number of manufacturers that said business deteriorated was greater than the number of those saying it improved (Washington Post, page C1)_The manufacturing sector continued to contract last month, as a key index of industrial activity fell to its lowest level since the depths of recession nearly 8 years ago. Still, the largely gloomy report showed some signs of hope. A major reason for manufacturing's woes over the past year has been the Asian crisis, which has reduced exports. But the survey showed that, in December, export orders contracted at a slower pace than in November. ... (Wall Street Journal, page A2) After 10 years of study, the Occupational Safety and Health Administration sets standards for drivers of forklifts and other industrial trucks. OSHA says it will require drivers to receive in-class and on-the-job training before operating the machines. Drivers will also be re-evaluated every 3 years. ... Accidents involving forklifts are among the leading causes of workplace casualties, killing 110 workers in 1997 and injuring 95,000 others. ... (Wall Street Journal's "Work Week" feature, page A1). Temporary workers used to be at the low end of the workplace food chain, but, in today's fast-changing high-tech world, a growing number of techies are discovering that today's job market rewards rather than punishes workers who move frequently between jobs, mastering new skills in the process. In the high-tech world, temp workers can also avoid the problem full-time employees frequently face: That once hired, they don't move rapidly up the salary scale, and they don't get the job training needed to stay fresh in their specialties. ... (Wall Street Journal, page B1). The USA Today (page 4B) consensus estimate for the December unemployment rate is 4.5 percent, compared with 4.4 percent in November, and for average hourly earnings is a 0.3 percent rise, compared with a 0.2 percent increase in November. DUE OUT TOMORROW: Mass Layoffs in October 1998 --_=_NextPart_000_01BE39AE.00F5BD70 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAYADgAzADQAAwBVAQEggAMADgAAAM8HAQAG gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgD0CQAAHEAAOQDw i48Brjm+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb45rgAI g/8tzaVJEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAExBwAALQcAAE0LAABMWkZ1 Ekrizv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBKQVBOVUFSGQA1GYAxDjka8AqFCoVUaGUgaQOBdWYA0HQIcRbgIH8R8BygBbEFoAIwC4AKUGQo IGl0BCBzFMB3ZN8ekAOgC4AYsAWQZQbQBJDXGYAVMAWhZBzidBwRHoFDB5AFQGxldmUDIG+kZiAc kWl2HjB5HRC3C4AfUAXQYSIgGuExGYD5IHJOYR3AAiAHQBPQBBDcb2MHMCOiIXJQCHARse8iQR0A IqAj0GcfYAnwBUDFFTBwFNFzLiAT0CPRfnkg8AQgEcAeEBOQCYBp3xygHgEgcgRgAjBoJzAe8c0N sHghchxMYnUiQQeQ6wQgIbd3CGBsHhAFEBHwmx76JtAuLUAm4ChEC3DtKQFMAaAFsVImcxmACrDD JfAT0C0yKV8vciWx/xx5Ibggsh4QAhAFwCByEfAnIUAo0R0QdHILcGdovwVAKLMe/CVQJ8EEcHUh weMkoR5wdW1wCYAZgByC/wWwCJAEICFQB3ALgCOQHgFwam9iczRBKUArsGW4YWsgDbADgR4QaAhw /wVAE5AoEAeQLSUcAik0JUF/KpAJ4TpxHoEaoBhgIkRK5nUq4BmAd2goEDKAB4D/BiIgchxgH3Ip jASQPMIjkP8dEAtwHhAqpw2wKDAFEAWw/TbTdzRhCcE20THCA5E87O0gcG8sQT7weRziHjAeIM81 cANgIUAeEChXJVA8MDcW4B1QA6BQQrAutkMx7y9kHA8dHyBgbx2DMsBGsA8goCVQMxU0Q2Ega2W/ KRkpMSqwMrAHMSGoZiFQ/wMgSEEeMiC7IkQgcg2wBTD+aAQgIYEf0SrxJJIq4ArAMSkBOCB5T6Er NyAFwEDxJDADoPsxokZbJwQgK8AHkUPRMcT/CrAg8VAiOjggciQQBzADoP8FAQCQN1E8JDpCFTE0 0B4B8ylgJoZCdQVAMeMIcCFA/yIhUwQ+ohmAHwtbNCFwCyD/PmJIdh4BPsFJ8DEzBcAKsPdN4wOR HwFOQ9Es6kQwTEH3UOAJ0QVASghhI9Euxi9Q/RssQQGAPWEXAFAVIYEg8Ah1ZHkjJE9jY3W/CrAj pQYQTCAiETeCSDfQ8mwycUFkNqEEADKxNPR/EgAeUQGQKUALEQQgMaJk7wUQV0FOozGhazaAAYAr EX03kW8gcQXASukysDTQa/Emwk9TSFSwQvEEIENhxwPwTEEVMHF1aRUwawfPSEFO8msxHvEtY0kB bEX7cSAgcS03IW2hC3EqYw3A/wWwRjBUUWlyIEUAwURhORJ/GLBrJW8TB0AkMDpxH8EtWyEwB0B1 NtMhMXIiIDN7UBQtJUFnED8QJiFuwW6+dgbwIfBHAWvJb7FhKLHnIFU30CAjY2EqsFcCIZD/F5wK ICuxa+ALUSJxe8BcUG9ooTYxF50ZgGtRAUbyMd9lkX1yPmIfARrhNzdzC4DqakbUORqwMIKAbJQ5 JidifyPRVrEiV2vRIFf5CeBrIkwRI5A+QS7GRaD/JtAbLR9gJoEKwCuigKR74f9II3ZBPsEgdTZg bHJCckYw/314AhAEcB2AEcALgBmAKqD3XWQdUGpweVaxRpAg8HEw/UFxZ
[PEN-L:1988] Re: Re: BLS Daily Report
Doug writes: >Ok, the adjustments to the CPI so far have lowered it by 0.4 points, and >here we've got another 0.2. It looks like the Boskinites have won. Last >time I said that, people disagreed, but I'm going to say it again. Not to minimize the bad news concerning this reestimation, but the good news, as Dave Richardson pointed out awhile back, is that lower measured inflation rates mean that the Fed is less likely to get pressured to step on the brakes. BTW, Doug, I didn't see you at the economics convention. I still owe you a beer (or four). I guess I'll have to send you a cyber-beer. Jim Devine [EMAIL PROTECTED] & http://clawww.lmu.edu/Faculty/JDevine/jdevine.html
[PEN-L:1973] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE38C2.7734C760 BLS DAILY REPORT, MONDAY, JANUARY 4, 1999 Consumers' quick draw with credit cards and checkbooks will slow in 1999, constrained by tepid job growth, rising debt, insecurity about the future, and a stock market that no longer seems able to guarantee spectacular returns, economists predict. All but one of the 25 economists surveyed by the Bureau of National Affairs in mid-to-late December predict U.S. growth will become lackluster in 1999, restrained by a drop off in consumer spending. ... Because consumer spending has driven the spectacular U.S. expansion in the last few years, most analysts participating in BNA's annual survey say an economic slowdown is inevitable. Although economists have expected the economy to cool for some time, growth continued robust and unabated. But, they say, 1999 will be different. Forces have aligned to almost surely brake expansion to a level of 1.4 percent to 2.8 percent, all but one survey participant predicts. ... Job market growth will cool its heels this year, in response to thriftier consumers, corporate profit squeezes, and increasing layoffs. Nonetheless, most economists surveyed predict that the unemployment rate, while creeping higher, will stay below 5 percent. ... Looking to defend and sustain domestic growth, the Fed will stay on an easing track in 1999, with one eye focused on real economic events at home and the other on developments abroad. ... Most economists expect only a modest uptick in inflation this year, as consumer prices are kept at bay by low oil prices, rising unemployment, excess industrial capacity, and global competition. ... At the start of 1999, indications are that the global economy is headed for another year of slow growth, but the world's financial crisis should not result in a recession, analysts say. ... (Daily Labor Report, 1999 Economic Outlook section). The U.S. economy is expected to grow at a slower pace in 1999 than last year, according to most economists participating in a semiannual survey. Global uncertainties are making forecasting trickier, economists say. ... (Wall Street Journal, page A2). New claims filed with state agencies for unemployment insurance benefits rose dramatically, up 79,000 to a seasonally adjusted 368,000 in the week ended Dec. 26, the Employment and Training Administration announces. Winter storms in several areas of the country have been cited as reasons for the increase. ... (Daily Labor Report, page D-1; Wall Street Journal, page A4)_New claims soared at the fastest pace in more than 6 years, but the figure may have been skewed by bad weather and the Christmas holiday. ... Economists in the private sector had expected new claims to rise to only 312,000. ... (Washington Post, Jan. 1, page D1)_The increase in claims could be a sign that hard times abroad are hitting American companies harder. ... (New York Times, Jan. 1, page C2). The Conference Board's help-wanted index jumped 4 percentage points in November, signaling continued job growth, the board announces. The index increased to 91 percent of its 1987 base, still below the 93 percent recorded one year ago. "The great American job machine is not broken," one economist with the Conference Board says. "It isn't even slowing." ... (Daily Labor Report, page A-8). Manufacturing in the Midwest picked up unexpectedly in December, helped by rising production and an increase in inventories, according to the National Association of Purchasing Management-Chicago. ... (New York Times, Jan. 1, page C4). The Wall Street Journal's consensus forecast is that, in December, nonfarm payrolls rose 193,000, and the unemployment rate rose by 0.1 percentage point to 4.5 percent. One of the enduring goals of the labor movement is to achieve uniform contract terms throughout each industry. Unions typically were able to meet this objective when the workforce was highly unionized. But as organized labor's strength declined in recent decades, so too has its ability to reach pattern agreements, according to labor officials and labor-management specialists interviewed by BNA. ... Pattern bargaining is still widely used in some industries, including steel and petroleum, according to the research director for the Midwest Center for Labor Research. However, "pattern bargaining, as defined in the 1950s and 1960s, is different and we're not going back to that." ... (Daily Labor Report, page C-1). --_=_NextPart_000_01BE38C2.7734C760 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAUACgAtADYAAgBLAQEggAMADgAAAM8HAQAF gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCcDQAAHEAAOQDA W1l6wji+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb44wnjH G4t3cKSLEdKI
[PEN-L:1963] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE37FE.64C767A0 BLS DAILY REPORT, MONDAY, DECEMBER 28, 1998 If the Christmas buying season doesn't turn out to be as great as retailers expected, it wasn't because consumers didn't have money to spend. The Commerce Department reported that personal income rose 0.5 percent in November, the largest monthly gain since February. Wage and salary income was up 0.6 percent for the month, for a 6.1 percent increase from November 1997. Moreover, disposable personal income - essentially after-tax income - continued to rise far faster than prices. Over the past 12 months, disposable personal income after being adjusted for inflation increased 3.3 percent, and in the past 3 months grew at an even faster 3.7 percent annual rate. Gains in this measure of consumer buying power have been 2 percent or more in each of the past 5 years, a record unmatched since the 1960s. In the same report, the Commerce Department said consumer spending rose only 0.1 percent in November, as purchases of new cars, light trucks, and other durable goods fell 0.9 percent. ... (Washington Post, Dec. 25, page B9)_Personal income saw its sharpest monthly increase in 9 months, and Americans chose to put some of it into savings for a rainy day. ... (Wall Street Journal, page A2). The number of Americans who filed first-time claims for unemployment benefits for the week ended Dec. 19 fell 13,000 to 287,000. The Labor Department said the decline to 287,000. The Labor Department said the decline to 287,000, which followed a 28,000 person drop from the previous week, marked the first time in 11 weeks that initial jobless claims fell to less than 300,000. It is the lowest level in a year and a half. ... (Wall Street Journal, page A2). Many professional pollsters have concluded that there's no future for online surveys as a way to estimate public opinion reliably. The demographics of Internet users are not the same as the population as a whole. ... And pranksters are always ready to stuff the electronic ballot boxes with bogus opinions. But, Louis Harris and Associates, one of America's top polling firms, has been conducting experiments that may revolutionize the way public opinion polls are done - while at the same time slashing the cost of a typical poll by eliminating tens of thousands of dollars in interviewer salaries and long-distance charges. ... The method Harris researchers use, as described by their Internet research director, consists of assembling a database of about 1.5 million Internet users from around the country. Everyone in this database agreed to participate in Harris e-mail surveys and answered a detailed questionnaire asking their age, income, and race as well as political inclinations, voting intentions, and other relevant facts. ... This database allows Harris researchers to select a large random sample of Internet users and then statistically adjust it so that the percentages of men and women, blacks and whites, Republicans and Democrats, etc., equal the proportion of those groups in the country as a whole. In theory -- and here some survey methodologists would disagree -- the results from this adjusted sample should be the same as those obtained in a traditional phone survey. Does this work? So far, the answer is a qualified yes. For all of 1998, Harris has been conducting a monthly online poll that asks some of the same questions that appear on the monthly Harris Poll. ... For most issues, there are only minor differences, if any. ... Efforts of pollsters to harness the Internet are being helped by the rapidly changing demographics of the online world. ... The Internet is beginning to look a lot like America. ... (Washington Post, Dec. 27, page C5). Japan's official jobless rate rose to a record 4.4 percent in November, matching the U.S. rate for the first time since Tokyo began keeping such statistics 45 years ago. ... (Wall Street Journal, page A1). --_=_NextPart_000_01BE37FE.64C767A0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAQACwAWAC4AAQArAQEggAMADgAAAM8HAQAE AAsAFgAQAAEADQEBCYABACE0MTA4QkM1QkM1QTNEMjExODg4RTAwQzA0RjhDNzgzMQAVBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCoDAAAHEAAOQAQ b3N2/je+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb43/ngC W7wIQqPFEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw o5NhM/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gERFQ0WATUJFUiAyOBmAMDE5OTgKhQqFSWaAIHRoZSBDaAUQjHN0AMAEIGJ1eQuAHGcgEfAc8AIg IGRv6QeQbicFQHQIcAOgCGC9HmFvHRAcYBzxCcFhBUA/HPEVMAGQAxAEkAQgZXhacAWQdAmAGYBp BUB3RxzwHkIfQGNhdRHwIBsFoACAdQeAIKFkaWQbHkIRwHYcYARgbmV5BR8CcyDwbmQuICAuVBxS A3Ai4WMcYERl3wqxHNAJ8AVAFTBwFNEJgH8cMR/RIPAR4A
[PEN-L:1962] Re: BLS Daily Report
Richardson_D wrote: >"Consumer Choice and the CPI: Tossing a Variable Into the Market Basket" is >the title of a "Trendlines" article by John M. Berry in the Washington Post. >Berry says that BLS has been publishing an experimental version of the CPI >that adjusts for consumer substitution of an item when a similar one goes up >in price. A version of this formula, to be used officially beginning next >month, lowers the index's annual increase by about 0.2 percentage points. >... This change, one of a series of alterations the agency has made in the >CPI over the past several years to make it a truer measure of shifts in the >cost of living, will be important for a wide swath of the U.S. population. >For instance, it will reduce the annual cost-of-living adjustments in many >government benefit programs, such as Social Security, relative to what the >COLAs would have been without the change. It also will slightly reduce the >annual adjustments made in parts of the personal income tax code to offset >inflation, such as the size of personal exemptions, the standard deduction, >and the so-called income break points between different tax brackets. ... >When BLS Commissioner Katharine G. Abraham announced in April that the new >formula, known as a geometric mean, would be used beginning in January, she >noted that substitution isn't a simple matter. ... Ok, the adjustments to the CPI so far have lowered it by 0.4 points, and here we've got another 0.2. It looks like the Boskinites have won. Last time I said that, people disagreed, but I'm going to say it again. Doug
[PEN-L:1961] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE37FD.F27FBC30 BLS DAILY REPORT, THURSDAY, DECEMBER 31, 1998 RELEASED TODAY: In June through September of 1998, there were 1,215 mass layoff actions by employers that resulted in the separation of 241,212 workers from their jobs for more than 30 days. For the first three quarters of 1998, the total of extended layoff events, at 4,069, and worker separations, at 814,597, were slightly higher than in the corresponding period of 1997 (3,968 and 807,799, respectively). ... The index of leading economic indicators jumped 0.6 percent in November, suggesting a healthy U.S. economy that will continue expanding at least through the early part of next year, the Conference Board reports. ... (Daily Labor Report, page D-1; New York Times, page C2)_The index of leading economic indicators rose sharply as the stock market boomed, exceeding expectations and providing signs of optimism for the U.S. economy heading into 1999. ... (Washington Post, page E1). The index of leading economic indicators shot up, having the biggest one-month increase in nearly two years. Meanwhile, though, a survey of business executives showed many companies are anticipating some rockier business conditions in 1999. Tight profit margins are expected to take their toll on the bottom lines of many companies, according to the American Business Conference's quarterly survey of chief executives. ... (Wall Street Journal, page A2). Wage data compiled by BNA in 1998 show that the median negotiated first-year wage increase was 3 percent, and the weighted average was 3.1 percent. ... (Daily Labor Report, page D-2). Despite outward signs of prosperity in the U.S. economy, 1999 will not be a "happy" year for those bargaining new contract agreements, according to Gary Chaison, a professor of industrial relations at Clark University in Massachusetts. Employers, particularly in the manufacturing industry, will continue to be plagued with "severe competitive pressures" because of the impact of the Asian financial crisis on U.S. companies, he says. ... Major issues at the bargaining table are expected to include job security and outsourcing. As for wages and benefits, experts expect to see unions pushing this year for bigger wage increases because of the healthy economy. One big-ticket item that is sure to spark considerable discussion in bargaining is health care and how to deal with anticipated increased costs. (Daily Labor Report, page C-1). U.S. corporations plan to boost research and development spending by 9.3 percent in 1999 -- more than four times the 2.2 percent rate at which the nation's economy is expected to expand. The fast-growing high-tech industry will lead, according to an annual survey by Battelle Memorial Institute, a contract research concern, and R&D Magazine. ... (Wall Street Journal, page A2). --_=_NextPart_000_01BE37FD.F27FBC30 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAQACwATACIAAQAcAQEggAMADgAAAM8HAQAE AAsAEwAEAAEA/gABCYABACEzRDA4QkM1QkM1QTNEMjExODg4RTAwQzA0RjhDNzgzMQAnBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBQCgAAHEAAOQBg W0AE/je+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb43/gTF W7wIPqPFEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACPBwAAiwcAADQMAABMWkZ1 UfXlPP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmARABFQ0VNQkVSIIQzMRmAMTk5OAqFAwqFGSBMRUFTRUSFGZBPGfE6ICBJA6CASnVuZSB0aANg 2HVnaAZRBTBlBtAEkPggb2YbAxmAHcAEkB2ghncfkhrgMjE1IADAOwQRC2B5HuAe8ADQdGljAiAE IGJ5IB6AC1BvbnkEkAQgHcBhBUAVMHNkdWwecGQgC4AfYiCfEfAKsSKwIXEe0jI0ICJ1EiB3BbBr IlIDUh9iafEFwGpvYiWhBbEEYB+hKyKRA6AzGGBkIOBzLq0dIEYFsSOiZiZAcwVA4x3BCeAgcXUK wB5wImE7HuodsG8BkAMgHuFleJ0ecG4NsCNQINVldgnwDHRzGYAisTQsMDY+OSzRK7AlNSPZLMQ4 MTEtIDU5NxmAH9NzbNJpHhB0bCHQaDBBHrGvJ1MjdQWhIuFwAiBkC4A4ZyBwBnEEcB7VNyBAKDMs OTY4LYM4+jAvoDcbIBmAMhIFkCFg6yyAMIApKBAuNeAdIB0gXRtcVCOxC4ANsHge0mwsZWEycwWR bgNwaWOfN2I44CKwBbAEIGp1IgDRI0EwLjYysmMskSNiPE5vLIAekhmAIwBnZ3cHkCFgMpFhMKA4 ECMgaPEh0FUuUygQOIQh0CKT/QPwbAMgOJE8IQpQK2EKsH8yZCKxOAEo9B3zI6I4EHK/MIEKsQVA HuEdkCuAICJApwrAKoQIUG5mH5FuOqD9GHBvCxEi0TJAACAoATXjbChEC3AwgUwBoAWxUh9D8xmA CrA78BiwLTE7PQezWSVRGZAHckX1QzL8KV9IMjc/OE85VQNgEfB/I9ARwQtQIdAgkCOUKuBj/0cg AMAlYQVABuADcAmAGYD/K3A6oAmASZM/IDUxLpQtg9sTkDswaTJzAJBnBjEe4f5vBTAHcAQAJfAm wiOiPRtfPJEycwuAKuAbAjlEVlffIJAwsBbgKuADoFBLIEXm/EUxNbA2X0i/Sc85gktg8SrwIHVw GYARwE+AMpG9I6JiMEA78h7QHZAtBGD/AjAeIAuABQA/8VaSQdFBEy50JUBCIygCTVdQbne/MLBX QB9SHfIs0TuxciyA8yHQHuFidQCQHZAEEStw/QWQdTVSWOMf0CNQA4Eh0P8FoCIAAHAIkE7xH6EA cCFg/mMFICQxT8JNQUsBTIAIkf9fOFfRMnAhZCNxUzRHMTBR709CKMAFQEyxZwuAYcRORP8jQVMB AZAlcCYFKuA+USRh/1oDKvAq4CXwMDBfgR7SYPy9LNFjBaEyc2fCI7FBB4C3BRA5
[PEN-L:1960] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE37FD.8BD0E460 BLS DAILY REPORT, TUESDAY, DECEMBER 29, 1998 Major companies are announcing layoffs, but because of the tight labor market, managers and others often find new jobs quickly. ... The unemployment rate for managers and professional employees was 1.7 percent in November - the fifth time at that level in the past year - matching a low reached only once before (in 1989) in the 16 years of such BLS reports (Wall Street Journal, "Work Week," page A1). Tens of thousands of workers are hearing "Happy holidays, you're fired" as corporate America, struggling to boost bottom lines and bolster stock prices, has undertaken its most severe round of announced layoffs since the start of the decade. ... (USA Today, page 3B). Many employees will begin looking for a new job as the new year approaches. Membership in some job-placement firms jumps by 30 percent, as workers job shop amid a tight labor market and lingering concern over job cuts. End-of-the-year pay raises have come, bonuses are landing, and many employment contracts are up. Companies project workforce growth to average 4.6 percent through June 1999, based on a survey by the American Management Association. Meanwhile, many workers are looking to leave now in fear of after-holiday layoffs. A tight labor market of 4.4 percent unemployment in November also means employees are feeling confident. ... (USA Today, page 3B). The workplace injury and illness rate for private industry declined to 7.1 cases for each 100 workers in 1997 from 7.4 in 1996, BLS reported. Based on 6.1 million instances, the rate was the lowest since the agency began reporting the data in the early 1970s (Wall Street Journal, "Work Week," page A1). Nearly 17 million people directly and indirectly work for the federal government, about eight times more than the conventional head count used to describe the size of the bureaucracy, according to research by Paul C. Light, director of the Center for Public Service at Brookings. ... In calculating the government's size, using 1996 data, Light began with 1.9 million full-time civilian federal workers and added in 1.5 million uniformed military personnel and 850,000 Postal Service employees. He then measured the "shadow" workers who act on behalf of the federal government. Light figured that the government's $200 billion in contracts in 1996 created 5.6 million jobs, its $55 billion in grants created another 2.4 million jobs, and its regulatory mandates encumbered 4.7 million jobs in state, county, and city governments. He added those 12.7 million shadow jobs to the 4.25 million civil service, military, and postal positions to assert that the true size of government in 1996 was nearly 17 million employees. ... Light relied on Commerce Department and General Services Administration databases. ... (Washington Post, Dec. 28, page A23). U.S. home sales will slip in 1999 from this year's record pace, but interest rates will stay low and demand will remain strong, the National Association of Home Builders says. ... (USA Today, page 1B; New York Times, page C18). Ability to communicate ranked first among personal qualities of college graduates sought by employers, in a survey of 480 companies and public organizations by the National Association of Colleges and Employers. Work experience was second, motivation third, and academic credentials sixth. Ethics was 10th (Wall Street Journal, "Work Week," page A1). DUE OUT TOMORROW: Metropolitan Area Employment and Unemployment: November 1998 --_=_NextPart_000_01BE37FD.8BD0E460 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAQACwAQACoAAQAhAQEggAMADgAAAM8HAQAE AAsAEAAMAAEAAwEBCYABACEzODA4QkM1QkM1QTNEMjExODg4RTAwQzA0RjhDNzgzMQAbBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAUDAAAHEAAOQAg 1HOd/Te+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb43/Z7j W7wIOaPFEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAABUCQAAUAkAAHEPAABMWkZ1 UW8meP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBERQBDRU1CRVIgMsI5GYAxOTk4CoUKhdhNYWoFsQWgbQqwAwBLB5EKwGUdEG5uCGBukmMLgGcg C2B5bw3QUnMZgGJ1BUBiBZBhinUR8CAeQCB0aB1A8HRpZ2gFQAtgBuAFwDkAwHJrEgAZgAOBYWfz BJAdAW5kH1AfkSFxHkCydAnwIGYLgCHAbgfRBRxAYgQgcXVpY2ugbHkuIC4kICAZkPsfoR2gZRyg FMAGwAnwBUD8cmEicCKgIGMhOROQHkDvB5AAkAIgB0AgJNQJ4AQgxHdhBCAxLjcm0ASQzmMlQguA B7BvdiTQHuDrCtEJ8GQoYGgkUB+SIrD/AYAqcB/QB4AdEAVAH5ArkXxsZSmgAyApUR+SCrBz3wVA KAAKwiomAMB0EbAd0vphHgBvB+AVMADQH6AhwX5uI+AvcSkAHtEl0R1AKCMpURsAODkpLGYxNuMt IyIyIHN1EbAK4Re6bwogGHIXnS7xcBTRBCAoZlcHQAMgU3QJ0QVASicIYSdxGYAiVwWwayDiVwng aywiLNEhUBPQ6DE
[PEN-L:1959] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE37FC.B11FC4E0 BLS DAILY REPORT, WEDNESDAY, DECEMBER 30, 1998 RELEASED TODAY: In November, 207 metropolitan areas had unemployment rates below the U.S. average, while 113 areas had higher rates. Of the 20 metropolitan areas with rates below 2.0 percent, 14 were located in the Midwest, and 5 were in the South. Of the 14 areas with jobless rates of 9.0 percent or more, 8 were in California, and 5 were along the Mexican border in other states. ... "Consumer Choice and the CPI: Tossing a Variable Into the Market Basket" is the title of a "Trendlines" article by John M. Berry in the Washington Post. Berry says that BLS has been publishing an experimental version of the CPI that adjusts for consumer substitution of an item when a similar one goes up in price. A version of this formula, to be used officially beginning next month, lowers the index's annual increase by about 0.2 percentage points. This change, one of a series of alterations the agency has made in the CPI over the past several years to make it a truer measure of shifts in the cost of living, will be important for a wide swath of the U.S. population. For instance, it will reduce the annual cost-of-living adjustments in many government benefit programs, such as Social Security, relative to what the COLAs would have been without the change. It also will slightly reduce the annual adjustments made in parts of the personal income tax code to offset inflation, such as the size of personal exemptions, the standard deduction, and the so-called income break points between different tax brackets. ... When BLS Commissioner Katharine G. Abraham announced in April that the new formula, known as a geometric mean, would be used beginning in January, she noted that substitution isn't a simple matter. ... Home sales climbed to just short of July's record during November, rising 2.7 percent from October amid a strong economy, mild weather, and low mortgage rates. ... (Wall Street Journal, page A2). After rising sharply in November, consumer confidence held steady in December, the Conference Board reports. It says the consumer confidence index dipped 0.3 percentage point in December to 126.1. ... (Daily Labor Report, page A-8)_Consumer confidence bodes well for spending in early 1999. ... (Wall Street Journal, page A2). Sales of existing homes rose 2.7 percent in November, staying on track to set a record in 1998, according to the National Association of Realtors. ... Meanwhile, consumers' confidence in the economy held steady, although Americans grew more cautious in their outlook for the future. ... (Washington Post, page C13)_ Sales of existing homes rose in November to their second-strongest rate ever, energized by optimistic consumers, low mortgage rates, and job gains. ... (New York Times, page C2). DUE OUT TOMORROW: Extended Mass Layoffs in the Third Quarter of 1998 --_=_NextPart_000_01BE37FC.B11FC4E0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzwcBAAQACwAKACMAAQAUAQEggAMADgAAAM8HAQAE AAsACgAFAAEA9gABCYABACEyQTA4QkM1QkM1QTNEMjExODg4RTAwQzA0RjhDNzgzMQAjBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCsCgAAHEAAOQAA 2M/C/De+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb43/MI7 W7wIMKPFEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw r0omhv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgABERUNFTUJFUgggMzAZgDE5OTiHCoUKhRkgTEVBUxmwCCBUTxoBOiAgSeEDoE5vdmUG0ASQ GYCpAdA3IAeAdANgcAbwzmkBkAOgCsBlYQQgEcCwZCB1bh2wC1BvBsDjCfAFQHJhdAeRHdAUwAEH 4HRoZSBVLlNOLh8gHaAgoGdlGYB3xmgDECGAMTEzHykikB5nIXAFwCCjIdAgT2Z/IVMYUR5vBCAD 8CFgIJsyai4YYHAEkGMgYRsBNO8icASQIYAUwGMgsR+wC4DRIVNNaWQokHMoMQBw7R+wNSiEKWVT CGAhYCSI8yhhJilqbwJgB5AEICCk+m8kwDknqC4gBcAEYBUw9RmAOCq3QwdABpAFsAMALmEqSwdA AiBnKYRleH5pKQADoAbgCyAkASlhb+8hYQXAKiAkRC40YB0wG2w2IghQAIB1B4AFwENoHm8ykDGh KnEhYkNQSTkdIVRvBBALgDIAYSCeVgrABzAtcR1BdG8phL0KwGsSABhwH2A5cSIpUHsEICFidB7g IrEuMTgAIt5UFTAqcB7QH+BzOhAKwAU6oGMisWJ5IEpvqmgDoE0h0EIEkHI8sH0pZVcfYCKQFuA4 0AOgUI03kHQkgT1Uc2F5OkL/ILAK4Re6CiAYcxedEcAg4nsJ8CfAdQJgBAA+UipRIN8ycCfRB3EC MAdAICIBAJCfPqEuMTblP+QfoGp1KiC7BCAwkSAFoDXFNdBiKiD/HuAroEUFA5Ee4B2wInFC4Xs4 AACQbQMQCsECICGAZ/JvB5F1cClSE5A2YSSBzkFEvDoxMJFtdQtgGYC/ONEd0B/AEfAfsC4wZjKQ 7QcxbDywHdBnC4ADADHx3R/geAVABGACMGgZgCEhz0TRIVMLgA2weCcEIABw/G51RJELgAUAH1E8 gwGg8SuRIDAuEiAn1SIxJ8D3NlACMDQ2VExSEbEW4CJR/0oCOwMR8AiBLhMHQCDAIKH/RQE6RCIx UZA8sEKCAMANsP8pVkWyHZEFwCFiCrAqIFWx+yICAyB5H1BQIjjgAMA5cP9IsTfxJXAKUC8xH1EI cDrj/z5BAYAEICllBaBZwS4xHtD+djfBImEDEAMgTVEHcB6w/wAgAHAFQEbCOAAD8FgxA+D/ILAm sEVFIaMesEMQC2BIEv0kgUYFsQuAM+FRkCJRW1F7XpMVMXU2cVcjUSRdki39LjAtXhRGNSBSXQMD gTyw+0pAIgFuIFMd0B/gTfAFQMUTkG8JwGFt
Re: [PEN-L:1576] Re: Re: Re: BLS Daily report
On Tue, 15 Dec 1998, Doug Henwood wrote: > Michael Perelman wrote: > > >In response to Tom's question below, I suspect that the Bank of International > >Settlements may be correct in so far as they go. The norm is not for a > >company > >to remove jobs via direct investment in a facility abroad. > > > >Outsourcing is a more likely route. Outsourcing need not involve direct > >investment. Besides, the Bank statement is unclear if t would even pick > >up the > >direct investment that leads to outsourcing. > > > >For example, GM wants to outsource an auto part. I invest in a shop in > >Bolivia > >to make the part, but not direct investment links the change to GM's laying > >workers off. > > > Well how about this? The table shows total employment in U.S. motor > vehicles and equipment up 265,000 from Jan 90-Nov 98 - or 216,000 looking > at just production workers alone. In parts and accessories, the numbers are > +167,000 and +130,000. After declining from the 1970s into the early 1990s, > motor vehicles have increased their share of total employment since. > > Another point - though lots of people generalize about "globalization" > trends from the auto industry, it represents well under 1% of total > employment. Over 7 times as many people work in finance as in motor > vehicles; 10 times in health, 20 times in government, and 22 times in > retail. > > Doug > Even services are "globalized". however, overseas shares of output, employment, etc. to total national output, employment, etc. is still very small. In other words, the whole question of globalization has been perhaps overblown. Anthony D'Costa > > > EMPLOYMENT IN U.S. MOTOR VEHICLE INDUSTRY > > motor MV > vehicles & parts & > equipment accessories > --total > total produc total produc employment > 1/70 879 683 382 30671,018 > 1/80 852 627 388 30490,729 > 1/90 737 540 373 290 108,946 > 2/92 804 616 414 327 108,077 > 11/98 1,002 756 539 421 126,775 > > change to > 11/98 from > -- > number > 1/70 +123 +73 +157 +114 +55,757 > 1/80 +150 +129 +151 +117 +36,046 > 1/90 +265 +216 +167 +130 +17,829 > 2/92 +198 +140 +125 +94 +18,698 > > >percent > 1/70+14.0%+10.7%+41.1%+37.3%+78.5% > 1/80+17.6%+20.6%+38.9%+38.4%+39.7% > 1/90+36.0%+40.0%+44.7%+45.0%+16.4% > 2/92+24.6%+22.7%+30.2%+28.8%+17.3% > > % of total > 1/70 1.24% 0.96% 0.54% 0.43%100.0% > 1/80 0.94% 0.69% 0.43% 0.33%100.0% > 1/90 0.68% 0.50% 0.34% 0.27%100.0% > 2/92 0.74% 0.57% 0.38% 0.30%100.0% > 11/98 0.79% 0.60% 0.43% 0.33%100.0% > >
Re: [PEN-L:1573] Re: BLS Daily report
There is plenty of arguments and evidence as why FDI in LDCs do not displace jobs in the home countries in the same magnitude as popular perceptions might warrant. The reason is different segments of the production process or different types of production are normally farmed out. In other words skill intensities vary. However, this does not mean that home countries do not suffer from job losses in those sectors. The losses result from technological change. Un- semi-skilled work tends to get technologically substituted in the home country because of high wage costs. Low wage imports add to that burden. On the average, skill intensity of imports from LDcs tend to be much lower than competing industries in the home country. Most importantly, on the average, FDI is not determined by low wages. If that were the case, we would not have about 70% of global FDI taking place within the triad (US, WEur, Japan). Anthony P. D'Costa Associate Professor Comparative International Development University of Washington 1900 Commerce Street Tacoma, WA 98402, USA Phone: (253) 692-4462 Fax : (253) 692-5612 On Tue, 15 Dec 1998, Tom Kruse wrote: > We read: > > >BLS DAILY REPORT, MONDAY, DECEMBER 14, 1998 > > [snip] > > >Outflows of foreign direct investment from rich to poor countries are having > >only a limited negative impact on employment in source economies, according > >to the Bank for International Settlements. ... "Fears that jobs are being > >destroyed in the industrialized countries when multinational enterprises > >invest in low-wage countries are only in part supported by the evidence," > >according to a working paper prepared by the bank. ... The authors point > >out that because of the low degree of substitution between employees in > >parent companies and their affiliates abroad, even where there may be some > >displacement of home-country workers due to Foreign Direct Investment, "such > >effects are likely to have been only moderate" ... (Daily Labor Report, > >page A-9). > > Comments anyone? This would seem to really challenge the "exporting > manufacturing and other good jobs" thesis of globalization. I suppose we'd > first need to know what "only in part" means. And what exaclty does > substitution mean? That the overseas worker directly substitutes the US > worker? What if in the transfer of the production process innovation > occurs, eliminating a one-to-one correpsondence between jobs before in the > US and jobs after overseas? Any insights? > > Tom > > Tom Kruse > Casilla 5812 / Cochabamba, Bolivia > Tel/Fax: (591-4) 248242 > Email: [EMAIL PROTECTED] > >
Re: [PEN-L:1573] Re: BLS Daily report
There's a huge literature on this topic, which I don't have time to get into right now. (I summarized and critiqued the first wave of it in a report I wrote to the Labor Dept. back in 1995.) All I will say right now is that the question has generally been ill-posed. (1) It looks for absolute job loss, when the correct measure, in labor market terms, is the impact of marginal decreases in demand on wages. See also Dani Rodrik on this. (2) It misses entirely the political-economic mechanism, through which pressures on firms' investment decisions and countries' current accounts are translated into business-friendly economic policies. Rodrik sort of gets this. (3) On a technical level, every study I've seen makes neoclassical assumptions concerning the effects of international trade, market clearing, marginal productivity pricing, etc. that effectively beg the question. I've already gone on too long. Student papers to read. Peter Dorman
[PEN-L:1576] Re: Re: Re: BLS Daily report
Michael Perelman wrote: >In response to Tom's question below, I suspect that the Bank of International >Settlements may be correct in so far as they go. The norm is not for a >company >to remove jobs via direct investment in a facility abroad. > >Outsourcing is a more likely route. Outsourcing need not involve direct >investment. Besides, the Bank statement is unclear if t would even pick >up the >direct investment that leads to outsourcing. > >For example, GM wants to outsource an auto part. I invest in a shop in >Bolivia >to make the part, but not direct investment links the change to GM's laying >workers off. Well how about this? The table shows total employment in U.S. motor vehicles and equipment up 265,000 from Jan 90-Nov 98 - or 216,000 looking at just production workers alone. In parts and accessories, the numbers are +167,000 and +130,000. After declining from the 1970s into the early 1990s, motor vehicles have increased their share of total employment since. Another point - though lots of people generalize about "globalization" trends from the auto industry, it represents well under 1% of total employment. Over 7 times as many people work in finance as in motor vehicles; 10 times in health, 20 times in government, and 22 times in retail. Doug EMPLOYMENT IN U.S. MOTOR VEHICLE INDUSTRY motor MV vehicles & parts & equipment accessories --total total produc total produc employment 1/70 879 683 382 30671,018 1/80 852 627 388 30490,729 1/90 737 540 373 290 108,946 2/92 804 616 414 327 108,077 11/98 1,002 756 539 421 126,775 change to 11/98 from -- number 1/70 +123 +73 +157 +114 +55,757 1/80 +150 +129 +151 +117 +36,046 1/90 +265 +216 +167 +130 +17,829 2/92 +198 +140 +125 +94 +18,698 percent 1/70+14.0%+10.7%+41.1%+37.3%+78.5% 1/80+17.6%+20.6%+38.9%+38.4%+39.7% 1/90+36.0%+40.0%+44.7%+45.0%+16.4% 2/92+24.6%+22.7%+30.2%+28.8%+17.3% % of total 1/70 1.24% 0.96% 0.54% 0.43%100.0% 1/80 0.94% 0.69% 0.43% 0.33%100.0% 1/90 0.68% 0.50% 0.34% 0.27%100.0% 2/92 0.74% 0.57% 0.38% 0.30%100.0% 11/98 0.79% 0.60% 0.43% 0.33%100.0%
[PEN-L:1573] Re: BLS Daily report
We read: >BLS DAILY REPORT, MONDAY, DECEMBER 14, 1998 [snip] >Outflows of foreign direct investment from rich to poor countries are having >only a limited negative impact on employment in source economies, according >to the Bank for International Settlements. ... "Fears that jobs are being >destroyed in the industrialized countries when multinational enterprises >invest in low-wage countries are only in part supported by the evidence," >according to a working paper prepared by the bank. ... The authors point >out that because of the low degree of substitution between employees in >parent companies and their affiliates abroad, even where there may be some >displacement of home-country workers due to Foreign Direct Investment, "such >effects are likely to have been only moderate" ... (Daily Labor Report, >page A-9). Comments anyone? This would seem to really challenge the "exporting manufacturing and other good jobs" thesis of globalization. I suppose we'd first need to know what "only in part" means. And what exaclty does substitution mean? That the overseas worker directly substitutes the US worker? What if in the transfer of the production process innovation occurs, eliminating a one-to-one correpsondence between jobs before in the US and jobs after overseas? Any insights? Tom Tom Kruse Casilla 5812 / Cochabamba, Bolivia Tel/Fax: (591-4) 248242 Email: [EMAIL PROTECTED]
[PEN-L:1579] Re: Re: Re: Re: BLS Daily report
In response to Doug's points below, I would begin by saying that the motor vehical industry is very cyclical. I suspect that the increase in employment in the sector has to do to the conversion to sport utility vehicles. I did not generalize from the auto sector. I only used it to illustrate a point. Finally, the small share motor vehicles illustrates how pervasive the de-industrialization has been. The (more than) compensating growth in the service sector, has not created the same type of jobs, as you well know. I would like to know if I was correct in my initial point about the accounting for outsourcing. Doug Henwood wrote: > Well how about this? The table shows total employment in U.S. motor > vehicles and equipment up 265,000 from Jan 90-Nov 98 - or 216,000 looking > at just production workers alone. In parts and accessories, the numbers are > +167,000 and +130,000. After declining from the 1970s into the early 1990s, > motor vehicles have increased their share of total employment since. > > Another point - though lots of people generalize about "globalization" > trends from the auto industry, it represents well under 1% of total > employment. Over 7 times as many people work in finance as in motor > vehicles; 10 times in health, 20 times in government, and 22 times in > retail. > > Doug > > > > EMPLOYMENT IN U.S. MOTOR VEHICLE INDUSTRY > > motor MV > vehicles & parts & > equipment accessories > --total > total produc total produc employment > 1/70 879 683 382 30671,018 > 1/80 852 627 388 30490,729 > 1/90 737 540 373 290 108,946 > 2/92 804 616 414 327 108,077 > 11/98 1,002 756 539 421 126,775 > > change to > 11/98 from > -- > number > 1/70 +123 +73 +157 +114 +55,757 > 1/80 +150 +129 +151 +117 +36,046 > 1/90 +265 +216 +167 +130 +17,829 > 2/92 +198 +140 +125 +94 +18,698 > >percent > 1/70+14.0%+10.7%+41.1%+37.3%+78.5% > 1/80+17.6%+20.6%+38.9%+38.4%+39.7% > 1/90+36.0%+40.0%+44.7%+45.0%+16.4% > 2/92+24.6%+22.7%+30.2%+28.8%+17.3% > > % of total > 1/70 1.24% 0.96% 0.54% 0.43%100.0% > 1/80 0.94% 0.69% 0.43% 0.33%100.0% > 1/90 0.68% 0.50% 0.34% 0.27%100.0% > 2/92 0.74% 0.57% 0.38% 0.30%100.0% > 11/98 0.79% 0.60% 0.43% 0.33%100.0% -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
[PEN-L:1574] Re: Re: BLS Daily report
In response to Tom's question below, I suspect that the Bank of International Settlements may be correct in so far as they go. The norm is not for a company to remove jobs via direct investment in a facility abroad. Outsourcing is a more likely route. Outsourcing need not involve direct investment. Besides, the Bank statement is unclear if t would even pick up the direct investment that leads to outsourcing. For example, GM wants to outsource an auto part. I invest in a shop in Bolivia to make the part, but not direct investment links the change to GM's laying workers off. Tom Kruse wrote: > We read: > > >BLS DAILY REPORT, MONDAY, DECEMBER 14, 1998 > > [snip] > > >Outflows of foreign direct investment from rich to poor countries are having > >only a limited negative impact on employment in source economies, according > >to the Bank for International Settlements. ... "Fears that jobs are being > >destroyed in the industrialized countries when multinational enterprises > >invest in low-wage countries are only in part supported by the evidence," > >according to a working paper prepared by the bank. ... The authors point > >out that because of the low degree of substitution between employees in > >parent companies and their affiliates abroad, even where there may be some > >displacement of home-country workers due to Foreign Direct Investment, "such > >effects are likely to have been only moderate" ... (Daily Labor Report, > >page A-9). > > Comments anyone? This would seem to really challenge the "exporting > manufacturing and other good jobs" thesis of globalization. I suppose we'd > first need to know what "only in part" means. And what exaclty does > substitution mean? That the overseas worker directly substitutes the US > worker? What if in the transfer of the production process innovation > occurs, eliminating a one-to-one correpsondence between jobs before in the > US and jobs after overseas? Any insights? > > Tom > > Tom Kruse > Casilla 5812 / Cochabamba, Bolivia > Tel/Fax: (591-4) 248242 > Email: [EMAIL PROTECTED] -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
[PEN-L:1571] BLS Daily report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE2849.ADA90A00 BLS DAILY REPORT, MONDAY, DECEMBER 14, 1998 Producer prices for finished goods fell 0.2 percent, seasonally adjusted, in November, yet another sign that wholesale inflation is absent, Labor Department data show. The November price decrease followed 2 months of price advances. Producer prices rose 0.2 percent in October, after an unusually large 0.3 percent September advance. In the year ended in November, however, producer prices declined 0.7 percent, after a 1.2 percent decrease throughout 1997. Prices remained subdued in the so-called inflation pipeline, with the cost of intermediate goods dropping 0.2 percent and crude goods dropping 1.4 percent in the year ended in November. The price of intermediate goods has slipped 2.9 percent, while crude good costs have plunged 19 percent. ... "The decline in finished energy prices is one of the major reasons the overall finished goods index fell in November," BLS economist Joseph Kowal said. ... (Daily Labor Report, page D-1). Retail sales rose 0.6 percent in November, stronger than analysts were expecting, Department of Commerce data show. Economists had expected sales to be soft for the month, in part because unit motor vehicle sales for November were weak and because warmer-than-normal temperatures were reported to have hurt apparel sales. ... (Daily Labor Report, page D-9). Shoppers opened the holiday season last month by spending freely at department stores and auto showrooms. ... Meanwhile, prices paid to producers such as factories and food-processing plants declined, pulled down by big drops in the cost of gasoline and food. ... (AP story by Dave Skidmore in Washington Post, Dec. 12, page D3)_Retail sales surprisingly strong and producer prices fall again. ... (Bloomberg News story in New York Times, Dec. 12, page B2)_ Better-than-expected November sales, buoyed by a surge in the auto sector, suggest that retailers may be in for a merry Christmas after all. ... A sharp drop in energy prices and the largest decline in food costs since June 1997 continues to keep inflation at bay (Alejandro Bodipo-Memba in Wall Street Journal, page A12). Outflows of foreign direct investment from rich to poor countries are having only a limited negative impact on employment in source economies, according to the Bank for International Settlements. ... "Fears that jobs are being destroyed in the industrialized countries when multinational enterprises invest in low-wage countries are only in part supported by the evidence," according to a working paper prepared by the bank. ... The authors point out that because of the low degree of substitution between employees in parent companies and their affiliates abroad, even where there may be some displacement of home-country workers due to Foreign Direct Investment, "such effects are likely to have been only moderate" ... (Daily Labor Report, page A-9). DUE OUT TOMORROW: Consumer Price Index -- November 1998 Real Earnings: November 1998 --_=_NextPart_000_01BE2849.ADA90A00 AAsAKAA0AAIAWQEBCYABACEyQThENTBFNzBDOTREMjExODg4RTAwQzA0RjhDNzgzMQAQBwEE gAEAEQAAAEJMUyBEYWlseSByZXBvcnQAsAUBDYAEAAICAAIAAQOQBgCUCgAAHEAAOQAA JLkZSSi+AR4AcAABEQAAAEJMUyBEYWlseSByZXBvcnQAAgFxAAEWAb4oSReI 51CNMJQMEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAADSBwAAzgcAAOYMAABMWkZ1 sCeGmv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gERFQ0WATUJFUiAxNBmAsDE5OTgKhQqFUANgqGR1YwSQIBOQaRxgtwQgAhAFwGYLgAQAaAmAmCBn bwRwHPFlbAMg9DAuEiBwBJAcYAIwGYAZEfBhcwIgB0BseSDAYWRqdXN0CYAZgOMLgAewb3ZlBtAE kBmAxnkSACAAbm90HaAFwC0AkGcDoCHwYQVAd2g3BvAHkAdAZSChFrF0ab8CICCgBCABoBHwHyJM AaBpBbFEZQqxdAeAAjAgGmQisGEfUCLwdy4g/CBUHaAg1xyUJdAFkBUw/x+AI2ACEB5gJlAdsRIg BGBlAjBoBCBvZidlIBB2/wBwHNEmcRweA2AoMR6ZIKLQT2N0byEzYQGAHHFpA5F1biBAdR/DC2By +mcr8jMsRwZgBTAnFCoV/SZxSSJyI2AhgArBCfANsPcdwCC7JkFlIQAhUROQHDzdBYFsC4AdsR6Q Nx7ILZWfGqAsKSfXIfADYHVnIvD2dQVAGvE3KpMrdCEQC3F7HbEuUGIcQDIUMVIfkC3uYx/BMhMj pnAFIB5QNOH/GYAD8CHwMUMFoCBQKXILgLstsQeAZAcwIGAd1WQDYH5wPCAW4CwLAHAdwAUAdfcN sD6eNoA0LEoxXyDXJnC/JqIndD2vHfMRwAQgczTQ8z8wKMIuOR7IIuADED0x/0CnPUNGciEAHJAK QBbgHbG3GvAexiZwLksgJoAiJqLfNKUgoh1XCfAEkGcf8Byl3yQhAiBFE0LSAMBqBbEoAu8CIAQg QtIg8XIfwR1OC4DtDbB4HjQguiImgBiCBZGtIdBtBAAFQEor0XA88F5LJlAHQB9QC3BkSwUo7kQL cB/hJNRSJUAU0TOBgmEu8UQtMSkuCoW/G5ZWIAGQAxEjMiunNixK/yDoIFADYEoRBcAikQOgAHC9 B0B5SVIosBUwQ1B4HtC/LRA/URoBJUgpgQhQbQeA+x7xJdtFU0ZGckzhXLM5wvtYsy0gICEwOtEB gB0DToP/KSIgkyVSYYE7ECBAI2AuIP880CkBLSAFwCEASDA0wDrBn1izHRIm51xTKLBha0BDp2OG VGA+EXItW3ItIdD/PhBUcTARHtEisAhwB5FcU98VMFZCHbFhYUmTaAhwIaE/PzAKwB5QWJRU71X/ LTn7VycKhVMi8EcBEeApcB7Q7zTyQtIi8VTAYR/wH2Qusf
[PEN-L:1529] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE277A.5D60D500 BLS DAILY REPORT, FRIDAY, DECEMBER 11, 1998 RELEASED TODAY: The Producer Price Index for Finished Goods decreased 0.2 percent in November, seasonally adjusted. This decline followed a rise of 0.2 percent in October and an advance of 0.3 percent in September. ... Among finished goods, prices for finished energy goods decreased 1.2 percent, following a 1.2 percent advance in October. The index for finished consumer foods also turned down, after rising in the previous month. Prices for finished consumer goods other than foods and energy and for capital equipment edged up. ... New claims filed with state agencies for unemployment insurance benefits rose by 1,000 to a seasonally adjusted 314,000 in the week ended Dec. 5, the Employment and Training Administration announces. ... (Daily Labor Report, page D-1; Wall Street Journal, page A2)_The small increase fit with other signs the economy is withstanding spillover from the economic slump that began in Asia last year (Washington Post, page B12)_New claims rose for the second consecutive week. ... (New York Times, page C8). Wholesale inventories dropped in October, though not as fast as sales, in a fresh indication that holiday shopping might be getting off to a slow start. The Commerce Department said inventories at wholesalers declined 0.2 percent after rising 1.3 percent in September. Sales fell 0.4 percent, after a 1 percent increase (Washington Post, page B12). --_=_NextPart_000_01BE277A.5D60D500 AAoAOAAzAAEAZQEBCYABACEAAABGRDNFNDA5QjNFOTNEMjExODg4RTAwQzA0RjhDNzgzMQAlBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAMBwAAHEAAOQAg r/zXeSe+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4nediU m0A/AJM+EdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAABMBAAASAQAALMGAABMWkZ1 1eTqOP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIEYUUkkYwFkZ gERFQwBFTUJFUiAxMeEZgDE5OTgKhQqFGSAATEVBU0VEIFQSTxnROiAckGhlIGJQA2BkdWMEkB1R aZEdsCBJbg2weCACEB0FwEYLgAQAHTBkIEfebwRwBCAFgRUwYRHwH2B0MC4SIHAEkB2wAjAg4wuA B7BvdmUG0ASQGYAPEfAgMAIgB0BseSBhoGRqdXN0CYAuHQJ7BAAf0mwLgB1AAhAigG8ydx9RYSAF EBHwIG/CZiB+T2N0byHBIrB3HmAm0SKxdgBwHiElQzPfILoGYAUwIaMjQC4poB0A3kEEYBbgHqAf BmcfkhmAfxOQHhEEIB6yKlcJ8ASQZ/cioCrjH9kxIJgZgCREC4D/KjAk0C4JJ0cmOCNDMLIedvcq VwWgAIB1B4Ar4R+TB0C5IkAgdAhwJBAfYGQkgPpuGYBhAYAdwSTxLzIhQcZ0HTETkGV2aQhgBCB/ KgE2ICNBHfMrrTMXLQRv/zYhBcA2IAORM6Um8SyVJuJhHrJjYXBpAZADIGW8cXUFIAeAIREJgGcf UXx1cCmFGzwHwiPgC3Bt/yuhAxAfUQPwNiAiAAGQIxBfIrA9ICeQCJArpHUkEG3dC1BvBsAhBDNA cieDIcC7JBAqUHQEIANgJRFiIqD9GsAwRAA0QDQwJNAiHx9RODMxNEPzNfUkkGVrtyyBDbAfYEQF kCNANRmA7TYiRUGYJuJUQnAfASohqEFkbR8CdEJwdDagWScxbm4IYCeRcymFKLZEC3AikUwBoAWx UikADxTRKzFAkRiwLTE7IL5XInEGAEogCeAFQEoIYcMiYUzVQTIpX09iHSL+cwDATbELgCAEKkEF QD/jezmkAJBnBjE2IgWRSsBtvyKgI5E/4kAxHmAvMnM8AP8kYSGQK+EDYVIpHhBEgApAb0GQOfIF QCHAZwORIUFBzwCQJNALYCMAIHkgIAXAv0uQTZAfMC8xJoADoFBDcPlMxkIxT0U+2UNjHrI2Iu8R 8DMRMvQFkHVKUCGQRrN7SzYHwlkFsEbwB2NM1UPIOCkuGzxXaAbwB5C/B0AwsiGQAjAFsEDiZANg vnAgwB9gJjhH0ghgZ0AQ/0rAMDEroVdSYyFgIishIUH/JNADUAeQQBAx4R4QSkRWE/Ff4WlkYSKg HzBhUS8y/0nQYrBWQirQEgBKUCohJUB/JVBERCRxQCIAIDF1CFBt7zNhHiFHcAqxdDyzYCBmIPtg a1Yxd1/mEeAjtiBsNSu/LgAoLyk1BgFgAR6gZU2x/SCANC44NSQvcSC5UHVX779Y+V7mF08YUXXF FFEAeCADAPE/CQQAAAMA/T/kBwAmAAADADYAAAIBRwABMGM9VVM7YT0g O3A9QkxTO2w9RENQQ1NNQUlMMS05ODEyMTQxNTUzMDhaLTEzODE3AB4AOEABDQAAAFJJQ0hB UkRTT05fRAAeADlAAQ0AAABSSUNIQVJEU09OX0QAQAAHMKA0+9d5J74BQAAIMADV YF16J74BHgA9AAEBAB4AHQ4BEQAAAEJMUyBEYWlseSBSZXBvcnQAHgA1 EAEAAABAPEUxNkVFQTRDRTlDN0QwMTE5QUU0MDA2MDk3MDVDRDg4QTVGM0RDQGRjcGNzbWFp bDEuUFNCLkJMUy5HT1Y+AAsAKQAACwAjAAADAAYQSCGrmgMABxCVBwAQEAAD ABEQAQAAAB4ACBABZQAAAEJMU0RBSUxZUkVQT1JULEZSSURBWSxERUNFTUJFUjExLDE5OThS RUxFQVNFRFRPREFZOlRIRVBST0RVQ0VSUFJJQ0VJTkRFWEZPUkZJTklTSEVER09PRFNERUNSRUFT RUQwMlAAAgF/AAEAAABAPEUxNkVFQTRDRTlDN0QwMTE5QUU0MDA2MDk3MDVDRDg4QTVG M0RDQGRjcGNzbWFpbDEuUFNCLkJMUy5HT1Y+ACnm --_=_NextPart_000_01BE277A.5D60D500--
[PEN-L:1479] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE2527.39814620 BLS DAILY REPORT, THURSDAY, DECEMBER 10, 1998 Data from the BLS longitudinal survey, which traces the work experience of three population groups over the years, are valuable but underused by researchers and the public, BLS officials say. "People frequently use the current population survey for labor research because they are used to working with that data," Philip L. Rones, assistant commissioner for current employment analysis, told the agency's Labor Research Advisory Council. "The national longitudinal survey has a lot of data you can't get from the CPS. A lot of people are not familiar with the longitudinal data." ... Michael W. Horrigan, chief of BLS' national longitudinal surveys division, said BLS decided to start a new survey with younger respondents than earlier groups so the cohorts' entire work experience can be included. These respondents are asked about any job they have had, from cutting grass to doing chores for neighbors. ... (Daniel J. Roy in Daily Labor Report, page A-6). The tight U.S. labor market is forcing large and small employers around the country to ratchet up their recruitment and retention efforts, incorporating more creative and flexible philosophies and techniques. With unemployment rates in many states and job sectors running at all-time low levels, employers are offering higher wages, richer benefit packages, more flexible work arrangements, and other generous perks, employers and observers interviewed told the Bureau of National Affairs. The types of jobs that are hard to fill vary by industry, from fast food workers in Chicago to software engineers in Salt Lake City. ... (Daily Labor Report, page C-1). The U.S. economy continued to expand in November, but growth was patchy, slowing in several areas of the country and holding steady in others, the Federal Reserve reports. The rate of economic expansion slowed in the Atlanta, Boston, Dallas, Kansas City, and St. Louis districts, was unchanged in Chicago, Minneapolis, Richmond, and San Francisco, and growth strengthened in the New York district. In the latest "beige book," or summary of current economic conditions, the Fed also noted that wage pressures had started to abate, despite continued tightness in labor markets. ... (Daily Labor Report, page D-4)._Economic growth slowed in many parts of the country, and inflation remained absent as wage pressures lessened. Export industries shrank, farms were under stress, and retail sales were weaker than expected. ... (New York Times, page C3; Wall Street Journal, page A2). The U.S. current account deficit worsened in the third quarter, rising 8.1 percent to a record, the Commerce Department says. ... (Daily Labor Report, page D-1)_The overall U.S. trade deficit surged to a fourth consecutive record, as the Asian financial crisis crashed even harder against America's shores. ... (New York Times, page C6; Wall Street Journal, page A2). The world's financial turmoil and the related deep recessions in Japan and several other Asian nations are levying an increasing toll on the U.S. economy, two government reports said. The trouble overseas has caused a sharp decline in exports, which helped boost the U.S. trade deficit to a record $61.3 billion from July through September, the Commerce Department reported. And a "contraction in export industries" was a principal cause of a slowdown in the nation's economic growth last month, according to the Federal Reserve's latest survey. Nevertheless, the Fed's 12 regional reserve banks, which conducted the survey, all concluded that the economies in their districts continued to expand, led by booming construction, which was spurred by low interest rates. ... (Washington Post, page B1) Adults with a bachelor's degree earned an average $18,000 more than those with just a high school diploma in 1997, according to the Census Bureau. Those aged 18 and older with a BA earned an average of $40,478 a year, while those with only a high school diploma averaged $22,895. Advanced degree holders made on average $63,229 a year. Those without a high school diploma averaged $16,124. ... (Daily Labor Report, page A-7)_The earnings gap between people who have college degrees and those with only a high school education is continuing to grow, with those who hold bachelor's degrees now earning 76 percent more than their counterparts with less education. ... (Washington Post, page A24). More than 7,450 Washington area tech workers have taken an ongoing interactive salary survey that shows the average salary for a dozen key tech occupations rose 3.8 percent during the past six months. The large number of respondents to the Washington Post survey lends credence
[PEN-L:1432] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE23B6.BEDFF6A0 BLS DAILY REPORT, WEDNESDAY, DECEMBER 9, 1998 U.S. purchasing executives see business conditions improving in 1999, with 68 percent of those surveyed expecting higher revenues than in 1998 - though less robust growth than they reported a year ago, the National Association of Purchasing Management says. ... NAPM also released a semiannual outlook for the nonmanufacturing sector, which is broadly more optimistic than the manufacturing one. ... (Daily Report, page A-5)_United States manufacturers are less optimistic about the coming year, expecting revenues will rise at a slower pace than in 1998, while nonmanufacturing companies are more upbeat. ... (New York Times, page C7). Despite the country's economic prosperity, data from the Census Bureau's 1997 Current Population Survey show that single mothers and displaced homemakers have low employment rates and are working in the lowest paying jobs, according to a report by Women Work! The National Network for Women's Employment. ... (Daily Report, page A-2). The proportion of the U.S. population under age 65 with employment-based health coverage grew from 63.5 percent at the end of 1996, to 64.2 percent at the end of 1997, but the number of uninsured people grew from 17.7 percent to 18.3 percent over the same period, the Employee Benefit Research Institute finds. ... (Daily Labor Report, page A-7). "Housing has a tremendous impact on the economy," said an economist at Norwest Bank in Minneapolis. "People have said one out of every six jobs in America is housing or related industries. The largest user of copper in the world, or at least in America, is housing. The demand for lumber, aluminum, carpets, all these things, are affected by housing." Right now, that demand is sky high, helping the economy by offsetting some of the drop in demand for exports from ailing Asian economies. That's' because the percentage of Americans owning their own homes is at an all-time high of 66.8 percent. That's an increase from the 1997 rate of 65.7 percent, which broke a record set back in 1980, when the rate stood at 65.6 percent. Housing experts credit the strong economic combination of low inflation and low interest rates for the high ownership. ... (Washington Post "Trendlines" feature by Tim Smart, page C11). Age bias is still a fact of life in Corporate America, a graph in Business Week (Dec. 14, page 8) indicates. A survey of 35-to-60-year-old job-seekers showed that the older they were, the fewer interviews they got, and the longer it took them to find a job. The survey was by Exe-U-Net. Producer Prices of Finished Goods were probably unchanged in November, after falling 0.2 percent in October, says Business Week (Dec. 14, page 175). Excluding food and energy, the core index likely edged up 0.1 percent, the same tiny advance posted in October. --_=_NextPart_000_01BE23B6.BEDFF6A0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcMAAkADwA4ABMAAwBHAQEggAMADgAAAM4HDAAJ gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCwCgAAHEAAOQAQ H+JetiO+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4jtl1l aCK/JI9XEdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw 0QuQaP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgABERUNFTUJFUoQgORmAMTk5OAqFgQqFVS5TLiBwCHBHEbEAkBbgIGV4BZB1GHRpdgeREfBl IGIedRzhB5AEIAWgbmRpnx2AAiAEIAdwE5BvdhzyDwuAGwIa4QPwdGggNjY4HHAEkGMJ8AVAb2Z6 ICCwbxHwHdAIcB2geTcJgB0hIRBjHYAdAWhptGdoBJAgFTAdoG4KUF8EICCwA5EgBCDwXAnwZJcc 0CDAIbJ1I3AgbB5yzwNgHiEFQAnAb3cgsSRTNyCwImAjsXAU0SKBYSDjInAKwWFnbxmAJ6EHsC5h HwIHQCWQb2PXBzAfAiGCUByYTQBwKPCGZQeAIWFzYXlzHGCGLizQJZBOQVBNKHB+bCpAI7Em IBzQKFMR8G1dBzBuJAAp4QhgdBTAb9xrIAIQBcApQm4CIAOB9HVmANB0CHEdARHwIvC/BbAgcSNQ EbAfUAQgYgNg+GFkbCfQBGAVMCGABTD3B3AEAB2AYydHMrAwawIgsmUstShEC3AykVIoAw8ZgAqw LAAT0C01KV/tN1JVAwAoQlMBkChABCD/MFgEkAQgCsAeACYjMxkBoP8vISkzBaAukB0BKKIZgCK4 +yPHA/BsAyAFECHxKZAuQv0UwHcjkQqwIUAkSzGTJiB/MB87MgqwAwAHkTliMsN1tHBiKLB0NWYH wlkFsIcvgAdjNqVDNykuG1xaRAeQcDfBOvV1AjBy/HknBCAFkUAwLpAzoB+B80XgBnF0eRmAJVAB kC+QuwNhKTNDCfAiIAQgQjkB7GF1RvEbETdEkAhwFTC1IWFQMxB1C2Aqk1MiM/8d0CHQB+AkUSxR HPFAAQRg/yehOTIe0EhgBAALUSFAIpD3IdAHgADAazkiEcAdoCYQt0xhLBALUG8GwCFScjgz+03S OWJ3Q6EfxSlCPkImsfUKsHkc8momgEQhANAFoX8e4B0BMWAocSf0HhAn0FevTsEDoFVAQ7AhJZBU KVq9B8B0UYIvk1VDRvFFUAf7NW82ejJEzlYSH4EoEiqlfylCHDRLOEagBIEo4R4ANuY1IIRP+C1i LgMjgAdA/yCxBaAdoFCgNuEJwQfgSMP4NjMuXrAhFj3hKUIlMRshghsRNikhLaA2NC73EiBiL2M2 NxmAHiA65CQA/wbQI5EhkUagC4AiISKBIRDHMxBAAWE4MTcuSoAhFuFUUTE4LjMhCGDBKTPvLHAH gCECHxBkKSRYJB3x/kIJ8A3AHvA2MRHwCsAx4f5JAIAdgDDARhFtMB7QLKY9WTVMOqEFwDZNRL8i SL8IYBzjHMEocUbALBJkclG/H1IwoTUhYsRHM0hAIixhvmkoYQOgRyUmsT3hTgWw3VKTQgBwL4Ag AU0LgB5
[PEN-L:1371] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE22EF.29718D30 BLS DAILY REPORT, TUESDAY, DECEMBER 8, 1998: Workforce reduction announcements in the first 11 months of 1998 are outpacing 1997's total, according to the latest figures from the outplacement firm Challenger, Gray & Christmas. The September-November period was particularly fierce, with the announcement of 216,000 job = cuts, including 51,642 in November. "The dramatic job-cutting spree has = turned 1998 into the second 'worst' year of the decade=85" the Challenger = report said. A separate report issued December 5 by BLS showed that despite = these job cuts, the unemployment rate actually fell by 0.1 percentage point = to 4.4 percent in November. A BLS survey of business establishments found = that the economy created a net of 267,000 new jobs in November (Daily Labor = Report, page A-7; The Wall Street Journal, page A2)=20 __Multinational corporations are doing most of the cutting, while = hiring by small and midsized companies helped lower the November unemployment = rate to 4.4 percent - just shy of a 28 year low - from 4.6 percent in October = (The New York Times, in a Bloomberg News article, page C13). While the U.S. economy continues to create thousands of new jobs every month, nearly three-quarters of those jobs do not pay a wage rate on = which a family can live, according to a study by a Massachusetts community = education and research group, the National Priorities Project. Using BLS and = state employment agency data, the NPP report analyzes new job creation on a state-by-state basis. It concludes that the bulk of the jobs with the highest growth are in low-wage occupations. Nationwide 46 percent of = the jobs projected by state employment agencies to grow the most between = 1994 and the year 2005 pay less than $16,000 a year, or less than half of = what NPP defines as a livable wage, the study shows. The four jobs with the highest projected growth rates nationally are cashiers, janitors, = retail sales people and waiters/waitresses (Daily Labor Report, page A-10). Federal employees in the Washington-Baltimore area will receive a 3.68 percent pay raise, starting in January, under an executive order signed = by President Clinton. In keeping with federal pay practices since 1994, Clinton's order gives white-collar government employees nationwide a = 3.1 percent increase and provides a separate adjustment called "locality = pay" that varies by metropolitan area. The pay boost will amount to $2,105 = for the average white-collar federal employee in the area, bringing the = annual average salary up to $59,307 (The Washington Post, "The Federal Page", = page A19). Included with the article is a list of civil service pay = increases city-by-city. =20 Life without overtime is both a blessing and a curse, says Louis = Uchitelle, writing an "Economic View" column in the Sunday New York Times = (December 6, page 4, Business Section). In it he says "Overtime for the nation's = 18.6 million manufacturing workers has fallen to 4.5 hours a week on average = over the last 3 months, from 4.9 hours in January. The 8 percent drop in so = few months is unusually sharp, the Labor Department says." Uchitelle points = out that in some cases, manufacturing workers income has more than doubled because employers have piled work on their existing workers to avoid = hiring more people. The national average retail price for regular unleaded gasoline dropped = this week to 95.4 cents a gallon, the Energy Department said today (Reuters = in The New York Times, page C4). Home values rose 5 percent in the third quarter, compared with last = year's third quarter, as low unemployment and low mortgage rates put more = Americans in a position to buy homes (The Wall Street Journal, page A4). Manufacturing and construction industry executives are bracing for a downturn in business activity through January, according to the most = recent monthly survey by Dun & Bradstreet Corp. (The Wall Street Journal, page A14). If bargain-basement prices haven't been enough to reassure consumers = that inflation is in check, take a look at the indexes that track commodity prices in general, advises The Wall Street Journal (page C1). The = message is the same: Basic materials prices, already low for much of the year, = have headed lower still. And that's another sign of low inflation. The = Bridge Commodity Research Bureau index of spot commodity prices which is made = up of the prices of 17 commodities yesterday settled at a 21-year low. The = other widely followed commodities index, the Goldman Sachs index of commodity = spot prices, settled at its lowest level since November 1972 Friday, though Goldman offici
[PEN-L:1359] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE22D9.C4718520 BLS DAILY REPORT, MONDAY, DECEMBER 7, 1998: Defying many analysts' expectations, the nation's job market was vibrant in November, as the unemployment rate edged down to 4.4 percent and firms added 267,000 new jobs, seasonally adjusted, BLS reports. The growth in new jobs reverses 2 months of decelerating gains. The services, construction, and retail sectors saw large jumps in payroll gains, that decidedly offset losses in the manufacturing industry. But President Clinton cautions against complacency, indicating that layoffs at the Boeing Co. caused by the decline of aircraft orders from Asia demonstrates the effect of international instability on the U.S. economy (Daily Labor Report, page AA-1, D-1). Text of BLS Commissioner Abraham's statement on the November employment report on page E-1, Daily Labor Report. __The nation's unemployment rate fell to 4.4 percent last month, as stronger-than-expected hiring by builders, retailers, restaurants and other service providers more than offset layoffs by manufacturers (The Washington Post, December 5, page 1). __In the midst of a fresh wave of corporate downsizing announcements, the Government has reported that more Americans are working than ever and that the overall economy continued to create jobs at a robust clip. While corporate giants from Boeing to Johnson & Johnson are planning to lay off tens of thousands of employees because of various business difficulties, American employers expanded their payrolls by an estimated 267,000 workers in November. "However many jobs were lost in November, even more were created," said Thomas Nardone, who is in charge of the employment numbers at BLS (The New York Times, December 5, page 1). __Forecasters insisted a few months ago that economic growth was slowing, but statistics tell a different story. Not counting agriculture, employers added a surprisingly large 267,000 people to their payrolls last month, suggesting growth is still the trend despite declines in manufacturing employment, headline-making layoff announcements, and financial turmoil overseas (The Wall Street Journal, page A2). Plant closings, layoffs, and forced early retirements are rising sharply again as evidenced by the cutbacks announced recently at Bankers Trust, Boeing, and Johnson & Johnson. But the outcries and conflict that characterized the waves of downsizing in the 1980's and early 1990's are largely gone. Rather than protest, unions are more likely to help laid-off members make the transition to other jobs. And corporate executives no longer call attention to downsizing as healthy for profits and stock prices. Many of the 16 million people under 65 who have to buy their own health insurance are facing increases of 40 percent or more this fall, creating a dynamic that appears likely to send prices of health insurance even higher. Self-employed, unemployed, working for small employers who do not offer health insurance, or retired early, often because of poor health, these people are a step away from joining the nation's 43.3 million uninsured, too young for Medicare, the Federal insurance for the elderly, not poor enough for Medicaid. Premiums are also rising for many of the 160 million Americans covered by employers' group policies, with increases in the next year projected at 8 percent to 20 percent (The New York Times, December 5, page A7). A Council of Economic Advisors report credits the expanded Earned Income Tax Credit and the increase in the minimum wage with bringing millions of workers out of poverty. The Administration says the tax break has increased the number of single women with children in the workforce, from 73.7 percent in 1992, to 84.2 percent in 1997 (Daily Labor Report, page A-6). New orders for manufactured goods decreased by 1.6 percent in October to a seasonally adjusted $335.1 billion, the Census Bureau announces (Daily Labor Report, page D-17). "It's a great time to be looking for a job," says John Challenger, president of the Chicago outplacement firm of Challenger, Gray & Christmas, Inc. "So many people who you are competing against areÂ…looking to take the time off. No one likes to look for a job when you have lights to put up and presents to buy." He also said this is a good time of the year because many job seekers believe no one is hiring until the beginning of the year. But layoffs are up, with an estimated 522,967 job cuts through October, according to Challenger, Gray & Christmas (The Washington Post, December 6, page H4). --_=_NextPart_000_01BE22D9.C4718520 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcMAAgADQAiAAkAAgAjAQEggAMADgAAAM4HDAAI AA0AJQALAAIAKAEBCYABACEAAABCRTgzNTFDQTg1OEVEMjExODg4RTAwQzA0RjhDNzgzMQ
[PEN-L:1315] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --_=_NextPart_000_01BE21F8.B9220360 BLS DAILY REPORT, FRIDAY, DECEMBER 4, 1998 RELEASED TODAY: Employment increased in November, and the unemployment rate edged down to 4.4 percent. Nonfarm payroll employment grew by 267,000, with sizable job gains in services, construction, and retail trade more than offsetting another large decline in manufacturing. ... __Nonfarm productivity and manufacturing output per hour in the third quarter proved more robust than original estimates, BLS reports. Productivity surged at a vigorous 3 percent seasonally adjusted annual rate, revised up from original estimates of 2.3 percent. Second quarter productivity, in comparison, edged up just 0.3 percent. A strong 4.2 percent output advance, upwardly revised from 3.5 percent, bolstered nonfarm productivity in the third quarter. Hours worked rose 1.2 percent in the quarter. ... (Daily Labor Report, page D-1). __The productivity of American workers grew at a healthy rate in the July-September quarter, even as manufacturers saw sales decline because of the Asian economic slump. Economists said the report showed businesses, especially manufacturers, have been quick to economize - often by keeping payrolls lean - to preserve profit margins in the face of the turmoil in Asia and elsewhere (Washington Post, page D1). __The productivity rise was a sign that the almost 8-year-old expansion of the economy will stay on track into the new year. ... (New York Times, page C4). __U.S. productivity in the third quarter rose by more than previously thought, suggesting that inflation is still at bay despite tight labor markets and escalating wages. ... (Wall Street Journal, page A2). New claims filed with state agencies for Unemployment Insurance rose 12,000 to a seasonally adjusted 313,000 claims in the week ended Nov. 28, the Employment and Training Administration of the Department of Labor reports. (Daily Labor Report, page D-13; New York Times, page C4)_Analysts suggested that both the latest week's increase in new claims for Unemployment Insurance and the previous week's decline were due to seasonal factors, including the Thanksgiving holiday. ... (Wall Street Journal, page A2). Specialty stores and discounters outdistanced major department store chains in holiday sales during November, monthly results from big retailers show. (New York Times, page C4)_Seasonal promotions offset unseasonably warm weather to produce moderately higher retail sales in November, suggesting sharp markdowns are likely to continue through year end at many stores. ... (Wall Street Journal, page B4) Americans bought more sport utility vehicles, pickup trucks, and vans than cars last month, for the first time since a brief period at the end of World War II, as very low gasoline prices, low interest rates, and a strong economy kept overall auto sales brisk. Sales of so-called light trucks reached 50.8 percent of the market last month. ... (New York Times, page C4) In the most coordinated action yet toward European monetary union, 11 nations simultaneously cut their interest rates today to a nearly uniform low level. The move came a month before the nations adopt the euro as a single currency and marked a dramatic shift in policy. ... The 11 nations appear to have decided that growth, not inflation, is the top concern. ... (New York Times, page A1; Wall Street Journal, page A16). --_=_NextPart_000_01BE21F8.B9220360 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcMAAcACgArABMAAQAxAQEggAMADgAAAM4HDAAH AAoALgAPAAEAMAEBCYABACE0NEE1NjQ5QkJGOEREMjExODg4RTAwQzA0RjhDNzgzMQAnBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBYCwAAHEAAOQBA IgpQ+CG+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4h+FH7 m2SlRY2/EdKIjgDAT4x4MQAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACWCAAAkggAAIEOAABMWkZ1 r2jJJv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIEYUUkkYwFkZ gERFQ4BFTUJFUiA0GYBwMTk5OAqFCoUZIEwARUFTRUQgVE9BGdE6ICBFbQtQb58GwAnwBUALgAUA ZWER8MZkHbEHsG92ZQbQBJAHGYAAcB5AdGhlIHXGbh7AHTdyYXQfkAmAImceMWRvdwOgdG+hGqAu NCBwBJBjHYGmLhzwHpBuZgrAbSHg9GF5A2BsAyAf2QnBB+AAYnkgMjY3LDCvJQAZgAPwH3AgAJB6 AaDibB+Qam9iJDALcQQgox5hEfBydmkiIHMZgAMFoACAdHJ1Y3RpvwIgHxQVMAGQAxEn0GENsN4g BGAVMB9hA5FvDdAR8XcoEBbgHyFvH3EFwAtgcvcg8CEgBZBsC4AfkB5hA4G+dSLAKAAIcRbgImAu LVCzHPAbLF9fIpcDYGQn8j0nIHQkoB8yLGsqEHV05nAxICHiIGgIYR5SH3LFH3BpCyAgcXUKwCCg PwXALyEesDARKZIDYGJ19yfAKcUFEGcLgAdAIMAnwF8HcCCRJ2EYghUwcBTRc/UiYVAvOnMIcCDy IJAfILogJyBnBbAIYAQgMyHmLybhHhACIAdAbC/RZGr7NFE4Em4sgDVBIIIZgBUw4ycgHiJ1cCAD UjTfB5H7KiAksC45JyJhBmAnkTLL/y9XGYAeYQWgHSAKwAQAKDKnINQ8UTqSIDA+S0ElkP8n0AIg KrAhsBIgOUYxFSlA3nYAcCIgGYA8UHcLETpB4zvWPIMzLjUh5hmABuH7OrEVMSAq4C
[PEN-L:1220] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1F8A.567417F0 BLS DAILY REPORT, THURSDAY, DECEMBER 3, 1998 RELEASED TODAY: The seasonally adjusted annual rates of productivity growth in the third quarter were 3.1 percent in the business sector and 3.0 percent in the nonfarm business sector. These increases in labor productivity are larger than those originally reported for the quarter. In manufacturing, revised productivity increases in the third quarter were 5.2 percent in manufacturing, 8.3 percent in durable goods manufacturing, and 1.6 percent in nondurable goods manufacturing. ... Wage data compiled by the Bureau of National Affairs in the first 48 weeks of 1998 show that the median first-year wage increase for newly negotiated contracts is 3 percent, and the weighted average increase is 3.1 percent. In the comparable period of 1997, the increase for newly negotiated contracts was also 3 percent, but the weighted average increase was 2.8 percent. ... (Daily Labor Report, page D-1). Salaries of computer and telecommunications administrators jumped nearly 12 percent last year, to an average of $61,000, according to a survey conducted over the Internet by the Sans Institute, a Baltimore-based educational and research group. The results are based on information volunteered by technology employees, which may skew the data upward, survey experts say. But the large number of responses - from 7,189 tech professionals nationwide - give credence to the figures, the Sans Institute said. ... (Washington Post, page E12). Many employers now specify how much they will contribute to a worker's retirement plan, but leave the picking and choosing of investments to workers. Such a model can make sense for health benefits, too, says consultant Booz Allen & Hamilton. It says that, down the road, employees with such defined contribution plans may shop among many health plans, deal directly with plan administrators, and opt to pay more pretax dollars for expanded benefits. ... (Wall Street Journal, "Business Bulletin", page A1). The U.S. housing market continues to boom, even though the sale of new homes rose only 0.8 percent in October, the Commerce Department said. Consumer confidence and the weather are believed to have impacted sales. (Daily Labor Report, page A2). The Exxon-Mobil merger could help fend off a gasoline discounting invasion that has attracted chains such as Wal-Mart and Costco, says USA Today (page 1B). Just as major oil companies are learning to compete with unbranded gas stations offering low-price fuel, the mass merchandisers have suddenly discovered the gasoline business. Even supermarket chains are trying to grab the tiger's tail. ... Growth in world trade probably fell by more than half this year, the World Trade Organization said, as recession and financial crises in Japan and Southeast Asia cut demand for imports and make it more difficult for Asian companies to finance exports. The growth in the volume of goods will probably slow to between 4 percent and 5 percent this year -- the slowest rate since 1993 -- from 10 percent in 1997. Trade growth should pick up again next year, it said, without making a precise forecast. ... (Washington Times, page A12). DUE OUT TOMORROW: The Employment Situation: November 1998 -- =_NextPart_000_01BE1F8A.567417F0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcMAAQACAAbACsABQA4AQEggAMADgAAAM4HDAAE AAgAHwACAAUAEwEBCYABACEAAABBQTg4MzE1MzUyOEJEMjExODg4RTAwMjBBRjlDMDMwOAD0BgEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgB8CwAAHEAAOQDA fkvfiR++AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4fid9o UzGIsItSEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAC8CAAAuAgAAAEOAABMWkZ1 rWIvEv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmARABFQ0VNQkVSIMIzGYAxOTk4CoUKhYEZIExFQVNFRBmQEk8Z8TogGZBoZSAZEfBhcwIgB0Bs eSDAYWRqdXN0CYAeEIhubnUHQCByYR5wMQQgb2YgE5AEcHVjYHRpdml0HgAJwG/Qd3RoIAuAICDA HVDlIMBpCyAgcR7gACAEkIwgdwSQHVAzLjEfoN0EkGMJ8AVAIPViHlALgP8HkAQgEfAgAAWxAHAe kCKQqxhgIt1uAiBmCsBtI77+Lh0TEfAg4QUAHYEHkSDxfwtgBuAFwB+7CsAdUAtgct5nIhEgwAOR IMBvKAEFsNxpZwuAHdMVMHAU0R6B3wIQKsIdUCHFJ6FJA6ADgf51JmAgAAhxFuAZgBUwIDA/EfAe kB+7KDshLyI0NS7HEiAi2S4tOC4zIsof4OcfIAJgHVBnbwRwBCAuLfEkwjEuNiLKJjE1fy5YnSeg LjpwHRAbTFdhKqCTNWAfMGEgBaBtcAMQbR6BYh4AMTJCCHAdgHX1H3JOHzBpHbIT0A3QC3CbEeAw 9mY+sQVANDgiMfxlax9jGwIdYCtAB+Aq4XcFQDEyB4BkBzADoD9jLX55HYAiITuyKDYswyQAd/8d 8SQAOSAgEB8xHpAFoAIw/x8gIAAosQQgNKc3JDEyIkD1K7BoHnN2BJBC60WiIqj/LcQxMjxCCsA4 0yLRPhAekP1AVDcZgDEyQy9EP0VEQtD/BCAHQB2gRcojwEFURw9MFzlOkjIuP9BJFzpzKETrC3Ad 8UwpE1IsUxmACrDBO8FELTEpLhtMBhB/KnEIkB9jPEJP4CIRRoNl0zjwPEFtdQMAYz3zTrH8ZG0
[PEN-L:1179] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1ECB.133A86A0 BLS DAILY REPORT, WEDNESDAY, DECEMBER 2, 1998 RELEASED TODAY: In October 208 metropolitan areas recorded unemployment rates below the U.S. average (4.2 percent, not seasonally adjusted), while 109 areas had higher rates. Of the 21 metropolitan areas with jobless rates below 2 percent, 16 were located in the Midwest. Of the 10 areas with rates of at least 10 percent, 6 were in California and 4 were along the Mexican border in other states. ... No matter how you measure it, by historical standards, inflation is low in the United States. But it does matter how you measure it, because some price indexes show inflation so low it's almost nonexistent, says John M. Berry, writing a "Trendlines" column in The Washington Post (page C16). The most commonly cited measure of changing prices, the CPI, shows inflation both low and falling. ... But the Commerce Department also calculates several different measures of inflation as part of its quarterly estimates of the nation's gross domestic product. Several of these price indexes show inflation rates well below the CPI. There are several reasons the much broader measure of price changes shows an inflation rate only about one-fourth as great as the CPI. Perhaps the most significant is the greater weight that goods -- and in particular computers -- carry in this index compared with the CPI. ... Ever since the mid-1980s, companies have rushed to outsource millions of jobs, filling them with temporary workers and self-employed independent contractors. But what began as temp work often has turned into multiyear employment, as companies got hooked on the flexibility and lower labor costs that temps provide, says Business Week (Dec. 7, page 90). Now, Corporate America's love affair with contingent workers is running into trouble. The concept of "permatemps" has been hauled into court. The central question: Who is the real employer of someone who management says is contingent but who remains on the job long term? If it's the company, federal pension law could require it to provide that person benefits. ... Some 29 percent of workers employed by temp agencies remain on the same job assignment for a year or more, according to BLS. ... The S&P MMS median forecast expects that nonfarm payrolls grew by a solid 160,000 in November, following a 116,000 increase in October. However, manufacturing jobs probably declined by another 22,000. November's unemployment rate is expected to remain at October's 4.6 percent reading (Business Week, Dec. 7, page 147). U.S. employers laid off 79,700 workers in 638 mass layoff actions in September, BLS reports. Both the number of mass layoff events and the number of workers involved were higher than in August. BLS cautioned against using month-to-month changes to suggest layoff trends, since the data are not seasonally adjusted, although there appears to be a seasonal pattern to layoffs. ... (Daily Labor Report, page D-2). Leading indicators rose 0.1 percent in October, indicating rekindled economic growth, the Conference Board says. "The most significant increases - in order, from the largest positive contributor to the smallest - are money supply in 1992 dollars, building permits, and average factory workweek," the Conference Board said. "The most significant negative contributors to the composite leading index in October are average weekly initial claims for state unemployment insurance and consumer expectations." ... (Daily Labor Report, page D-1). Contraction in the manufacturing sector continued to pick up speed in November, with production, orders, employment, and prices all logging declines during the month, the National Association of Purchasing Managers reports. ... "The manufacturing sector is shrinking, and slowing in the service sector will continue in the months ahead," predicted Merrill Lynch's senior economist. ... (Daily Labor Report, page A-11)_The new survey paints a bleak picture of manufacturing, which represents about 20 percent of the total output of goods and services of the U.S. ... (Wall Street Journal, page A2). Hindered by a 1 percent drop in expenditures for public buildings, new construction spending crept up 0.3 percent in October, according to the Commerce Department. October's gain follows an identically small 0.3 percent rise in September, revised figures show. Spending on private construction was up 1 percent from September. ... (Daily Labor Report, page A-4)_Adjusted for inflation, spending was unchanged. ... (Wall Street Journal, page A-2). Three gauges put the economy on different tracks. The manufacturing sector slowed for the sixth straight month as industrial companies felt the effect
[PEN-L:1164] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1DFF.5E3EAB50 BLS DAILY REPORT, TUESDAY, DECEMBER 1, 1998 RELEASED TODAY: In September 1998, there were 638 mass layoff actions by employers as measured by new filings for unemployment insurance benefits during the month. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 79,700. The number of layoff events and initial claimants were higher this September than in 1997. The total of layoff events from January through September 1998, at 10,785, was about the same as a year earlier (10,756), while the total number of initial claimants, at 1,203,587, was somewhat higher than in January-September 1997 (1,131,166). ... A grudging slowdown is finally starting, with job losses in the factory sector -- hampered by weakness in Asia and Latin America-- but consumer spending remains strong, analysts say. That spending strength, if it holds as the United States enters the all-important Christmas selling season, could lift fourth-quarter growth higher than the 2.1 percent gain forecast by Blue Chip economists earlier. But consumer spending, coupled with continued expansion in the services/nonmanufacturing sector, cannot continue to hoist the U.S. economy to the surprisingly strong rates of growth logged in recent years, economists contacted by BNA predict. ... (Daily Labor Report, page D-1). America is putting on an unusual spectacle: The economy keeps growing and thriving even while manufacturing suffers and falls behind, writes Louis Uchitelle in the New York Times (Nov. 29, page 4 in Business section). That rarely happens, and its appearance now reopens the long-debated question of whether manufacturing still matters. ... In theory at least, any nation should be able to function quite nicely with a diminished manufacturing sector. The huge and growing service sector should be able to generate a satisfactory amount of income and profits. ... But none of the industrial nations have tested the theory, certainly not this country. ... Within the United States, manufacturing generates more income per hour worked than any other sector. As these jobs disappear ... the displaced workers get new jobs outside manufacturing, but usually at lower pay. That downward shifting in wages is one reason why the nation has escaped inflationary wage pressures, despite strong economic growth and an unemployment rate of only 4.6 percent. ... Nearly a year and a half later, most countries hit hardest by the Asian crisis can expect little immediate relief from soaring unemployment and poverty as well as other labor market problems, the International Labor Organization reports. ... (Daily Labor Report, page A-7). Yesterday's plunge in energy prices underscores a critical element in the American economy's surprising resiliency of late: Falling oil costs are aiding growth, much the way the 1970s oil shocks strangled it. The biggest boon is lower inflation. ... (Wall Street Journal, page A2). Economic Indicators in USA Today (page 4B) predicts that the unemployment rate for November, to be released Dec. 4, will continue to be 4.6 percent; and that average hourly earnings for November will be up 0.3 percent. The revised 3rd quarter increase in productivity is estimated to be 3.0 percent. After a vigorous session of Supreme Court arguments over how the Census Bureau will determine the U.S. population in the year 2000, this much is clear: Some of the justices are skeptical about the bureau's plan to estimate a portion of the population. Many question whether the House of Representatives has the right to sue over the plan. And most are unsure about the consequences to the states of so-called "statistical sampling," even if it is valid. Which is to say, not much is clear. ... (Washington Post, page A2)_Justices express misgivings over reviewing census plan. ... (New York Times, page A1)_The Supreme Court seemed reluctant to step into partisan bickering over how to conduct the 2000 census but expressed concern about delaying preparations for it. ... (Wall Street Journal, page B11) DUE OUT TOMORROW: Metropolitan Area Employment and Unemployment: October 1998 -- =_NextPart_000_01BE1DFF.5E3EAB50 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcMAAIACQAVAAIAAwAGAQEggAMADgAAAM4HDAAC AAkAFwAsAAMAMgEBCYABACExN0UxODczOUMzODlEMjExODg4RTAwMjBBRjlDMDMwOAD1BgEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgB8DQAAHEAAOQAg 9MX9/h2+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4d/v17 OYfhGInDEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAC6CgAAtgoAAMERAABMWkZ1 NIzSt/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAb
[PEN-L:1163] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1DFE.FA4CADA0 BLS DAILY REPORT, FRIDAY AND MONDAY, NOVEMBER 27 AND 30, 1998 The total number of people who worked part of the year grew by 1.8 million to 143.2 million in 1997, the Labor Department reports. With the economy humming in 1997, the number of people who experienced some unemployment declined by 1.2 million to 15.6 million. Seventy percent of the working age population - 16 years old and older - did some work in 1997, up a little from 1996, BLS says. "The share of persons with some work activity during the year has trended upward for over three decades, except during recessionary periods," BLS says. ... "The long-term rise in work activity of the population is entirely attributable to the increasing likelihood of women working outside the home." ... (Daily Labor Report, Nov. 27, page D-8). New claims filed with state agencies for unemployment insurance benefits dropped sharply, by 39,000 to a seasonally adjusted 300,000 claims, for the week ended Nov. 21, the Employment and Training Administration of the Department of Labor reports. It was the largest decline since the week ended July 11, when the weekly number of new UI claims dropped by 57,000. The November drop was far greater than economists expected. ... A Department of Labor statistician explained that the data in prior weeks showed a pickup in new claims because of weather-related factors and automobile industry layoffs in Michigan. ... (Daily Labor Report, Nov. 27, page D-1). The Conference Board announces its help wanted index declined 1 percentage point in October to a seasonally adjusted 87 percent of its 1987 base. ... (Daily Labor Report, Nov. 27, page A-5)_Help-wanted ads, while still healthy, slipped in October. ... (Wall Street Journal, Nov. 27, page A2). Consumer spending rose 0.5 percent in October, outpacing income growth of 0.4 percent, the Commerce Department says. The combination of spending that was slightly stronger than income kept the savings rate negative for the second month in a row, prompting speculation that at some point households will need to trim their expenditures. ... (Daily Labor Report, Nov. 27, page D-3)_Consumer spending was led by purchases of durable goods like cars and computers. ... (New York Times, Nov. 26, page C4)_As they head into the holiday shopping season, consumers are brimming with confidence and spending readily. The Commerce Department said consumer spending rose 0.5 percent in October, largely as a result of robust consumption of durable goods. Sales of existing homes rose 2.1 percent in October, after slipping in September. And the University of Michigan said its index of consumer sentiment rose in November from the October reading, the first increase in 7 months. ... (Wall Street Journal, Nov. 27, page A2). At last count in 1997, more than 43 million Americans lacked health insurance of any type - up from 31.8 million a decade earlier. In a new study, economists Henry S. Farber of Princeton and Helen Levy of the University of California at Berkeley examine a trend that may have contributed to this increase: the long-term decline in health coverage among workers in the private sector. From 1979 to 1997, according to survey data, the share of private sector workers with health insurance from their jobs fell from 71.9 percent to 64.5 percent, with most of the drop occurring since 1988. ... The bottom line: Employers are continuing to provide insurance for their long-term employees. At the same time, however, they are cutting back on coverage for their short-term and part-time employees -- workers who make up a sizable part of the nation's labor force (Business Week, Nov. 30, page 30). The Wall Street Journal's feature "Tracking the Economy" (Nov. 30, page A10) forecasts nonfarm productivity for the 3rd quarter (revised), due out Thursday, as rising 2.8 percent. The previous actual change was a rise of 2.3 percent. The unemployment rate for November, due out Friday, is predicted to be 4.6 percent, the same as it was in the previous month. Nonfarm payrolls are expected to grow by 200,000, up from 116,000 in October. The U.S. economy for the first time this year essentially met all the goals of the 1978 Humphrey-Hawkins Full Employment and Balanced Growth Act. The law called for what many then saw as an impossible combination: 4 percent unemployment, zero inflation, and a balanced budget (Wall Street Journal's "Washington Wire," Nov. 27, page A1). Despite hints of conservatism in employers' holiday schedules, "extra" paid time off for the Christmas/New Year's season remains common, according to BNA's latest annual survey of year-end holiday plans. Fifty-eight percent of responding employers have slated
[PEN-L:1166] Re: BLS Daily Report
Richardson_D wrote: > Yesterday's plunge in energy prices underscores a critical element in > the American economy's surprising resiliency of late: Falling oil costs > are aiding growth, much the way the 1970s oil shocks strangled it. The > biggest boon is lower inflation. ... (Wall Street Journal, page A2). When you think about all the factors that should tend to make the U.S. economy prosper [pliant labor, cheap raw materials, low inflation ], the question arises: how bad will it be when these props are pulled out? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
[PEN-L:1126] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE130D.D474B230 BLS DAILY REPORT, TUESDAY, NOVEMBER 10, 1998 RELEASED TODAY: The preliminary seasonally-adjusted annual rates of productivity growth in the third quarter were 2.4 percent in the business sector and 2.3 percent in the nonfarm business sector. Both increases were larger than those recorded in the second quarter of 1998 (as revised). ... The government uses a one-size-fits-all inflation index to determine increases in Social Security payments, but some costs that affect the elderly are rising especially fast, says "Personal Business" (New York Times, Nov. 8, page 10 of Business Section). ... BLS, which calculates the Consumer Price Index, has devised an experimental index that tracks some spending habits of older Americans, and it has shown a widening gap between cost increases for them and those for the general population. Between December 1982 and September 1998, the experimental index rose 73.9 percent, while the CPI-W rose 63.5, said Patrick Jackman, an economist with the bureau. ... The experimental index is really only a tweaking of the official index, and statisticians say it is subject to more sampling errors. There has been talk ... of coming up with a well-designed and more accurate index for calculating Social Security cost-of-living increases. But no one in Congress is actively pushing for the change. ... Although the U.S., economy is still growing at a healthy pace, the manufacturing sector is cooling. U.S. exports of big-ticket items, such as tractors, jetliners, steel, and high-tech manufacturing equipment, are off about 10 percent this year, while manufacturing employment is down by nearly 200,000. And as the big manufacturers go, so go the thousands of small suppliers who support them and are the foundry of the industrial economy. Even though manufacturing only represents about 19 percent of the U.S. economic output, jobs in the sector tend to be high-paying, and a dollar spent in manufacturing tends to spread throughout the economy more than in other sectors because of the nature of industry's extended chain of supply. ... The financial crisis that began nearly 18 months ago in Asia is now taking root in the American heartland. ... (Washington Post, page C1). As the economy slows, labor braces for a tougher bargaining climate. Unions are rushing to sign new contracts before the economy slows further - and prods employers to ask for wage cuts. In recent years, the strong economy has kept employers from demanding concessions. But that could change if corporate earnings take a dive, says the senior economist of the labor-backed Labor Research Association, New York. "If unions want to win something for workers, now is the time to do it," he says. ... (Wall Street Journal, "Work Week", page A1). Fewer companies offer dental plans to workers, a retreat from the more generous benefits of the 1980s. BLS says 57 percent of companies provided dental coverage in 1995, down from 77 percent in 1984. Workers who retain benefits also find they're paying more: 54 percent of participants helped pay for individual coverage, compared with only 34 percent in 1988. The shift reflects employers' attempts to stem rising medical costs. The BLS study says employer-backed dental plans are most likely to cover routine exams and X-rays. Virtually all plans cover oral surgery and prosthetics, at least in part, but only 71 percent cover orthodontia (Wall Street Journal, "Work Week", page A1). For years, reports have documented the disparity in pay between men and women who do the same work. Now a new study reveals that the inequality persists, even for those who reach the corporate upper echelon. An analysis of the highest-paid corporate officers of Fortune 500 companies concludes that women receive a median of 68 cents for every dollar earned by their male counterparts. The study was done by Catalyst, a women's research group in New York. It examined the annual salaries and bonuses of 57 female senior officers and 1,772 male ones disclosed in 1997 proxy statements. ... The study partly blamed the gender pay gap on the fact that all but two of the Fortune 500 CEOs are men. Chief executives typically collect the biggest bucks. Yet even after excluding the highest-ranking executive post, the earnings differential shrank just 9 cents to 77 cents. ... (Wall Street Journal, page B22). A strong economy needs strong wages, says Aaron Bernstein, labor reporter for Business Week (Nov. 16, page 56). ... The nationwide scarcity of workers has prompted employers to bid up hourly wages by 2.4 percent, after inflation, in the 12 months ended in September, according to BLS. That's nearly double the wage increase for the same period in 1997, and it'
[PEN-L:1125] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE130B.2D619510 BLS DAILY REPORT, TUESDAY, NOVEMBER 17, 1998 RELEASED TODAY: CPI -- The CPI-U rose 0.2 percent in October, following seasonal adjustment. The October advance reflects upturns in the indexes for food and for energy. The food index, which was unchanged in September, rose 0.6 percent in October. ... The energy index, which declined 1.3 percent in September, rose 0.9 percent in October. ... Excluding food and energy, the CPI-U increased 0.2 percent in October, the same as in each of the preceding 3 months. Smaller increases in the indexes for shelter and for cigarettes largely were offset by upturns in the indexes for apparel, for household furnishings and operation, and for education and communication. ... REAL EARNINGS -- Real average weekly earnings increased by 0.4 percent from September to October after seasonal adjustment. This rise stemmed from a 0.6 percent increase in average weekly hours coupled with a 0.1 percent gain in average hourly earnings. These increases were partially offset by a 0.3 percent rise in the CPI-W. ... Real average weekly earnings rose by 2.1 percent between October 1997 and October 1998. ... Industrial production eased again in October, weighed down by a surprisingly steep slump in utility output, the Federal Reserve Board says. Output at the nation's factories, mines, and utilities slipped 0.1 percent, the fourth decline in 5 months and the sixth decline for the year. Economists dubbed the October report "mixed," noting that despite the deeper-than-expected 3.4 percent plunge in utility output, manufacturing production actually was up during the month. Analysts had expected utility production to decline between 2 and 2.5 percent during the month, because of warmer-than-usual weather. ... (Daily Labor Report, page D-1; New York Times, page C2)_Manufacturing rebounded last month, after a sharp plunge in September, the Federal Reserve says. The latest data are in line with other recent reports on consumer spending and employment showing that the economy, while slowing, seems to remain solid. Although the Fed's manufacturing index rose 0.3 percent in October, total American industrial production, which combines factory output with production at utilities and mines, fell by 0.1 percent seasonally adjusted. The central bank indicated that weak figure was a fluke. The Fed blamed the decline largely on the weather. (Wall Street Journal, page A2). U.S. retail gasoline prices fell more than a cent last week to their lowest level in more than 4 years, the Department of Energy said. Continued weakness in the crude oil market has driven down gasoline prices to less than a dollar a gallon on average, the lowest weekly level since Jan. 10, 1994. The drop is only temporary, said the EIA Administrator, who said he expects oil and gasoline prices to rise again. ... (Washington Post, page C19). After several years of relatively flat health-insurance costs, U.S. businesses are starting to be hit with a startling increase in premiums -- and small businesses are being whacked the hardest. Premium increases in health policy renewal notices for 1999 are running as high as 50 percent for some small companies, according to benefits consultants. Even medium and large companies are seeing rises of about 5 percent, after flat or even declining health costs in the past few years. ... (Wall Street Journal, page A2) Fewer strikes are expected in 1999 by about 200 unionized companies surveyed by a Philadelphia law firm, continuing the decline of recent years. But also extending a trend, another 200 nonunion firms think they'll be targeted by more organizing efforts than in the past 5 years (Wall Street Journal, "Work Week," page A1). DUE OUT TOMORROW: U.S. Import and Export Price Indexes -- October 1998 -- =_NextPart_000_01BE130B.2D619510 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcLABIACgAwAAIAAwAxAQEggAMADgAAAM4HCwAS AAoAMgAhAAMAUgEBCYABACEAAABFQzNEMzAxQkMxN0VEMjExODg4RTAwMjBBRjlDMDMwOAAaBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgDsCwAAHEAAOQDw CefSChO+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4TCtD4 GzA98n7BEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAErCQAAJwkAACAQAABMWkZ1 llBflv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBOTwBWRU1CRVIgIIQxNxmAMTk5OAqFAwqFGSBMRUFTRUQ1GZBPGeE6CoUdgUNQkEkgLS0ZkGhl HbIYLVUgA2AR8CAwLnUSIHAEkGMJ8AVAC4Ag4E9jdG9iBJAZgAIQLmwUwAPwFuAgEfBhcwMCIAdA IGFkanVz9nQHgAIwLhqwHjIgFSHBvnYAcB+QHsAWoQWQdAQg3nUFMAhwBjEf4XQeQQuA/Q2weAeR AhAFwAIQBHAhwM8lcCXTCfAEkGd5InUmI+MlYxmAd2hpEbAocCFg/yRgI6ARw
[PEN-L:1115] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1248.15935D80 BLS DAILY REPORT, THURSDAY, NOVEMBER 12, 1998 Productivity in the nation's nonfarm businesses picked up the pace, rising 2.3 percent during the third quarter of 1998, while the increase in unit labor costs decelerated, according to BLS. The gain in third-quarter productivity was hoisted by the strong 3.5 percent jump in output and a 1.2 percent gain in workers' hours. In comparison, during the second quarter, productivity as up just 0.3 percent. ... (Daily Labor Report, page D-1). __By now, this late into an economic expansion, the productivity of American workers should be slowing and the prices of goods and services should be rising more quickly, says Tim Smart in the "Trendlines" feature of The Washington Post (Nov. 11, page C9). That's usually the pattern at the tail end of the business cycle, as rising wages offset any gains in production efficiency, leading to lower productivity. But the reverse is happening, and that's heartening news to economists. When growth in productivity - measured as economic output per hour of work - is greater than the increase in wages, the economy can continue to grow without inflationary pressures. ... __The productivity of United States workers accelerated in the third quarter, offsetting an increase in labor costs and giving the Federal Reserve policy makers room to cut interest rates if they see a need to buoy financial markets. Gains in productivity are crucial if businesses want to absorb rising labor costs and hold down prices to stay competitive. ... (Bloomberg News, New York Times, Nov. 11, page C4). __Productivity of American workers showed a strong increase in the third quarter, after sluggish growth in the second quarter helped to allay fears that tight labor markets and rising wages might trigger inflation. But according to the National Association of Manufacturer's monthly manufacturing index, companies are less enthusiastic about growth in 1999. Though some analysts suggest a decline in the manufacturing employment base may initially lead to increased productivity levels, the possibility of slower sales growth continues to erode the confidence of business leaders. ... (Wall Street Journal, Nov. 11, page A2). When inflation advances faster than worker productivity and rates of return compensating other factors of production, then inflation expectations begin to dominate, warping decisions regarding payroll costs and hiring, inventories and capital spending, and borrowing vs. lending. From this perspective, the current expansion is the healthiest since the 1960s. ... (David Littmann, senior vice president and chief economist at Comerica Inc. in The Wall Street Journal, page A30). The confidence level of owners of small businesses rose in October from a 2-year low reached in September, according to a survey by the National Federation of Independent Business, a small business trade group., The rosier outlook of small businesses in their hiring and spending mirrors the recent recovery of the stock market, which fell sharply during the third quarter but turned bullish in recent weeks. One-fifth of the companies surveyed expect to add employees in the coming 3 months, a historically strong number although down from record highs in the spring. Low unemployment continues to dog the small firms. A record 32 percent of those surveyed reported having at least one job opening that was hard to fill, up from 27 percent in September. The data are seasonally adjusted. ... (Wall Street Journal, page A2). DUE OUT TOMORROW: Producer Price Indexes -- October 1998 Report on Quality Changes for 1999 Model Vehicles -- =_NextPart_000_01BE1248.15935D80 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcLABEACwAfAAQAAgAhAQEggAMADgAAAM4HCwAR AAsAIgACAAIAIgEBCYABACEAAABDQjUyREUxMEY5N0REMjExODg4RTAwMjBBRjlDMDMwOAAlBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgDECwAAHEAAOQDw wuGrRxK+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4SR6u1 EN5SzH35EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEDCQAA/wgAAHIPAABMWkZ1 UGuYA/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmATgBPVkVNQkVSIIQxMhmAMTk5OAqFBQqFUANgZHVjdGkgdml0eSALgCB0YGhlIG5hHJACICcV BCBuAiBmCsBtIGI6dQCQbgeQEfAEIHBpxGNrCYAgdXAdIwqwHGNlGYAFEB6hZyAyvC4zHyAEkCAw AjAgHGAvBRAgsR0yHTBpCyAgcYp1CsB0BJAgb2YbA/UZgHciYGwiMh1QC4AFAOxlYRHwHPJ1AwAF QAtgZwbgBcAFoHN0BCAFgWV9I/ByHYAJgBmAANAFoWRlIdNvGHIuIBmQHUFndwtxHPQicS0ithOQ HFl38SSwIGhvBAAmsR5wHOCPHTIl8ANgILEzLjUhFzhqdW0fsB0BCGB0cKstkCbwbh+AYRrALhIg uyEmKHZ3BbAfYBHgJyrR9QhwcygBSQOgBaAtIArA/
[PEN-L:1114] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1246.B4C66C50 RELEASED TODAY: PPI -- The PPI for Finished Goods increased 0.2 percent in October, seasonally adjusted. This increase followed a rise of 0.3 percent in September and a decline of 0.4 percent in August. The index for finished goods other than foods and energy inched up 0.1 percent in October, after advancing 0.4 percent in the prior month. ... QUALITY CHANGES FOR VEHICLES -- The value of quality changes for a sample of 16 domestic passenger cars for the 1999 model year included in the PPI for October averaged $13.49, according to estimates by BLS. This change represents 12.3 percent of the average $109.67 yearly increase in producers' prices. ... Businesses and government should tailor economic policy to meet the changing needs of an increasingly diverse workforce, according to a policy paper released by the Employment Policy Foundation, a Washington, D.C.-based think tank. Women, Hispanics, and Asian/Pacific Islanders will comprise an increasingly larger share of the U.S. workforce. ... In 1976, whites made up 88 percent of the U.S. workforce. Projections from BLS and the Hudson Institute show that percentage falling to 83 percent by 2020, the report said. ... Women will likely want more flexible schedules to continue to enter the workforce, while other groups could need strong education initiatives to ensure they have required skills. Immigrants, who currently make up about 10 percent of the U.S. workforce, often do not speak English fluently. Businesses and policymakers must address these issues for the future workforce. ... (Daily Labor Report, page A-1). New claims filed with state agencies for UI benefits were up 12,000 to a seasonally adjusted total of 321,000 for the week ended Nov. 7, ERA reports. This was the highest level of new claims since the week ended July 11 during the GM strikes. ... (Daily Labor Report, page D-1; Washington Post, page F5). 1998 is shaping up as the biggest year for corporate layoff announcements in a decade. And 1999 could be even worse, says a USA Today story (page 1B). Although the U.S. unemployment rate hovers near two-decade lows, layoffs continue to mount. ... If the pace picks up in what most economists predict is a slowing economy, the year's layoff announcements will top the 615,000 in 1993. ... Economist Allen Sinai of Primark Decision Economics expects the nation's unemployment rate, 4.6 percent in October, to rise to about 5 percent this month and worsen next year as global economic growth slows. While November jobs data won't be available until next month, the Labor Department reported weekly unemployment claims jumped last week to the highest level since mid-July. ... Still, the job market is strong enough that unemployed workers are taking an average of just 2.6 months to find jobs, down from a typical average of about 3.2 months. The U.S economy will slow in 1999 but is unlikely to experience a recession, a panel of economic analysts predicts. In the November NABE Outlook, 29 members of the National Association for Business Economics forecast a "soft landing" in 1999, when economic growth was predicted to slow from 3.6 percent in 1998 to 2.1 percent. ... (Daily Labor Report, page A-9)_The U.S. economy heads into 1999 "slowing, but still growing" with no real threat of a recession on the horizon. ... (Wall Street Journal, page A2). -- =_NextPart_000_01BE1246.B4C66C50 AAsAGAAKAAIAIAEBCYABACEAAABDNzUyREUxMEY5N0REMjExODg4RTAwMjBBRjlDMDMwOAAaBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCQCwAAHEAAOQDA w+pLRhK+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4SRkqx EN5SyH35EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAADOCAAAyggAAHMOAABMWkZ1 KdzN3/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxeDAzMwr7EvIB0AfwRQBMRUFTRUQgVIBPREFZOiAgCoWBGfFQUEkg LS0ZANxoZRojAhAFwEYLgAQA4RqwZCBHbwRwBCALgJkFAGVhEfAb0DAuEiA6cASQYwnwBUALgCBP kGN0b2IEkCwgEfAHHKACIAdAbHkgYWTQanVzdAmALhlwGqBPBAAcRxsRHuBvdxvBYaYgBRAggW9m HOEzHSq7BmAFMGUG0ASQHxBuISItBYFsC4AhlTQdKkF1vmcfUR+jGsALgA2weBsTymYbdmccA290 GrAFwH8n4AORAhAcEiNyCfAEkGenHwAcURuydXAc4TEdL00eMmEBgCNCZHYAcGP9C4BnJH4n4Spg BRAFsQRgNQIwaB+gLi6wGXpRVQBBTElUWSBDSBBBTkdFBfBGT1LAIFZFSElDGKAF8E8adSwwCkEh onF1B0BpfnQfABGxFuAHkRsiIUBzzGFtC1AhkzE2I8ADcPEHkHRpYypgHKAR8DMhnQXAYxHRGxMt ojE5NrD3LjENsAMgeRyQBcAcUQpAvw2wG9AtdRrmHeUfEHYEkEZhMzAb0CQxMySQOfUrkWMFoWQs ch4AKRA04RcAwB9wBCBiHwBCTFO/H6Yy9CFQIuAVMDVhdAQgfDEyIfkhsS2iOaU6ITDwOS42NzdD HvEgJx2x2xOQBHB1KqAR4Cct0iqg9nMunAqFQh9QJBE1USjEeydwObFuB4AdgRugCGBs3xvQAZAD EAWxBZFuA3A1Av8G8DUAHwA7UQeAEgAtkzLz/yxyJCAJgCexIcADkRxVLHGvHvE7ADmxIIF3BbBr GyH/KqA6nSFARwUKsCpxPWE0ENccozwhLaJFM/FvBsAdcnpQRxRGCGAjgDvQLgBu+SuRIFccoB/g FuAeAE/xw
[PEN-L:1110] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE1232.4D523EF0 BLS DAILY REPORT, MONDAY, NOVEMBER 16, 1998 Energy prices reversed course in October, rising 1.2 percent in the month and pushing up the producer price index for finished goods a seasonally adjusted 0.2 percent. The October increase follows a 0.3 percent September rise. Analysts attributed much of the October advance to energy costs which rose for the first time after four consecutive monthly declines. The October energy price increase is the largest monthly gain since a 2.6 percent jump in December 1996. Most of the October energy price rise came from gasoline costs, which shot up 5.7 percent after a 2 percent September decline. ... (Daily Labor Report, page D-1). A 2.7 percent increase in car sales helped retail sales rise a seasonally adjusted 1 percent in October, according to the Department of Commerce. ... (Daily Labor Report, page D-10). Preliminary data from the University of Michigan consumer sentiment index for the first part of November showed a rise to 102.4, up sharply from October, when sentiment had dipped to 94.7. The November number is more in line with trends in consumer confidence, which have been at record levels. ... (Washington Post, Nov. 15, page 15). __The economy continued to show surprising strength in October, as consumers brushed off worries abut the volatile stock market and global financial woes to push retail sales up at the fastest rate since spring. Prices paid to manufacturers, farmers, and other producers, meanwhile, rose 0.2 percent last month, a slightly higher rate than analysts had predicted, but still at a pace that keeps the core inflation rate close to 2 percent. ... Separately, preliminary data from the University of Michigan consumer sentiment index for the first part of November showed a sharp rise. ... Together, the three measures suggest consumers, the mainstay of the domestic economy, will continue to propel economic growth heading into the critical holiday retailing season. ... (Washington Post, Nov. 14, page D1). __Retail sales rose at the fastest pace in five months and producer prices crept higher, leading some economists to predict that the Federal Reserve's policy makers may refrain from cutting interest rates this week. ... (New York Times, Nov. 14, page B2). __Retail sales rose a better-than-expected 1 percent, while consumer sentiment indicated renewed confidence. Wholesale prices suggested inflation may not remain in check. ... (Wall Street Journal, page A2). A Washington Post editorial, "Open Government on the Web," includes two recent slip-ups over information posted on government Web sites that showcased the serious questions raised by the possibility of making government data genuinely, in some cases globally, transparent. The first involved EPA. ... Then the editorial says that BLS "fell into a different pitfall when its Web site inadvertently released key data on job creation; the premature release rocked the stock market. The result, though, was similar: The agency closed part of the site and retreated, promising investigation of what it characterized as a simple error. It also will look at the general problem of what kinds of `supplemental data' can be loaded onto the public site and on what basis. In both cases the best outcome will be the continued pressing outward of limits on prompt and convenient disclosure. But these periodic misadventures are reminders that the transition to such disclosure is fraught with more than just technical difficulties." ILO reports suggest that global trade liberalization has helped create jobs and reduce poverty, but has not improved stability in labor markets or workers' rights. ... (Daily Labor Report, page A-3). DUE OUT TOMORROW: Consumer Price Index -- October 1998 Real Earnings: October 1998 -- =_NextPart_000_01BE1232.4D523EF0 AAgAOgAGAAIAOwEBCYABACEAAABCODUyREUxMEY5N0REMjExODg4RTAwMjBBRjlDMDMwOAAaBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgA8DAAAHEAAOQDg uL/kMRK+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4SMeM4 EN5SuX35EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAB5CQAAdQkAACwQAABMWkZ1 +JngyP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gE5PVkWATUJFUiAxNhmAMDE5OTgKhQqFRW6RBJBneSATkGljB5HNFTB2BJAR8GQgBaAIcAUR8CAL gCBPY3RvfmIEkBmABRAAkBbgGqAuPRIgcASQHLACMB3idGhnHdAEYAIwaCAAcB1gcMh1c2ge4nVw IAMTkH0EcHUcsAXAHIMd4Q2wePYgAhAFwGYLgAQAICAdYExnbwRwBCBhIBHwYRZzAiAHQGwcYGFk ahUhAHQdUTAfOC4gIP5UICEeJR3hBQAkkR3QAhDZJPBvdyRCJcAzH1cGYF0FMGUG0CJBHrFlJnFB PSTReSVwJEECQAUQYnXNJYJtIiAgkG9mIAMm5t0lM
[PEN-L:970] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE0CAE.B8A9A700 BLS DAILY REPORT, MONDAY, NOVEMBER 9, 1998: Initiating a review of the agency's internal data-security controls, BLS Commissioner Katharine Abraham says the agency has suspended the loading of supplemental materials into its Internet Web site until it finds a way to prevent a repeat of the premature release of some October employment figures. Abraham says she will report to the secretary of labor in about 2 weeks on the agency's initial examination of release procedures, and that a comprehensive review also will begin at all information dissemination activities. "The early post of pre-release data that occurred on Wednesday (November 4) was accidental and resulted from inadequate internal control over the handling of supplemental information," Abraham said. ... "It was with a certain amount of trepidation that we decided to forgo the final clearance and move ahead to release the report, " Deborah Klein, BLS associate commissioner of publications and special projects told the Bureau of National Affairs November 6. ... Klein said that "once we realized that a substantial number of people had seen the (inadvertently released) data, we felt that we had no choice but to release all of the report." ... (Daily Labor Report, page A-13, Text E-96). __While BLS has "rigorous, centralized procedures" governing release of the data included in its news releases, including their posting on the Web site, "the same procedures have not been applied uniformly to the handling of supplementary materials," Commissioner Abraham said. BLS has allowed the offices in charge of each of its major statistical programs to design procedures for loading its own supplemental data onto a computer server that stores and delivers data to the Web site, she explained. The BLS employee who loaded the information onto the server Wednesday thought he had clearance to do so, but didn't know that the data would then be automatically posted on the Web site as well, she said. ... (The Washington Post, Nov. 7, page H3). __The Labor Department suspended the posting of supplemental employment numbers on its BLS Internet Web site for at least 2 weeks, following a premature release of data last week that briefly roiled financial markets. The BLS issues a monthly employment report, which contains information on the nation's jobless rate and a tally of jobs added to the economy, in the form of a news release. Additional supplementary data are released electronically for those who follow the economy closely . This includes charts and analytical tables that break down various changes and trends concerning job creation. Data that were prematurely released contained information on payroll, employment, hours and earnings for October. ... (The Wall Street Journal, page A2). The federal government's three major statistical agencies say they are at or near schedule to ensure their computer systems are year 2000 compliant before the Office of Management and Budget deadline of March 1999. These agencies - the Labor Department's BLS and the Commerce Department's Bureau of Economic Analysis and Census Bureau - produce most of the U.S. statistical releases relied on by policymakers and business leaders. ... At a September House hearing, Joel C. Willemssen, director of civil agencies information systems for the GAO, voiced concern that BLS deadlines for compliance are a little tight. BLS has 23 mission-critical systems. Fifteen are currently Y2K compliant and eight are not, according to John Sinks, director of survey processing at BLS. Of the non-compliant systems, :"some we are replacing, and some we are putting in patches," Sinks said. He also said "We expect to meet the OMB mandated deadline for March 1999 for implementations of all mission critical systems. We are adopting what we feel is an appropriate strategy." ... (Daily Labor Report, page C-1). The Wall Street Journal's feature "Tracking the Economy" (page A2) shows nonfarm productivity for the 3rd quarter of this year, to be released Tuesday, as predicted to be 2.0 percent above the previous quarter. Producer prices for October, to be released Friday, are estimated to go up 0.1 percent. DUE OUT TOMORROW: Productivity and Costs -- Third Quarter (Preliminary) -- =_NextPart_000_01BE0CAE.B8A9A700 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcLAAoACAAeADIAAgBEAQEggAMADgAAAM4HCwAK gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAsDQAAHEAAOQAA PkJVrgy+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4MrlOH 8BK+kXh2EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EA
[PEN-L:954] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE0BEE.8754F480 BLS DAILY REPORT, FRIDAY, NOVEMBER 6, 1998 __The economy continued to show signs of slowing in October, producing 116,000 new payroll jobs, seasonally adjusted, according to data released a day earlier than expected after part of the jobs report was inadvertently posted on the BLS web site. The jobless rate remained at 4.6 percent. Employment growth in October was smaller than the upwardly revised 157,000 in September, with a sharp decline in factory jobs partially offsetting a gain in service employment. ... (Daniel J. Roy __The nation's jobless rate remained steady at 4.6 percent, despite lower-than-expected job growth, the Labor Department said in a report widely viewed by analysts as a further sign that U.S. economic growth is slowing. Stock prices rose on the news, amid continuing hopes that the cooling economy will prompt Fed policymakers to cut short-term interests rates later this month. ... (John M. Berry in Washington Post, page F1). __The United States economy is still expanding, but much more slowly than in the first half of the year. ... "The pattern is the same as for the past few months," said Tom Nardone, an economist at BLS. "Payroll growth is falling off, but not as dramatically as we feared." ... (Sylvia Nasar in New York Times, page C1). __Compared with the heady growth of just a few months ago, U.S. companies created jobs at a slower pace in October, and layoff announcements began to mount. ... (John Simons in Wall Street Journal, page A2). __BLS said it is investigating what appears to be the inadvertent early release of October employment data on the Internet, BLS Commissioner Katharine Abraham said yesterday. After discovering the supplemental tables of the employment situation report had been released, Abraham decided to release the entire report a day early. At a quickly called press briefing, Abraham said the data were posted on the Internet by mistake. She said it was not an intentional violation of internal security procedures. ... BLS discovered the information was on its Web page after being informed by Ray Stone, a partner at Stone & McCarthy Research Associates, a Princeton, N.J., based research firm, according to Stone's partner Ward McCarthy. "Ray noticed there was something new on the BLS web site, "McCarthy said. "He was very surprised to find part of the employment report. We alerted our customers to the numbers and then he called BLS. Abraham said the only similar incident she or BLS senior officials know of was the early release of producer price index information on the Internet 2 or 2-l/2 years ago. "No one in the U.S. had accessed that data before we discovered it," Abraham said. The employment numbers, however, were accessed, although Abraham could not say how many web browsers had seen them. BLS' web pages have on average 3 million hits a month, Abraham said. ... The release of economic data often has a strong affect on the performance of stock and bond markets. Stocks rose after the employment report's unscheduled release (Daniel J. Roy in Daily Labor Report, page AA-2). __BLS data released prematurely on the BLS web site was a goof that moved stock, says John M. Berry in The Washington Post (page F1). ... Berry says that "instead of rushing the closely guarded information to his clients, Ray Stone, the first person who noticed the premature release of BLS data, said he called BLS officials to alert them." ... Stone said he called the agency at 9:15 a.m. to report what he had discovered. The first two officials he sought were in meetings. Telling a secretary that he was calling about an "emergency," Stone finally reached statistician John Stinson, who took the bad news. Stone said then that he would sit on the information for another 5 minutes, and that Stinson could call him back if the data were not what the web site indicated they were. There was no call back, but within the BLS a scramble was on. ... __The premature release by the Labor Department of sensitive job figures caused a rally in the bond market, whipsawing traders who had bet on bond declines ahead of the Government's auction of $10 billion in 30-year Treasuries. They had hoped to distribute the new supply of bonds before the release of the job report that had been scheduled for today. The rally later retreated, and the yield on the 30-year bond finished at 5.34 percent, up from 5.32 percent. The Treasury would make no estimate of the impact on its borrowing costs, though a spokesman did observe that other factors could have intervened between 9:20 a.m. when rates responded almost instantaneously to the leak, and the 1 p.m. auction. ... (New York Times, page C9). __Investors were catapulted i
[PEN-L:915] Re: BLS Daily Report
Regarding: >The [US] economy will need more workers, because an aging America will have a >small labor pool. In 1997, there were about five Americans between 20 >and 64 for every American 65 and over; by 2030 that ratio is projected >to fall below 3 to 1, says Robert J. Samuelson, in an op.ed. page (page >A25) article in The Washington Post on the eldercare problem of the >future and what should be done about it. I say, OPEN THE BORDERS! Tom
[PEN-L:913] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE0915.CCEB0C80 BLS DAILY REPORT, THURSDAY, NOVEMBER 5, 1998 RELEASED TODAY: "The Employment Situation: October 1998" was released at 1:30 p.m. (EST) rather than at 8:30 a.m. tomorrow because a table appeared on the Internet early today, in error. The release showed that payroll employment grew modestly, and the unemployment rate was unchanged at 4.6 percent in October. The number of payroll jobs was up by 116,000 following a rise of 157,000 in September (as revised). Growth in services and most other industries in October was partly offset by a large decline in manufacturing. The increase in average hourly earnings was small for the second month in a row. ... A surge in demand from the military helped to boost new orders for manufactured goods 0.4 percent in September, according to Census Bureau data. Factory orders increased in September $1.4 billion to $339.2 billion (Daily Labor Report, page D-1). __Factory orders increased for the fourth consecutive month in September, the Commerce Department said. The rise, which was expected to be around 0.5 percent, compared with an unrevised increase of 0.9 percent in August and an unrevised 1.1 percent boost in July (The Washington Post, page D6; The Wall Street Journal, page A2 and A12. The Journal's page 1 chart is of new factory orders, 1996 to the present). Most sectors of the U.S. economy remained strong in September and October, but signs of slower growth are emerging, and both firms and consumers report an increasingly cautious outlook, the Federal Reserve says in its latest "beige book" summary of economic conditions. Tight labor markets generally persisted in most regions of the country, although demand for workers started to soften in some areas. And both wage and price pressures remained subdued, while producer prices for intermediate inputs were flat to down (Daily Labor Report, page D-4). __The economy was growing at a slower pace and inflation was benign at the part of the fourth quarter, the Federal Reserve's latest survey of regional conditions showed (Bloomberg News, as carried in The New York Times, page C7). __With the Federal Reserve pondering the wisdom of cutting interest rates again later this month, a new Fed survey of regional economic conditions turned up "signs of slowing in some sectors" and substantial wariness about the economy's direction. "Virtually all Federal Reserve districts reported that businesses and consumers remained cautious about the economic outlook," the Fed said yesterday in its regional economic survey known as the "beige book". Deflation is frightening, but toothless for Americans today, says Michael M. Weinstein in today's "Economic Scene" (The New York Times, page C2). This year, as in most other years, prices in some individual industries are falling. Energy prices have dropped almost 10 percent the last year. Commodity prices have dropped by about 20 percent the last year. The prices of raw materials, clothes and other imported goods have also declined, partly in response to the economic collapse of Southeast Asia. But other prices are more than making up for the slack. Producer prices, excluding energy and food, are rising about 1 percent a year. Consumer prices are rising by about 2 percent a year. These rates are small, but they are nowhere near negative. Look to the labor market, which drives the formation of prices. Over the last year, wages and salaries have been rising about 4 percent a year. Nothing in economic logic or history suggests that wages will suddenly reverse course. Indeed, even if recession strikes, wages will almost certainly continue to rise, as they have in every recent downturn. And if wages do not fall, prices will almost certainly not fall, either. Labor costs typically account for two-thirds of the cost of producing goods and services. In general, wages and prices move up and down together. They can move in opposite directions, however, in times of rapid gains in productivity. But productivity is now rising by less than 2 percent a year. That provides no room for prices to fall, if wages continue to rise anywhere near their current 4 percent clip. The United States has not experienced deflation since the 1930s. U.S. consumers bought cars and trucks at a booming 16.7 million annual pace in October, the high water mark for light-vehicle sales so far this year. Overall, U.S. car and truck sales rose 9.8 percent in October (The Wall Street Journal, page A2 "I don't see a recession, but we're certainly slowing down," says the chairman of the monthly survey of non-manufacturing companies for the National Association of Purchasing Management. Nearly a quarter of 1,728 companies surveyed
[PEN-L:910] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE0902.ECDE1C60 BLS DAILY REPORT, WEDNESDAY, NOVEMBER 4, 1998: The index of leading economic indicators remained unchanged in September - 105.5 for the third straight month - revealing a slowing but still healthy U.S. economy, the Conference Board says. "For two straight months the leading indicators have languished, suggesting the economy will be hard pressed to match the robust growth posted the past few years," said the director of business cycle research at the Board (Daily Labor Report, page D-1). __The leading economic indicator figure was a surprise to economists who had expected a slight decrease (The Washington Post, page B15). __The index of leading economic indicators suggests that the economy may be slowing, at a time when Federal Reserve policy makers are considering whether to cut interest rates again. This means central bankers, who meet again November 17, have room to cut interest rates for a third time since the end of September, if borrowing costs for companies do not get cheaper on their own (The New York Times, page C5). As in years past, workers at most U.S. establishments will enjoy a 2-day Thanksgiving holiday, according to a Bureau of National Affairs survey. About 71 percent of the responding employers will grant paid holidays for both Thanksgiving Day and the following Friday (Daily Labor Report, page C-1). A Cornell University study predicts that employment-based health care benefits will shift over the next few years from a defined benefit to a defined contribution arrangement involving some kind of medical savings accounts or vouchers. Title of the study is "Employment-Based Health Insurance: The Inevitable Transition from Defined Benefit to Defined Contribution," and is by Roger Battistella, professor of health policy and management at Cornell and David Burchfield, assistant professor of health care financial management (Daily Labor Report, page A-3). Employee referrals and professional and informal networking were the most important factors in recruiting new information technology employees, according to an American Electronics Association-William A. Mercer, Inc. survey. The survey was based on responses of 100 high-tech companies, each employing fewer than 500 workers (Daily Labor Report, page A-2). The economy will need more workers, because an aging America will have a small labor pool. In 1997, there were about five Americans between 20 and 64 for every American 65 and over; by 2030 that ratio is projected to fall below 3 to 1, says Robert J. Samuelson, in an op.ed. page (page A25) article in The Washington Post on the eldercare problem of the future and what should be done about it. Computer companies are still introducing cheaper and cheaper PCs, but consumers are paying less attention to price, says The Wall Street Journal (page B1). Average purchase prices for consumer desktop computers, which fell 29 percent between January 1997 and January 1998, have leveled off at $1,130 through September of this year, according to ZD Market Intelligence of LaJolla, Calif. Home computers are now available for as little as $500, but the cheapest machines often have technology that is a year or so old. Faced with that option, a majority of buyers are choosing to pay more for more up-to-date features (The Wall Street Journal, page B1). A National Retail Federation survey projects a strong Christmas, with consumer spending in November and December rising 5 to 6 percent, but retail experts are skeptical about the rosy forecast (The Wall Street Journal, page B10). The Federal Reserve's No. 2 policymaker, Alice Rivlin, says that she expects the economy to slow significantly next year and unemployment to rise, but not enough to trigger a recession (USA Today, page B1). -- =_NextPart_000_01BE0902.ECDE1C60 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcLAAUAEAAXADsABABLAQEggAMADgAAAM4HCwAF gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCIDAAAHEAAOQCQ u/SZAgm+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4JApeV xB9hXXSMEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAADHCQAAwwkAAAkQAABMWkZ1 /FHplv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgABOT1ZFTUJFUgQgNBmAMTk5ODrDCoUKhVRoZSALgA2wAHggb2YgbGVhUmQLgGcgBZFuA3Bp 5mMcch3wYXQFsAQgFTDHAMALgAmAIHVuEbEW4N8fMQuABlEFMB7gYgSQAzBBCfBkYXNoIBsAMLA1 LjUgAhAFwHQcUYUiAGkLICBzdHILcPxnaAVABGACMCEwINcVMOp2HSBsHVJhIpAUwAPw+R1hYnUF QCKgAxADIBxQAwdAIgB5IFUuUy6dHYV5GYAiAghQbmYEkGUJ8GMcYEJvCxEikGFEeXMmsCAiRiHS d/5vIp0EICICHRYeKRHAJEBbHQAW0XUEABxQZBmAc3x1Zx/AJaEdYSICJtUg/wPwJdEgkCwRInET kAeQEfD/H0AegCMgHnARsCHzA2AlYJ0ioCAJwCUAI2FwbyKgvy/
[PEN-L:870] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand
this format, some or all of this message may not be legible.
-- =_NextPart_000_01BE0811.A9CA7250
BLS DAILY REPORT, TUESDAY, NOVEMBER 3, 1998
__Consumer spending greatly exceeded income growth in September,
triggering a negative personal savings rate for the first time in almost
40 years, but analysts caution against reading too much into the
development. The personal income of Americans increased a modest 0.2
percent in September, after gaining 0.4 percent in each of the previous
two months, the Commerce Department reports. ... (Daily Labor Report,
page D-1; New York Times, page C2).
__Americans spent more money buying goods and services than they
received in after-tax income in September, resulting in a negative
national personal savings rate for the first time since 1959, when the
monthly figures were first published. The savings rate, which measures
the share of disposable personal income left after people make their
purchases, fell into negative territory as such spending increased a
robust 0.5 percent and personal income rose by a much weaker 0.2
percent. Much of the slowdown in income growth was the result of
September's small gain in new jobs and a cutback in the number of hours
worked. ... (Washington Post, page E1).
__Wages and incomes are still making gains, although not as fast as in
recent months. But even as consumers receive salary boosts, they are
still spending a large portion of their incomes. ... (Wall Street
Journal, page A2).
__The National Association of Purchasing Management said that its
monthly survey showed that manufacturing activity slowed last month for
the fifth month in a row. ... Manufacturing companies have been hard
hit by the decline in U.S. exports that began when several Asia nations
got into serious economic and financial difficulty more than a year ago.
Last month, the index for export orders fell to 42 from 45.8, an
indication that exports probably will continue to decline in coming
months, another reason to expect slower economic growth ahead, analysts
said. Purchasing managers say that the prices their companies are
paying for materials and components continue to fall rapidly. ...
(Washington Post, page E1).
__The National Association of Purchasing Management's factory index fell
to 48.3 in October, from 49.4 in September - the lowest reading since
47.3 in March 1996. The index has hovered just below 50 since June, a
sign of a decline in manufacturing and slower economic growth over all.
But while manufacturing is slowing, builders are still reporting
growth. Construction spending rose in September, after showing no
change in August, Commerce Department figures showed. Construction,
especially of single-family homes, had been a mainstay of the economy
all year. ... (New York Times, page C2).
__In another sign that the U.S. economy may be slowing, manufacturing
activity continued to contract in October. The slowing in manufacturing
activity has been brought on by foreign financial crisis. That economic
turmoil has resulted in weak demand for U.S. exports and more intense
competition as foreign imports flood many U.S. markets. ... (Wall
Street Journal, page A2).
Corporate profit growth stumbled in the three months that ended in
September, producing the first year-to-year drop since the nation was
clawing its way out of the recession in 1991. Economists said companies
were squeezed by higher labor costs at home, financial weakness around
the globe, and an environment that makes it difficult to raise prices.
Those and other factors combined to push operating profits for the
nation's largest companies more than 3 percent below last year's third
quarter, according to First Call Corp., a Boston firm that tracks
analysts' forecasts and actual earnings reports. ... (Washington Post,
page E1).
About 71 percent of all employers this year will grant paid holidays for
Thanksgiving and the day after, roughly the same as last year (68
percent), says the Bureau of National Affairs Inc., a Washington
publishing house. Factory workers and others in manufacturing are the
most likely to receive the two-day holiday; hospital, bank, and retail
workers are among the least likely ("Work Week," Wall Street Journal,
page A1).
-- =_NextPart_000_01BE0811.A9CA7250
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[PEN-L:829] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE0739.6F1E2FA0 BLS DAILY REPORT, MONDAY, NOVEMBER 2, 1998 Despite an early autumn of bad news, with panic spreading across emerging markets, the near collapse of a major hedge fund, and stock prices falling, U.S. economic fundamentals are still sound and the likelihood of recession is small, analysts say. Economic growth has slowed - consumer spending growth in the second half of the year is expected to be about half its heady 6 percent pace in the first half, the trade deficit is widening as exports have declined five straight months and employment growth slowed sharply in September. But there are also some big plusses that point to the continuation of the eight-year expansion - including a housing boom fueled in part by very low interest rates, low unemployment and low inflation, and solid income growth. ... (Daily Labor Report, page D-1). __The U.S. economy proved stronger in the third quarter than most analysts expected, with gross domestic product rising at an average rate of 3.3 percent, according to Commerce Department data. Consumer spending, especially on services, continued to grow unabated despite a global economic crisis, and businesses added to inventories, prompting more robust growth in the third quarter than the 1.8 percent rate in the second. ... Inflation, as measured by the chain-weighted GDP deflator, remained quiet in the third quarter, rising at an annual rate of just 0.8 percent, after gaining at a 0.9 percent rate in the second quarter. (Daily Labor Report, page D-3). __The U.S. economy grew at an unexpectedly strong pace, despite turmoil in global financial markets. The 3.3 percent annual rate was a full percentage point or more higher than many analysts had expected. It also was up sharply from the 1.8 percent increase in the inflation-adjusted gross domestic product in the second quarter, when economic troubles in Japan, South Korea, and other nations had combined with a strong dollar to cause a sharp drop in U.S. exports. The U.S. stock market rallied on the news. Investors were encouraged both by the better-than-expected GDP figures and the announcement of a new international plan to help developing countries, such as Brazil, that are facing difficulties because of a loss of international investor confidence. ... (Washington Post, Oct. 31, page A1). __Despite months of financial turmoil and heightened anxiety about contagion from the rest of the world, America's economy is holding up far better than most experts expected. The nation's economic output grew at a surprisingly solid 3.3 percent pace this summer, as car makers scrambled to rebuild inventories after the GM strike and consumers spent money as fast as they earned it. ... (New York Times, Oct. 31, page A1). __GDP growth topped estimates. But the number reflects conditions through Sept. 30, and many analysts say the report shows signs of a slowdown for the rest of the year. ... (Wall Street Journal, page A2). Working part time used to mean afternoons at home or two or three days off a week. But, as many Americans find themselves working weeks that stretch to 60 or more hours, "part time" can mean something very different: the ability to leave the office most nights at 5 or schedule a half-day off every other week. A new class of part-timers, mostly women, is emerging and working what used to be considered full-time hours - 35 or 40 hours a week. Lawyers, consultants, managers, and other professionals want to cut back their official hours so they can spend more time with their children or deal with other responsibilities. No one, including the government, which classifies anyone who works 35 or more hours as full time, knows how many full-time part times there are. ... But one study suggests that these workers are a sizable presence. Roughly a third of the salaried part-time employees surveyed in the 1997 National Study of the Changing Work Force said they spent at least 35 hours on the job, though the sample was small and statisticians say the actual number could be anywhere from a quarter to almost half of the millions of part timers. ... Two charts are credited to BLS: the number of dual-career couples and women who are working as professionals and managers (New York Times, page A1). -- =_NextPart_000_01BE0739.6F1E2FA0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcLAAMACQAwAC4AAgBMAQEggAMADgAAAM4HCwAD AAkAMwAbAAIAPAEBCYABACEwQ0QwMjYyRjAxNzNEMjExODg4RTAwMjBBRjlDMDMwOADnBgEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBIDQAAHEAAOQBw 5JYPOQe+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4HOQ3U LybQEnMBEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACI
[PEN-L:804] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE0672.C21EBEF0 BLS DAILY REPORT, FRIDAY, OCTOBER 30, 1998 __Private industry wages rose 4.3 percent in the year ended in September, and compensation costs rose 3.8 percent, BLS reports. This is the largest increase in private industry wages since June 1990, when the employment cost index rose 4.5 percent. ... (Victoria Roberts in Daily Labor Report, page D-1). __With big pay increases in financial industries leading the way, the nation's broadest measure of employers' labor costs rose 3.7 percent in the year ended last month, the largest rise in 6-1/2 years. That increase in the ECI was up sharply from the 3.0 percent gain for the year ended in September 1997. ... Analysts don't expect the rise to prevent another Federal Reserve rate cut. ... (John M. Berry in The Washington Post, page F1). __Despite signs that the labor market has cooled a bit since spring, the pay of workers is rising faster than it has in years. The nation's employment cost index rose a surprisingly strong 1 percent this summer. Though increases in benefit costs remained subdued, wages and salaries spurted 1.2 percent in the 3 months that ended September 30, the fastest rate since the summer of 1990, at the end of the long, strong 1980s economic expansion. ... "What we're seeing is a fairly broad-based increase in the rate of growth of compensation," said Katharine Abraham, Commissioner of BLS. ... (Sylvia Nasar in New York Times, page C1). __Tight labor markets and rising health-care costs forced U.S. businesses to increase wages and benefits in the third quarter. ... Rising health insurance costs contributed to a 0.8 percent boost in workers' benefits during the third quarter, the same as in the second quarter. ... While the wage increases are good for workers, they put the squeeze on the companies because operating costs are rising at a faster clip than official measures of productivity. The increases could also trigger a rise in inflation if companies raise prices to offset increased wages. So far, however, inflation has remained tame. ... (John Simons in Wall Street Journal, page A2). New claims filed with state agencies for unemployment insurance benefits decreased by 18,000 to a seasonally adjusted total of 301,000 for the week ended Oct. 24, the Employment and Training Administration of the Department of Labor reports. ... (Daily Labor Report, page D-14; Wall Street Journal, page A2)_Initial jobless claims, which had jumped 2 weeks in a row, are back down near a 10-year low (New York Times, page C1). The Conference Board's help-wanted index declined 4 percentage points in September, to a seasonally adjusted 88 percent of its 1987 base. "On the surface, it appears that all the speculation of a deterioration in labor market conditions may finally be developing," Conference Board economist Ken Goldstein said. "But it remains to be seen if a new trend is developing or if September was merely an aberration. A few blaring headlines notwithstanding, there is no evidence layoffs are burgeoning." (Daily Labor Report, page A-3)_Help-wanted advertising has slipped, but it remains strong (New York Times, page C1)_The fall indicates that the tight labor situation might ease. ... (Wall Street Journal, page A2). Economic activity throttled back substantially in the third quarter, with the goods-producing sector of the U.S. economy bearing the brunt of the slowdown, and business economists expect slow-growth conditions to prevail over the next 6 months. The National Association for Business Economics said demand for both goods and services retreated sharply in the July-September period, with the deceleration in the industrial sector spreading to other parts of the economy as well. A survey of 100 NABE members found the goods-producing sector was particularly hard hit, posting its weakest performance since late 1991. ... (Daily Labor Report, page A-11). Even though many industries are experiencing shortages of qualified workers, most employers have failed to tap into the pool of qualified workers with disabilities, who are anxious to work, according to the National Organization on Disability. Of 54 million Americans with disabilities, 17 million are of working age (18-64), NOD's president told reporters. Of these, however, only 29 percent currently are working full or part time. Of the other 71 percent who are not in the workforce, 72 percent say they would prefer to be working. The remarks were based on a survey released by NOD and conducted by polling company Louis Harris & Associates on the participation of people with disabilities in economic and social life. ... (Daily Labor Report, page A-3). -- =_NextPart_000_01BE0672.C21EBEF0 b3
[PEN-L:757] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE040C.3DE9DC60 BLS DAILY REPORT, THURSDAY, OCTOBER 29, 1998 RELEASED TODAY: The Employment Cost Index, not seasonally adjusted, for September 1998 was 139.0, an increase of 3.7 percent from September 1997. ... On a seasonally adjusted basis, compensation costs for civilian workers rose 1.0 percent during the June-September 1998 period, following a gain of 0.9 percent in June. ... Wages and salaries increased 1.2 percent during the June-September period. The increase was 0.9 percent in the March-June period. Benefit costs increased 0.8 percent in the June-September period, the same as reported in the March-June quarter. ... Despite the slowdown of the U.S. economy, new orders for durable goods rose a stronger-than-expected 0.9 percent in September, the Commerce Department reports. ... The September increase was led by electronic and other electrical equipment, particularly communications equipment. (Daily Labor Report, page D-1)_Orders for big-ticket items rose for the fourth consecutive month. They were pulled higher by demand for automobiles, communications equipment, and military goods. ... Economists had expected about a 1 percent drop, with world financial turmoil diminishing demand for U.S. products (Washington Post, page C14; New York Times, page C20)_New factory orders for durable goods posted a surprising gain in September, propelled by strong demand for electronic equipment, household appliances, and industrial machinery. But most economists expect capital investment and consumer spending to slow in the coming year. ... (Wall Street Journal, page A2). Next week's reports of U.S. vehicle sales for October are expected to show continued strength, despite the recent decline in consumer confidence and the roller-coaster stock market. ... The analysts attribute the healthy sales pace to the affordability of new vehicles. (Wall Street Journal, page A2). -- =_NextPart_000_01BE040C.3DE9DC60 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAB4ACAAvACwABQBlAQEggAMADgAAAM4HCgAe AAgAMgAXAAUAUwEBCYABACE0QkZDNjNBMUQ0NkZEMjExODg4RTAwMjBBRjlDMDMwOAAjBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgD4BwAAHEAAOQCw lRDfCwS+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4EC90a oWP8UW/UEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw M7AKe/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmATwBDVE9CRVIgMsI5GYAxOTk4CoUKhYEZIExFQVNFRBmQEk8Z8TogGZBoZSD0RW0LUG8GwAnw BUAIUFJzBUBJbg2weBmAbmZvBUAR8GFzAiAHQGzAeSBhZGp1HkAJgN8ZgAIQBcAGYAUwZQbQBJAZ Hx8gISB+YiYQBAAZgAWgHYAJ8HP4YXRpAiAnkR5ABCAgcrhjaXYDEAcwA6B3BbDeawSQBCADYCLh MSIQI3cmZAhxFuAgdB1BSnX4bmUtIL0jgSgwIEMfkG5vA/ArcSXQZwtxIwIwPC45I3cugSviJTVX Yf5nB5EAcCcQKAALYAiBBCD/IoYnECpwEiAqvyvPLSQlcd8dMiKHIaIu7TOCTQrAEbC2LSviNKhC CfANwGkFQP8odDG4LuAtAzbKM88tRDsy/ygAB4AfwCoBIMAU0ScBNx/YIHF1CsAgIHIlNRtMekQH kHA5EB1QPOMt0WTHLeAukzsyVS5TJTAFkfke4G15HsEH0QWwBIEotMszEQGgbB1QZ28EcCoF3SXR dANgFuAEkC07MABw9i0eoCOAYybyLu0gtzzEvQhQbQeAI6FBAQqxdB3T/T2kcyU1HTIguDWLRPAn EZ0fsGVE8EcQRhFpYzDT/x7wHUAFwE2ETgAHQEMQP1DfBSAd0hmASfJOAHUxQR+h/SehbSvwTzEo IgQgT4clNWwoRAtwH6FMAaAFsVIPPbNQEjCgGLAtMSlfxVTST0QIYmlnRnBOAP8p0C+BIOEqBSBy OzICEAhwrzswJ5EAgAWQdSggdh1Q2wRgAjBoNRQfsHcEkDgR+1CQTRJoVeBOkk1RDbADgdsnECBy 3nAZgAPwV/EpoWxbYQuAdwBwKRBPUXQIcARgAxFk/wdwC4AEAFpwM1FbGULTE5DtBHB1RxAEICgw gGTzW+ANA6BQHjFUJUMxNDv9B7NZKbEZkAdyZ+YB0FTE/QfCZgDQW+Be0UP/RQY9wP8m4yXRCHAT kAQAM0IuY0gs/2ZRI4BaI01RRfRbCk2JT4meaAhgEfBykGNBYXALUP8pYSOwJ3Ew4guAMxBF8WPS 9wDBZQEEkHk4kmFxBGAeQf9DJGAjRtQnkHMwXqEDIAuA31iwHkAd0zDiWCJ1SXEl4Pcn0WSQM1Jv QcM+JiehM0L+eSYAP7Zm4R+QBgBGAAngHQVASghhH3FUJUEyKTYuG0wHwHgFQFmwZWt+Jz2GBCAj EULTWLBacGPvRPExIQeRIHJPauEhEgrAfx1QRtd54nKQB+BDMSggbu8KUDEBfGFnQWgZgA2wQTj/ KJIoEE8RYv9YgEF0HUAHQDswb/GBEwqw90mheeE7MmEN0GtBAaBegv9rISMgQ7KAhUrme/99Dwq/ FxgVkfUUUQCUUAMA8T8JBwD9P+QEAAADACYAAAMANgAAAgFHAAEw Yz1VUzthPSA7cD1CTFM7bD1EQ1BDU01BSUwxLTk4MTAzMDEzNDc0NFotMzI0NzEAHgA4QAEN UklDSEFSRFNPTl9EAB4AOUABDQAAAFJJQ0hBUkRTT05fRABAAAcwIB4P3wsE vgFAAAgwYNzpPQwEvgEeAD0AAQEAHgAdDgERQkxTIERhaWx5IFJlcG9y ZGNwY3NtYWlsMS5wc2IuYmxzLmdvdj4ACwApAAALACMAAAMABhCU7V6rAwAHEAkGAAAD ABAQAAMAERABHgAIEAEAAABlQkxTREFJTFlSRVBPUlQsVEhVUlNEQVksT0NUT0JF UjI5LDE5OThSRUxFQVNFRFRPREFZOlRIRUVNUExPWU1FTlRDT1NUSU5ERVgsTk9UU0VBU09OQUxM NUNEODg5NEJFMTlAZGNwY3NtYWlsMS5wc2IuYmxzLmdvdj4Axko= -- =_NextPart_000_01BE040C.3DE9DC60--
[PEN-L:730] BLS Daily Report
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-- =_NextPart_000_01BE0342.19B073E0
charset="iso-8859-1"
BLS DAILY REPORT, WEDNESDAY, OCTOBER 28, 1998
RELEASED TODAY: In September, 219 metropolitan areas recorded
unemployment rates below the U.S. average (4.4 percent, not seasonally
adjusted), while 101 areas had higher rates. Of the 18 metropolitan
areas with rates below 2.0 percent, 12 were located in the Midwest, 4
were in the South, and 2 were in the Northeast. Eleven of the 12 areas
with jobless rates above 9.0 percent were in California or along the
Mexican border in other states. ...
In the second quarter of 1998, personal income in all 50 states and the
District of Columbia grew faster than the increase in prices paid by
consumers, according to estimates by the Bureau of Economic Analysis.
Across the nation, personal incomes grew 1.1 percent in the second
quarter, after growing 1.4 percent in the first quarter of the year. ...
(Daily Labor Report, page D-1).
A total of 5,150 workers were killed on the job in 1997, and another
1,068 died as a result of work-related suicide or homicide, the National
Safety Council's annual report says. The total number of work-related
fatalities increased some 2 percent over 1996, when 5,001 workers were
killed, the council says. But the overall fatality rate - 3.9 workers
per 100,000 employees - remained unchanged and represents the lowest
rate since 1933, the earliest date for which national data is available,
according to the report released at the council's annual conference in
Los Angeles. ... (Daily Labor Report, page A-5).
Consumer confidence declined for the fourth month in a row in October as
American households were less optimistic both about the current state of
the economy and their expectations half a year from now, the Conference
Board says. ... (Daily Labor Report, page A-12)_The monthly index
of consumer attitudes fell 9.1 points to 117.3 in October, the lowest
reading since December 1996. The decline was greater than economists
had expected. Though still high by historical levels, the trend is
unmistakably down. After reaching a 30-year high in June, the index of
consumer confidence has retreated in the wake of concerns about the
stock market, the global economic crisis, and increasing layoffs. ...
("Trendlines" by Tim Smart, Washington Post, page C10)_Consumer
confidence tumbled to its lowest level in nearly two years earlier this
month, amid increasing concerns about global economic and political
troubles. ... (New York Times, page C9)_Battered by global economic
crisis, stock market gyrations, and signs that the U.S. economy is
gearing down, American consumers are losing their financial self-esteem.
(Wall Street Journal, page A2)
Layoff fears aren't unfounded. According to a Challenger, Gray &
Christmas Inc. study, there were announcements of more than 100,000 job
cuts in September and early October, and, according to the Conference
Board, the portion of consumers who believe jobs are plentiful fell to
41.3 percent in October, from 45.2 percent in September. Those who
perceive jobs as being "hard to get" rose to 16 percent from 14.3
percent. ... (Wall Street Journal, page A2).
Opportunity abounds in the restaurant industry. With the strong economy
and steady increase in two-worker households, more people are eating
out. ... According to projections by the Bureau of Labor Statistics,
food preparation and service will be the fastest growing occupations
through 2006. Among chefs and kitchen workers alone, the government
expects an average of 1.27 million jobs to be created each year, says
The New York Times (Oct. 25, business section, page 1). ... Despite the
growing demand, chefs' pay has increased slowly and remains moderate.
The Times gives the average salary for graduates of three different
cooking schools after various years of experience, as well as annual
average job growth, 1996-2006, for various occupations and attributes
the data to BLS.
DUE OUT TOMORROW: Employment Cost Index -- September 1998
-- =_NextPart_000_01BE0342.19B073E0
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[PEN-L:710] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE027C.D51E8A40 BLS DAILY REPORT, TUESDAY, OCTOBER 27, 1998 Persons with disabilities, especially those with severe disabilities, are less likely to work and are more likely to live in poverty, according to a pair of articles in the September issue of the Monthly Labor Review. The articles, scheduled to be published shortly, are reprinted in the Daily Labor Report (pages A-9, E-1) and are "Labor Market Activity, 1994" and "Demographic, Income, and Health Care Characteristics, 1993." The labor market article is by Thomas W. Hale and Howard V. Hayghe, both economists in the Office of Employment and Unemployment of BLS, and John M. McNell, statistician in the Bureau of the Census. The demographic article is by Douglas L. Kruse, associate professor, School of Management and Labor Relations, Rutgers University. Funding for fiscal year 1999 for the Bureau of Economic Analysis and the Census Bureau fell short of requested amounts, imperiling the agencies' efforts to improve how the gross domestic product measures economic growth, officials from both Department of Commerce agencies contend. The agencies asked Congress to appropriate money for a full-scale initiative to reduce the statistical discrepancies between GDP and Gross Domestic Income. Theoretically, these two measures should match in growth rates. But during the past four years, GDP and GDI have reached different conclusions about how fast the economy is growing, with GDI expanding about 0.5 percentage point faster than GDP each year. ... (Daily Labor Report, page A-8). DUE OUT TOMORROW: Metropolitan Area Employment and Unemployment: September 1998 -- =_NextPart_000_01BE027C.D51E8A40 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABwACQAIABIAAwAhAQEggAMADgAAAM4HCgAc gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgDQBwAAHEAAOQCA omxpfAK+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4CfGd5 7L5tcG5EEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEOBQAACgUAAF8HAABMWkZ1 X5+YD/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBPQwBUT0JFUiAyN2EZgDE5OTgKhQqFUB0EkHMCIAQgA/B0aCC+ZAQAAaADEBygCJBzGYCNB5Bw BZAHMWx5IByw7m8R8ByEEfB2BJAesBzsOwrAHrBsB5AEIB1Aa2UtHkJvHIAFsGsgYG5kvyBjBGAg giEXHUAfQCALgEggcG8fQXR5IFFj7wWhHOAW4CFiYSPQC3AFwOxvZiBhHWBjILEjohyw9x6wBmAF MGUG0ASQI6AEEFcKUCWiJqJNAiFoHkFMGwGgBbFSHzAIkHcuID8ZkCaxJeYZgATwJrBkdd8gsCIQ IXEnQCPQdQJgBAD/KsEfEB6AACAeQCBUFTATkO8LgCcQIhAmdUQLcCipI+ApACAgKAqwZweRQS1C ORmARS0xKSHnIp0o1E0KwCEgBUBBYx1gJylQJDIa8TQiIeMiRMUnIG8JwGFwaCYQGYA8SW4FoAeA IFEiAUhl6wdAHLFDIHJDEcEA0CcQnQUQcyYBHZEa8TMuMqD/KbMLYCjyAMAxcyXlJ3ErYK8eUCnA A3EEIFcpkEgHQJMp4TRyb3cLESBWOWJ8eWcmsBmABuAcsQWRbncDcDXxJldPDdAmECfDRXptC1Bv BsAJ8DfhIgFVPm4nID1nJbEYgTRESm/KaAOgTSmQTWMHwB4wfyqBAZAdYDYCBzADoCZ1QmsIcDSw dSfWQwnwJ6BzrymVDbAzNzf9RAhgZwtg5QQgTCmQS3JDIDQyBBDebx4BJxAj0ANgZiDBBbB1GYBT EbBvBvAlojFQbn8vcT2nKNYLYB1gHFEZgFL8dXQvgBHgPiEjcRHgMhGdKZAuS6ApoBs8RnUiAD8k 0gIQBcA8wATwB0Agebc0sAXAGvE5TUNBzEU7lP1EUEFIgB5AAJAEICHyQqi/QfZHQB4wLDQlohUw cQpQ+zYAKxFhBGBM4DwAGYAHcP8d4AUQHUAk4inSL4Az8B1x/icdsA3QFNEEICFxVFEDYH8jgR6A B+AmognAHpAEIGT/NBE2AkcCKuAx0CJgNLAnoN8VMAQgO4VEUFeRdxywGYD/JbA8wQcxBCADUjsk MxAKsdZ0PrYIUG0HgHI84VVG/iA7kScQIgApll1mOSAhIP8iEAhQFuBZUVZDM3BHES0xv0bSBGA+ QB5QTVIlQGYq8PxsLU2yI5IdUUDhI4Ehcf8VMVjAYzEmsUDHTdEc4QUAJ1vxXYQnQHR3CeEgR/RE UCHjR1ejRVBYFTPk/ymUIoFkkyySJqEeoWXwIYDfWQcsQSrwIhAAwHQRsCOi/1okLQBG0UMyQgAF QCrgLUH/VOQKsDYATUEIcE3zHZFmV/RESVcAYSOBQiEqshzR/w3QH1E9wTuRJiBDIEoCIGD3BuBs cVcSZm1iJqI7hB5QPziBWiIk0RmAHJNu4mV4x2VRJMNxVDAuNSPQXQL/AjAvcSPRLVFx4ydRHLAD ka9mUm+CTfNLhSguL3QZgKMvYi+xOCkuGzxEGbBJGiBVVBmQT00ZUFLoT1c6KaBNEgBgoQbw/xyg A5EHEDSwPT8+SXxxJuhfGvkXTxhRgIUUUQCC4wDxPwkEAAADAP0/5AQAAAMAJgAAAwA2 AAACAUcAAQAAADBjPVVTO2E9IDtwPUJMUztsPURDUENTTUFJTDEtOTgxMDI4MTQwODE4 Wi0yODg3NgAeADhAAQ0AAABSSUNIQVJEU09OX0QAHgA5QAENUklDSEFSRFNP Tl9EAEAABzBwNGtpfAK+AUAACDBAih7VfAK+AR4APQABAQAeAB0OAQAAABEA AABCTFMgRGFpbHkgUmVwb3J0AB4ANRABQDxFMTZFRUE0Q0U5QzdEMDExOUFFNDAw NjA5NzA1Q0Q4ODkzM0JCOUBkY3Bjc21haWwxLnBzYi5ibHMuZ292PgALACkAAAsAIwAA AwAGEF0y4DcDAAcQQQUAAAMAEBAAAwAREAAeAAgQAQAAAGUAAABCTFNEQUlMWVJFUE9S VCxUVUVTREFZLE9DVE9CRVIyNywxOTk4UEVSU09OU1dJVEhESVNBQklMSVRJRVMsRVNQRUNJQUxM WVRIT1NFV0lUSFNFVkVSRURJU0FCSUxJVElFUyxBAAIBfwABQDxFMTZFRUE0Q0U5 QzdEMDExOUFFNDAwNjA5NzA1Q0Q4ODkzM0JCOUBkY3Bjc21haWwxLnBzYi5ibHMuZ292PgDFNA== -- =_NextPart_000_01BE027C.D51E8A40--
Re: [PEN-L:689] BLS Daily Report
Does this mean that BLS will finally calculate a Beveridge Curve for the US at regular intervals? Peter Dorman Richardson_D wrote: > BLS DAILY REPORT, MONDAY, OCTOBER 26, 1998 > > BLS got all the fiscal 1999 funding the Clinton Administration requested > to continue efforts to improve the CPI and other data series, according > to the agency. ... BLS funding will allow the agency to continue its > ongoing effort to improve the CPI and develop a new data series on labor > market conditions, according to Kate Newman, head of BLS's financial > planning and management division. ... BLS says the extra money will > allow the agency to speed up the process of updating the market basket > of goods and service sampled to determine price changes. The added > funding should allow BLS to expand the amount of information collected > on the prices and characteristics of certain goods and services. ... > Current statistical series do not show directly labor market shortages > and if labor market tightness is exerting upward pressure on wages. "We > would be providing monthly data on separations, new hires and current > job openings to assess the demand for labor or the existence of labor > shortages," Newsman said. BLS will begin publishing the data in 2001.
[PEN-L:689] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE01B4.A092FEA0 BLS DAILY REPORT, MONDAY, OCTOBER 26, 1998 BLS got all the fiscal 1999 funding the Clinton Administration requested to continue efforts to improve the CPI and other data series, according to the agency. ... BLS funding will allow the agency to continue its ongoing effort to improve the CPI and develop a new data series on labor market conditions, according to Kate Newman, head of BLS's financial planning and management division. ... BLS says the extra money will allow the agency to speed up the process of updating the market basket of goods and service sampled to determine price changes. The added funding should allow BLS to expand the amount of information collected on the prices and characteristics of certain goods and services. ... Current statistical series do not show directly labor market shortages and if labor market tightness is exerting upward pressure on wages. "We would be providing monthly data on separations, new hires and current job openings to assess the demand for labor or the existence of labor shortages," Newsman said. BLS will begin publishing the data in 2001. "Wage Inflation? Not to Worry" is the title of a Washington Post op-ed article by Robert I. Lerman, director of the Urban Institute's Human Resources Policy Center. ... In it, he says that, between 1992 and 1998, the unemployment rate for adult high school dropouts fell from 12 to 7 percent; for teenagers, unemployment plummeted from 20 percent to about 14 percent. Meanwhile, among never-married mothers, the proportion holding jobs jumped from 45 to 61 percent. During this same period, employment rates at the high-skill end of the labor market barely changed. Unemployment already was low for these workers and for college graduates it fell a bit more, but the proportion of college graduates holding jobs stayed the same -- 78 percent. Given these trends, theory would dictate wage growth, especially for the most skilled workers. But that didn't happen. Between 1995 and 1998, college graduates saw wage gains of about 2 to 3 percent above inflation, about average for all workers. Why? Many analysts point to corporate competition at home and abroad, weakened unions, and recent productivity increases. But also at work here is an abundance of well-educated workers. ... Of the net increase of nearly 12 million newly employed adults between 1992 and 1998, 90 percent had completed at least some college education and more than half obtained at least a bachelor's degree. ... The Wall Street Journal's "Tracking the Economy" feature (page A2) predicts that the employment cost index for the third quarter, to be released by BLS Thursday, will rise 0.8 percent in comparison to the previous quarterly change of 0.9 percent. Salaried employees can expect an average 4.1 percent merit-based salary increase in 1999, the same increase that salaried employees have seen for the last two years, according to a survey of 406 Fortune 1000 companies released by Buck Consultants. The annual survey also found that three out of four employers reported that they are using alternative reward strategies such as hiring and retention bonuses, stock options, and annual bonus programs to compensate talented employees. ... (Daily Labor Report, page A-9). The number of women in a state legislature appears to have a strong correlation with the wage gap between women and men in the state, a panel sponsored by the Institute for Women's Policy Research said in releasing a report. The economic status of women tends to be correlated with their political status, according to the president of Washington-based IWPR, an independent, nonprofit organization. ... (Daily Labor Report, page A-4). -- =_NextPart_000_01BE01B4.A092FEA0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABsACQAPABUAAgApAQEggAMADgAAAM4HCgAb AAkAEgALAAIAIgEBCYABACEyQkIxNjlDMTdCNkREMjExODg4RTAwMjBBRjlDMDMwOAASBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgA4DAAAHEAAOQDA qVg7tAG+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4BtDln wWmxMW17EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAB3CQAAcwkAAMAPAABMWkZ1 8HwKSP8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gE9DVE9AQkVSIDI2GYAxODk5OAqFCoUYgmdvBwVAB0ADIHRoZSBmLQQAYwdAGtI5HPB1bkpkC4Bn HLNDbAuAdDMCIBPQZG0LgAQAdHLYYXRpHtEVMHEKUB9g8wmAHLBvIAWgAjALgApQfiANwRTRBCAg kQdwE5BvZnYc4B5DUEkccB3gIJccUBzQBcBkH5BhIBHw/QiBcxmAANAFoR30IKAcwgRhZwnwY3ku IC59JgAgGHMdxgPwHJEcgW/3B+AlSCCLaSGhAiAcQB4CvyFUIc8i1Q2wIlAUwHAccNwgbgfRI6kp YSALYAbg8wXAAMByaxIAILId8B+i/SROSx+QHOAHwQOBGYAc0Gp
[PEN-L:666] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE00EB.55485D90 charset="iso-8859-1" BLS DAILY REPORT, THURSDAY, OCTOBER 23, 1998 RELEASED TODAY: In July 1998, there were 1,862 mass layoff actions by employers as measured by new filings for unemployment insurance benefits during the month. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 235,996. Both the number of layoff events and initial claimants for unemployment insurance were somewhat lower than in July 1997. ... After adjustment for inflation, the median weekly earnings of the nation's full-time wage and salary workers were 2.6 percent higher in the third quarter of 1998 then they were a year earlier, according to data released by BLS. ... (Daily Labor Report, page D-5). Manufacturers increasingly are considering laying off workers to cut costs as the economy slows and firms are unable to raise prices, National Association of Manufacturers President Jasinowski says at a briefing held to announce NAM's economic survey. "They are also talking about holding down merit wage increases." As recently as early this year when the economy was booming, manufacturers were able to make up in volume what they lost by an inability to pass on prices increases, Jasinowski says. But now that demand has slowed, pressure is mounting on manufacturers to cut costs, he says. ... (Daily Labor Report, page A-2). Data compiled by BNA in the first 42 weeks of 1998 showed that the median first-year wage increase in newly negotiated labor contracts equals 3 percent, the same increase as that reported for the comparable period in 1997. The weighted average increase for settlements reported to date in 1998 was 3 percent, compared with 2.8 percent in 1997. ... (Daily Labor Report, page D-10). Construction of new homes and apartments dropped 2.5 percent in September, the second straight monthly decline, but analysts say the housing market remains healthy. ... (Daily Labor Report, page D-1; New York Times, page C20: Wall Street Journal, page A2). The United States is splurging on energy, says The New York Times (page A1). Twenty-five years after an oil embargo proved that fuel supplies were neither reliable nor endlessly cheap, the United States has given up almost all the gains it made in conserving energy. On average, Americans have returned to consuming nearly as much energy as ever before. ... Declining energy prices - now lower in real terms than before the first oil embargo - have made the difference, the article contends. In the dollar-a-gallon era, why spend much time or money saving a gallon or a watt? Evidence of the more energy intensive life style is everywhere. Since the early 1970s, as the average household has shrunk by a sixth, the average new home has grown by a third. Even moderately priced homes are now stuffed with energy-hungry features, from central air-conditioning to Jacuzzis and security systems. ... Energy use is rising even faster on the roads. ... -- =_NextPart_000_01BE00EB.55485D90 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABoACQAOADQAAQBFAQEggAMADgAAAM4HCgAa gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgC4CgAAHEAAOQAg 4qz/6gC+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4A6v3W RjEaZmyxEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw fqjo8v8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmATwBDVE9CRVIgMsIzGYAxOTk4CoUKhYEZIExFQVNFRBmQQk8Z8TogIEkDoEqYdWx5GvMZgHRo BJAIZSB3HjIxLDg2TxIgAMAEEQtgeW8N0CBZANB0aQIgBCBiHZBl8m0LUG95BJAEIB8wHxBeZR8w CHAJgCBSbgfRZrsDEAuAZwQgAhAFwHUiIHcgoweAAjAgC4AhkQBwY00eUGIJ8A3AaXQEIGSfCHEW 4B4CHxACIWguHRBaRQDQaB/VI+F2BvB2tSHBYQVAbCFxBUA1GGDecCDxICIDUh/QIACQFuCfJ9Ag gCgAAaAigHNoI6LPGYAAcCHQJZJudQbQBJBuIB+gHmAFsGsg8icXdJ5vAZAn0CHQGsA1LBsQejYm IUIs8CaAKvwfdWV/J2ACMCERKsELgCTgBzEg/mMLYQOBJPEi7yP4HnMokO0HgHcRwCexbx5xHgED kesLgB1XNyYgLjWQG6YKhYZBAYArcWFkanUoAH8jozFyC4AWsSACHfMhUWTnBzADoB5wZWsdgSFw BKBvIpMroSrzOEMnMVEdcGzOLSAAB4AeYGFnHlAqsj5zB0AKwB2QK9YeczIujjYoUiRgI8FoaWce IRc0oiWSHhBpCyAgcXX/CsA20iuhGwIeAgOgHgI84f8eMikwIOAKwTnRIoAEkCqR7mMFoTkQJWJv JRAnoCkwnxUwJ9IhxBiBNXQoRAtwjR2BTAGgBbFSZXAU0QcZgAqwPCFELTUpLuUbTE0AcHVmH+Eh oSwj/wUAIXEpYh2QCsAeUAWgAIF/BIElUh9xJVIfoivWQ3FjfnUFQAWgKAAhEyWSBZFuOwNwHZBz NAEv9CJgcm3/IREeQTGwKfE/UUOAJDAEAKseUBOQaSRgcxmATjhD5TChb2MHMCbDK6HdSBxQ FTBKMiPBSklCTdF0a2k8gXkhEQVAKTBi7wiBImAlYR4gbCzCKqFNYOMxsCRhTkFNOzFNNFAQlylA CHAnYHkmISJUQUL/ScIHQCiQHgAHQFPwJWFFwe1MMWgG8EMjZDQQA6AHgJ8FEAVAPANI9QeQLiId EP9RAEPhPkJJklahQlEdkD9xfwQgQfMzsEDxTPo8ACBBb/9XARbgGYADgUhJQYRPJQDA+ywAMaBw NKInMStAHlEzwn9BMxTAKAEgYTSDAaAicXT/XTFDgAqwBBEm4U/0WygZgP9Tbi3STDFTsTRSBUAN sAOB/yHQEcAEIE2yCYBGcVLhIZL/I+AhQVYBIABLAlphSC
[PEN-L:665] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BE00E9.BE6894D0 charset="iso-8859-1" BLS DAILY REPORT, FRIDAY, OCTOBER 23, 1998 The Department of Labor fares well with respect to funding levels for two key Clinton initiatives - aid to disadvantaged youth and a stepped-up move to combat international and domestic abuses of child labor, says the Daily Labor Report (page A-8). ... The Bureau of Labor Statistics is funded at the administration's request. ... The funding covers a new jobs-opening survey initiative to measure labor shortages in the U.S. labor market. ... U.S. employers laid off 235,996 workers in 1,862 mass layoff actions in July, BLS says. Both the number of mass-layoff events and the number of people laid off were larger in July than in June. ... (Daily Labor Report, page D-3). New claims filed with state agencies for unemployment insurance benefits rose for the third consecutive week, up 2,000 to a seasonally adjusted total of 318,000 for the week ended Oct. 17, the Labor Department's Employment and Training Administration reports. ... (Daily Labor Report, page D-1)_Overall, new claims have stayed relatively low at a level economists said would be consistent with fairly strong payroll growth in October. ... (New York Times, page C6)_The number of Americans seeking first-time unemployment benefits rose to a 3-month high last week, prodding economists to wonder whether the numbers portend a wave of layoffs. The surge in claims was greater than most economists expected, and "suggests a weak October payroll employment report," said an economist with Merrill Lynch in New York. ... The labor market is still tight, but many analysts believe that the recent claims increases result from a slowing economy. ... (Wall Street Journal, page A2). The global financial crisis, which a few weeks ago seemed spiraling out of control, has suddenly eased on a number of fronts - raising the tantalizing prospect that its worst period may have passed. ... (Washington Post, page F1). Federal Reserve officials sought to reassure the financial markets, saying they are upbeat about the U.S. economy's ability to weather global turmoil and signaling a willingness to cut interest rates again if investors get jumpy. ... (Wall Street Journal, page A2)_Top Federal Reserve policymakers hinted that they are likely to cut interest rates further next month to counter global financial turmoil before it tips the United States into recession. ... Fed Vice Chair Alice Rivlin said that there are two priorities: "One is to put up roadblocks to stop the contagion so that emerging-market countries can begin to get back on their feet, and the other is to keep the world's largest economy, namely us, from slowing down too much". ... (USA Today, page 1A). -- =_NextPart_000_01BE00E9.BE6894D0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABoACQADABoAAQAgAQEggAMADgAAAM4HCgAa gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBMCgAAHEAAOQBA ZvNm6QC+AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb4A6WUa RjEaWmyxEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACLBwAAhwcAAL4LAABMWkZ1 g0Mpsf8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIEYUUkkYwFkZ gE9DVIBPQkVSIDIzGYAwMTk5OAqFCoVUaGplGLBlCrF0B4ACMCCwb2YgTAGgBbFmCsAxB5F3ZWwD IAPwdGiaIB2hcAWQBUB0bx1wCHVuZAuAZyBsZZ52HfAEIAIQBcB0dx8QwGtleSBDbAuAHwD/A6AL gB5ABzAhkB/QBCEJ8KhkYXMeYCALcGQe8mEfYHNhZHYAcAGQZ3kJgCB5CGAeUQBwItBhGCBzdBxQ HrBkLXX8cCAEYB/QHvIFoAbQIbB/IVEk0ASgIbECIAdAJFNklwNwB5AhkGMioGJ1EfD/BCAc8RGw AxAi0AtgHUEZgL0jQHkEIB5QHCELcGwgwM0dJFIcUBTRICgKsCPAgRPQLTgpLiAuLABFG/NCCHBl YXUc6FP/AZAhkCfCBCAEAB8jI9EmMVsp0iNQbSFhJMByJsMn+wQgFTBxClAkwCvoHzYFoBcf0BHg JJFuB9Fqb2K4cy1vHrADAB+Bcwhw/x/QIMAhaB7yB4AiYCyRKQR9JLBoFNEjsS4RA6Ap0lXcLlMr 4DVUAMByIKAwtScikBssNsNlbQtQb3k/MhILYSLQHPAdABqgNSx9GvA2HdAFsCCgMiE2UTH4LDg2 EiAAwAQRC2AkAM86gQDQJtI2M0p1KkAZgGcYgimCOBFCbx5RKdJu3nUG0ASQHOI8Qi08lR/B/wIw MjEkcT8cHrAzAB+wOhj7HeA1I3IjwAXAPYUpwQOR1z2DMnAr5CgqH3QZgCtTuEQtMyvQGywHwmML Yf5tIAEDECPRHjMkwCGwLyH5I8BuYwiQIARFETmTHKP3C4AzgQBwYxwgP4AycEkgv0DxA2AR8CAU HBEeUGkLID8l4QCABZAkIDRiHeBla+MZgCVBMiwwT6Ae8iSh7zThJvIqQSNQaigwJNAi0scBkAMg HPEzMThPk01WN07yOXAug08e0CvgMTffGYAp0h0kHEgwIUVLOCRi7lQvwCFhH4FBL1secSryRz6B RW9GfTEpX1rST/8yAVCRGYAycki1EcAlkUnR/znQItAVMAtgIcIqQRTAB+D/JjEkoB+zOXBOMQNw LcEEIP8jQCLBIHA9wCLQP4BOIy3B/xyyHjMdgE3wKkEvoQIgH5D9CrB5A2AeAQnAXeAeUTZR31Ox MsAEkFiVB8JZO0Eb8HMHckbVQzZaxBwCP1hB+weABRBjBiIR8E8QH3JJIPkR4HQtIZAHgEr8THxP 47wzLQRgAjAeYCjAZx5g/wtgJMBO5ROQBHAfY17JHwH3IHAugQXAdxwQKdFNdD9U7wQgKvIiMSSR d1xyHPE8lP8+ghwCM4ErcTZRSLVv8AQgfwnBSfFNcgORBGBroV7JZV54HrIJgBmAJGIiM4Bn9zYR QPId0WFTMGNVYidLKXlYJCwiX2
[PEN-L:616] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDFDC0.853E7F90 charset="iso-8859-1" BLS DAILY REPORT, WEDNESDAY, OCTOBER 21, 1998: Today's News Release: "Usual Weekly Earnings of Wage and Salary Workers, Third Quarter, 1998" points out that median weekly earnings of the nation's 97.4 million full-time wage and salary workers were $520 in the third quarter of 1998. This was 4.2 percent higher than a year ago, compared with a gain of 1.6 percent in the CPI-U over the same period. "Regional and State Employment and Unemployment: September 1998" was released late yesterday (October 21, 1998). lt indicates that regional and state unemployment rates remained relatively stable in September. The three regions for which data are available reported little change from August, and 39 states and the District of Columbia recorded shifts of 0.3 percentage point or less. Data for North Carolina and the region and division in which it is located were not available at the time of the release. The national jobless rate was virtually unchanged at 4.6 percent. Nonfarm payroll employment rose in 34 states and the District of Columbia. The unemployment rate remained at a relatively low level throughout the country in September, with the Midwest again recording the lowest rate at 3.6 percent, BLS reported (Daily Labor Report, page D-8). Major U.S. employers reported that their work forces expanded an average of 7.7 percent in the year ending June 1998. But they anticipate that their staffs will grow more slowly, an average of 4.6 percent, through June 1999, according to the American Management Association's annual Staffing and Structure Survey released October 20. Of the 1,231 AMA member organizations that participated in the survey, 45 percent had plans to increase their workforce by June 1999. In comparison, in the year ending June 1998, 52 percent of major employers had increased the size of their workforce. In that same year, 72 percent of responding companies reported creating new jobs, while only 44 percent project that they will create new jobs in the coming year (Daily Labor Report, page A-2). The U.S. trade deficit leapt to a record high of $16.8 billion in August, powered by a strong dollar and economic turmoil stretching from Asia to Latin America, the Commerce Department reports. A 0.3 percent dip in exports - down for the fifth straight month - and a 2.2 percent gain in imports yielded a 15.3 percent jump in the monthly trade gap, according to seasonally adjusted data (Daily Labor Report, page D-1; The Washington Post, page C10). The one sector of the U.S. economy that has clearly turned sour is manufacturing, says John M. Berry, writing in "Trendlines" of The Washington Post (page C10). Production is flat, employment is down by more than 150,000 since April, and foreign markets are shrinking for the first time in many years. Meanwhile, large increases in business purchases of new plants and equipment - a key feature of the long-running U.S. economic expansion - have continued to boost manufacturing capacity even as demand slows. The consequence is a significant drop in the share of total production capacity actually in use. Last month, that share, known as the capacity utilization rate, was 79.6 percent, 3.3 percent below the level at the beginning of the year. -- =_NextPart_000_01BDFDC0.853E7F90 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABYACQAfAB8ABABAAQEggAMADgAAAM4HCgAW gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAoCwAAHEAAOQAw EKVHwP29AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb39wEWq PjL9kmmNEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAABoCAAAZAgAAPsNAABMWkZ1 maSET/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgABPQ1RPQkVSIAQyMRmAMTk5ODqLCoUKhVQEcGF5JwejQQQgUmVsZWER8DrAICAiVXN1B0AZ kMEJ4GtseSBFCsADABMW4AQgb2YZkGFnZVogAHBkBgELYHIecFcVBbBrBJBzGYBUaGl5CyAgUR3g ACAEkBr0IqggcG8LgHQfAXUFQG50EcAFQAeAZAcwA6B3Xx40HUAeuCLgH4BuIwBpwwIgHJE5Ny40 IyADEKJsJUEgZnUmEC0lMNcHgCOQH2ZzH/R3IGQjkfEVMCAkNRhRC4AkwyLg3SECcSFUHxIbEi4d kCDhoyhxHVAgNC4SIHAEkO5jCfAFQCDwZyTgBcAi4TEDoGEgeSQRH5Bnb7sZgAWgbQqxCYAjkGki 4M0tIWcLcSpzLjYr5yk1oENQSS1VHxB2LLOfH4AnoCbhK/ElQGQuG2z6Ih0QZyVBHfEfowGQIYA/ HoAuEBTABsAsMh+iVW6+ZTSHHYEGYAUwNYBiKlH/IdQrchUwHTMfwAtgNEEtUAZzIYEcYSAoT2N0 1m82shrWKSrxbDASI1D+YzQxBCAi4xUwM2k4kDQy/nU1eTeAOuMVMADAC4AuUf83kSUhMRAeYTxR AmAfgCkx/zZXKvMpggnRO3UEIAIQBcD2dyDwEbAgHGABkB+QKLH8YXYLcAtgP1IVMCIwIXH7OAEu kHQ/YRGxFuAfgANScRPQdWd1OJAZgB+iM145PEQEIB+iJNJEBAB0/wUQOTAfEghQCkAG0AcwN4E/ BaENsCeBIPABgB8DMC7+MyvmH2IiMx8QBcAdMAQQbSrxREJSQaJOFNEusEP/CsAG8AuAQnFGpTuE H5MjUP52BAAmMikxQeQukCkgBCDPFMA60i5hK
[PEN-L:613] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDFD05.A8221500 BLS DAILY REPORT, TUESDAY, OCTOBER 20, 1998 RELEASED TODAY: Regional and state unemployment rates remained relatively stable in September. The three regions for which data are available reported little change from August, and 39 states and the District of Columbia recorded shifts of 0.3 percentage point or less. The national jobless rate was virtually unchanged at 4.6 percent. Nonfarm payroll employment rose in 34 states and the District of Columbia. ... The federal government cut 343,000 jobs in the 1990s through a sharp reduction in defense payrolls and a restructuring of federal agencies, according to a report from the Nelson A. Rockefeller Institute of Government. In the same years federal employment fell, state and local governments added 2 million jobs. Nearly three-fourths of the overall federal employment decline came from a 281,000 fall in the number of civilian Defense Department employees. "The defense decline not only reversed the 85,000 buildup of the 1980s, but reduced the total number of defense jobs to 693,000, the lowest figure in a half century," according to the report by Samuel M. Ehrenhalt, a senior fellow at the Institute. ... Employment for general federal government functions fell by 100,000 jobs in the 1990s. ... (Daily Labor Report, page A-2). New York needs to get over its dependence on the financial sector, says Charles R. Morris, a financial consultant and author of "Money, Greed and Risk: The Course of Financial Crises," on the op. ed. page of The New York Times (page A31). ... As of the end of 1997, security industry employment accounted for 5.5 percent of New York City jobs, up from 5.3 percent in 1987 and for a staggering l9.3 percent of payrolls, up from just 11.3 percent 10 years before. The finance, insurance, and real estate sector now accounts for 33.9 percent of all payrolls in New York City, a big jump from 26.5 percent in 1987. ... When markets turn sour, lamentations rise from the wreckage of upside-down mortgages and repossessed Jaguars, and everyone vows not to let it happen again. ... The problem may be that market crashes just don't last long enough to generate the pain needed for true reform. Employment of those 16 to 24 years old rose 13.3 percent to 21.6 million between April and July this year, the smallest gain in summer youth jobs since 1991, BLS said. BLS economist Sharon Cohany said that might be because more school kids were already holding after school jobs in April; also, she said, a higher minimum wage could have meant the government funded fewer summer jobs (Wall Street Journal, "Work Week," page A1). More black Americans than white for the first time say their financial condition has improved in the past year, a poll of 1,700 Americans conducted by the Joint Center for Political and Economic Studies indicates. Experts say that's a sign that the strong economy finally is reaching the black community. Just over half of the African-Americans surveyed, 51 percent, felt better off financially this year than last. The number of blacks polled was 850, a larger sample than in most national surveys. In contrast, less than one-third of the whites in the survey, 31.5 percent, said they felt better off. ... "It's the 4.5 percent unemployment rate, tight labor market, people getting jobs, and wage increases," said an economist at the Brookings Institution and former director of the Congressional Budget Office. ... (USA Today, page 1A). DUE OUT TOMORROW: Usual Weekly Earnings for Wage and Salary Workers: Third Quarter 1998 -- =_NextPart_000_01BDFD05.A8221500 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABUACwANADQAAwBDAQEggAMADgAAAM4HCgAV AAsADwAlAAMANgEBCYABACEAAABFRkY0NEZCRkM1NjhEMjExODg4RTAwMjBBRjlDMDMwOABCBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgAsDAAAHEAAOQCg MtRpBf29AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb39BWfW v0/09WjFEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw LFTULv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBPQ8BUT0JFUiAB0BmAcDE5OTgKhQqFGSBMoEVBU0VEGZBPGeHEOiAH8GVnaQIgB0AiIABwZCBz AZB0ZaAgdW5lbQtQbwbA+wnwBUByHhEEIBUwAMALgEcJgB9xC2B0aXYgIHl/HeICYB4wC4AGUQUw HnBiJQSQLh0AVGgeMHRoPwnRH3EdQgQgAhAFwHdo0mkRsCBkHhBhHaAVML0doHYLcAtgIPIVMHAU 0fkf4WxpAkAhARGxFuAeMOMDUhPQdWd1HfAZgB2yfDM5HeQEIB2yImAeMEQVBAB0BRBjBUBvZiD/ CFAKQAbQBzAfcQWhDbAd0Q8jkAGABCApQTAuMyDqcASQYx7hYSZRJTALgN8pIQXAIQAEECHwLi0Q IhPnHXAgUB1jam8g8QQRHyKlI3BhBCB2aQAgdQdAHyCRHlAmFB3QHhAgNC7WNitmIfFOAiBmCsAm sK0KsHkDYC+QIB56bxHw+SEiMzQnvyjPBzAs9Bs8nSIiZgmABJAdgWdvIHAzBKAe02N1BUAzsDMs fjA5QC4SBCAhMTSSGvEw9wQgImEIYGcjwCQQKpA
[PEN-L:599] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDFC36.CD96C6B0 charset="iso-8859-1" BLS DAILY REPORT, MONDAY, OCTOBER 19, 1998: __A sharp fall in energy prices kept the September CPI-U steady. September was the first month the CPI-U showed no increase since March. The price index rose 0.2 percent in August. In the year ended in September, the CPI-U has risen at a 1.5 percent rate. ... (Daily Labor Report, page D-1; New York Times, Oct. 17, page B2). __Inflation disappeared in September, as prices for gasoline, clothing, and vegetables all fell. The seasonally adjusted CPI was unchanged, following five small increases from April through August. ... (Washington Post, Oct. 17, page G1). Annual increases in Social Security payments aren't keeping pace with inflation on the goods and services on which senior citizens spend much of their money. Although inflation in general remains at low levels, America's elderly are subject to a different and slightly higher, rate of consumer-price increases, according to the Labor Department. The agency has maintained a separate consumer price index for the elderly, or "CPI-E" since 1982, releasing it each month without much fanfare. Unlike the conventional CPI, the senior-citizen formula places greater weight on the cost of such goods and services as medical treatment, prescription drugs, and housing. Though experimental, the CPI-E is considered a more accurate reflection of the cost of living for Americans over the age of 61. Between August 1997 and August 1998, for instance, the CPI-W rose 1.3 percent, while the CPI-E rose 1.7 percent, due to rising health costs. ... A lobbyist for the American Association for Retired Persons says, "We definitely want the cost of living adjustments (in Social Security) to be based on a more reasonable reflection of what the elderly really face". ... Using the senior citizen CPI would "make more sense," says Patrick Jackman, BLS economist who oversees the CPI-E. "There's been some talk about producing an official CPI for the elderly, but that would cost money." Mr. Jackman estimates that it would cost the Labor Department an extra $40 million per year to produce a separate report. ... (Wall Street Journal, page A2). __Real average weekly pay fell 0.6 percent from August to September, after seasonal adjustment, BLS reports, saying the decline stemmed from a 0.6 percent decrease in average weekly hours and a 0.1 percent rise in the CPI-W. ... (Daily Labor Report, page D-14). __As the economy slowed, average weekly earnings for workers fell in September by the biggest amount in 17 months. ... (New York Times, Oct. 17, page B2). The Social Security Administration announced that Social Security recipients will receive a 1.3 percent cost of living increase for the coming year - the lowest in 11 years. ... (Daily Labor Report, page A-9; Washington Post, Oct. 17, page G1; New York Times, Oct. 17, page A9). In another sign of a slowed economy, U.S. industrial production fell 0.3 percent in September, according to data released by the Federal Reserve. The decrease follows a revised 1.6 percent increase in August - originally pegged at 1.7 percent - which was a rebound in output after the General Motors strike. "The declines were widespread in durable manufacturing, with larger drops in steel and motor vehicles and parts," the Fed said. ... (Daily Labor Report, page D-18; Washington Post, Oct. 17, page G1)_Analysts had been expecting an increase of 0.1 percent in industrial production. ... (New York Times, Oct. 17, page B2)_U.S. industrial output dropped unexpectedly by 0.3 percent in September, wrapping up the most sluggish quarter for production since the last recession. ... (Wall Street Journal, page A28). Little by little, across the economy, companies large and small are pulling in their horns, crimping spending plans, cutting back on employment. ... But the chief economist for the U.S. Chamber of Commerce says that so far job losses have been concentrated in areas most directly affected by the Asian financial crisis - manufacturing, exporting, and financial services. ... According to personnel management consultant Challenger, Gray & Christmas Inc., announcement of job cutbacks in September were double what they were in August and more than triple the rate in September 1997. "The pace of layoffs is jumping because profits are being squeezed," said the company's chief executive. Even so, there are few signs of distress yet in macro labor market figures. Although September's unemployment rate was 4.6 percent compared with 4.5 percent in August, the difference was actually statistically insignificant. "It ends up that the rate was right on a rounding point," said Philip Rones, BLS assis
[PEN-L:571] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDFB73.671E5F40 charset="iso-8859-1" BLS DAILY REPORT, FRIDAY, OCTOBER 16, 1998 RELEASED TODAY: CPI -- On a seasonally adjusted basis, the CPI-U was unchanged in September, following increases of 0.2 percent in each of the preceding 2 months. In September, the food index was unchanged. ... The index for petroleum-based energy decreased 2.1 percent, and the index for energy services fell 0.8 percent. Excluding food and energy, the CPI-U increased 0.2 percent in September, the same as in July and August. ... REAL EARNINGS -- Real average weekly earnings decreased by 0.6 percent from August to September after seasonal adjustment. The decline stemmed from a 0.6 percent decrease in average weekly hours and a 0.1 percent rise in the CPI-W. This was partially offset by a 0.1 percent increase in average hourly earnings. ... Between September of 1997 and 1998, real average weekly earnings increased by 1.1 percent. ... __Smaller-than-anticipated automobile and light truck discounts in September pushed up seasonally adjusted producer prices for finished goods 0.3 percent in the month, BLS says. Government and private analysts say unusual pricing patterns in the automobile industry rather than an actual cost increase in cars and light trucks caused the largest monthly producer price increase in the past year. Essentially, car manufacturers offered incentive discounts at different times in 1998 than the pattern established over the last several years. ... Private-sector economists say the September increase does not indicate that commodity prices are breaking out of their well-behaved pattern. The PPI for finished goods would have risen only 0.1 percent in September if auto and light truck prices were removed from calculations, said BLS economist Joseph Kowal. ... (Daniel J. Roy in Daily Labor Report, page D-1; John Simons in Wall Street Journal, page A2). __Analysts dismissed the 0.3 percent increase as a fluke and said faltering world demand will restrain inflation pressures. The increase in the index was pushed up by big increases for cars, vegetables, and home heating oil (Washington Post, page F1; Bloomberg News article in New York Times, page C8). Labor statisticians from around the world meeting in Geneva agree on new global standards for reporting income from employment and on-the-job injuries. The statisticians had more difficulty, however, in dealing with a new proposal for measuring underemployment, with officials from the United States and other industrialized regions failing to come to an agreement with developing country representatives on how to define the term. The meeting, hosted every 5 years by the ILO, was the 16th such gathering of statisticians. Ensuring comparability between reporting methods on labor statistics from different countries has been a task of the ILO since the 1920s. ... (Daily Labor Report, page A-1). New claims filed with state agencies for unemployment insurance benefits increased by 2,000 to a seasonally adjusted total of 303,000 for the week ended Oct. 10, the Employment and Training Administration reports. (Daily Labor Report, page D-10; New York Times, page C8). Business inventories crept up 0.3 percent in August, Commerce Department data show. ... (Daily Labor Report, page A-2). The hot U.S. job market? It's getting cooler by the minute, says The Wall Street Journal (page A2). After months of low unemployment and intense competition for workers, U.S. companies in a variety of industries have started a round of year-end job cuts. Nearly a dozen big firms have announced staff reductions in the past week in an attempt to bolster profits amid weakening sales and pricing. ... Companies eliminating jobs are clinging to a common truth: While pricing power is withering because of the world-wide economic slowdown, wages in the U.S. have increased, inflating companies' overall cost structure. ... Luxury businesses are always the first to feel a downturn, and are they ever feeling it now, says The Wall Street Journal (page W1). The Journal article on problems in spending for products or services not actually necessary is illustrated with a Dow Jones Luxury Spending Index that shows such categories as luxury yacht charters and a 4-ounce jar of caviar and the change in price, actual and in percent, over the past year. In each case, the percent change in price is down, with the percent change in the price of a 4-ounce jar of caviar down 50 percent. -- =_NextPart_000_01BDFB73.671E5F40 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABMACwANADYAAQBBAQEggAMADgAAAM4HCgAT AAsAEAAKAAEAGAEBCYABACEAAABEOEUwNDJFMjNGNjdEMjExODg4RTAwMjBBRjlDMDMwOAAJBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBcDQ
[PEN-L:570] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDFB6F.A6769AD0 BLS DAILY REPORT, THURSDAY, OCTOBER 15, 1998 RELEASED TODAY: The Producer Price Index for Finished Goods increased 0.3 percent in September, seasonally adjusted. This followed a decrease of 0.4 percent in August. The index for finished goods other than foods and energy advanced 0.4 percent in September, after edging down 0.1 percent in August; increases in the seasonally adjusted indexes for passenger cars and light motor trucks accounted for three-fourths of the September advance. Prices received by producers of intermediate goods declined 0.2 percent, following a 0.3 percent decrease in the prior month. The crude goods index fell 1.6 percent, after a 2.7 percent decline in August. ... __Import prices declined 0.1 percent in September, continuing the downward trend in prices, which have fallen 6.5 percent over the last year, BLS says. Export prices fell too, down 0.5 percent for the second month in a row and down 4.1 percent in the last year. ... (Daily Labor Report, page D-1). __The decrease in import prices continued a downward trend, which had amounted to a 6.5 percent decrease since September 1997. Prices on petroleum imports rose 1.1 percent in September, after a revised 0.9 percent rise the previous month. The general downward trend in import prices is expected to contribute to declining consumer goods prices. ... (Wall Street Journal, page A2). Retail sales rose a seasonally adjusted 0.3 percent in September, the Commerce Department reports. The increase proved weaker than many analysts had expected, but in line with a slowing economy. ... (Daily Labor Report, page D-3)_Despite brisk demand for new automobiles, retail sales rose only modestly in September, suggesting that consumers may be growing less eager to spend. The increase in retail sales was weaker than the 0.6 percent rise forecast by Wall Street economists. ... (New York Times, page C11)_The stock market's recent gyrations may have caused consumers to do a bit of belt-tightening, even as falling import prices help keep inflation in check. Retail sales rose at a slower than expected pace in September, after practically no increase in August. But even with the general slowdown, retail sales were up 4.3 percent over September 1997. ... (Wall Street Journal, page A2) European governments aren't doing enough to create employment, the European Commission said in a critical report on job creation across the 15-country European Union. While praising member countries for their efforts to implement 10 "best-practice" job-creation schemes from individual EU countries, the Employment and Social Affairs Commissioner said the EU still lagged behind the U.S. in most areas where it counts. "The key thing we have to improve is the employment rate, which stands at 60.5 percent" in the EU compared with 74 percent in the U.S., he told a news conference following the EU executive body's weekly meeting. EU employment grew by about 800,000 in 1997, the best growth since 1992. But that growth wasn't enough to prevent an increase in long-term unemployment or to make a dent in worrying features of the EU job market, the commissioner said. ... (Wall Street Journal, page A18). DUE OUT TOMORROW: Consumer Price Index -- September 1998 Real Earnings: September 1998 -- =_NextPart_000_01BDFB6F.A6769AD0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKABMACgAvAAsAAQA3AQEggAMADgAAAM4HCgAT AAoAMQASAAEAQAEBCYABACEAAABEM0UwNDJFMjNGNjdEMjExODg4RTAwMjBBRjlDMDMwOAAEBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBoCgAAHEAAOQDg o8Rab/u9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb37b1io 4kLg1Gc/EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACoBwAApAcAABAOAABMWkZ1 RZBvxv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmATwBDVE9CRVIgMcI1GYAxOTk4CoUKhYEZIExFQVNFRBmQEk8Z8TogGZBoZSBiUANgZHVjBJAd YWmRHcAgSW4NsHggAhAdBcBGC4AEAB1AZCBHnm8EcAQgC4AFAGVhEfDBH3AwLjMgcASQHcDvAjAf 4QZRBTBlBtAEkBmADxHwIEACIAdAbHkgYZBkanVzIbBkLh0SJwQAHrEioG93H2FhIKMFgSAjIG9m IIE0IMr4QXVnIxEjYx1QC4AehspmHxZnH6NvdB1ABcD/KLADkQIQH7IAcB9wCfAEkPpnIsJ2AHAd wCByJXshia5hAYAd0QmAZwuAZySAlyQgA6AgkDElj3Q7H+f/H9Io8R1QIj8fYScTB5EewtcKsAQQ CfBnHdFjEdEpo7BsaWdoBUAEYHQFsVR0ch2waymRYwWgdd8CMB9hHsIosAnRLQIQCHD/KLAogSUw L/IhhypWI2EeA6cEIBUwHcBpdh9hYiLAvxOQHZQ2MwuALLEHgGQHMP8hsCg1BYEzYCoAIHISICs1 /xmAI+QtIiRwIJokly/FE5BuaQWxBGACMGgmpQUAdTcNsCg1JxVlIqAasC42xzv4LJQkcDIuNz2K O2IdJgouROAbpgqFX19J/G1wFNE/AjgyOzkt2yGJdwWgAjALgHUtIi/yLWJ3vwsRNBEJ8DFSRoUZ gHcjoH0RsCARwDjAHrAikQnwIOg2LjVHx284wCjiHVBzC2AjICB5IDAiARiCc8hheXMjYUV4RkpB U/0z4G8ZgC1lTQg1NDASSTH/H3A/cyFCJHAD
[PEN-L:530] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF842.88F55160 charset="iso-8859-1" BLS DAILY REPORT, WEDNESDAY, OCTOBER 14, 1998 RELEASED TODAY: The U.S. Import Price Index declined 0.1 percent in September. The decrease was attributable to the ongoing decline in nonpetroleum import prices. The U.S. Export Price Index fell 0.5 percent in September, as both agricultural and non-agricultural export prices declined. ... In a move expected to signal the biggest round of layoffs on Wall Street in several years, Merrill Lynch & Co. will cut 3,400 full-time jobs and 900 consultants who were working full time for the big securities firm. (Wall Street Journal, page C1; Daily Labor Report, page A-8; New York Times, page A1)_Merrill's business suffered both because of problems in far-flung emerging markets and because of the sharp drop in new stock and bond sales on behalf of corporations at home. ... (Washington Post, page F1). The gender gap in math and science appears to be waning, but now a new one has emerged: the technology gap. A report by the American Association of University Women's Educational Foundation found that girls lag behind boys in the number and level of computer courses they enroll in, a gap that persists through college and into the lucrative technology career market. ... The AAUW report does not include information on minorities in technology education, but researchers at Carnegie Mellon University say the minority gap is at least as troubling. Another problem noted in the new report: Two-thirds of all minimum wage-earners are women, a figure unchanged from a decade ago. (Washington Post, page A4)_According to the AAUW data, girls tend to cluster in lower-end data entry and word processing classes - the 1990s version of typing. Boys tend to take more challenging roles, such as computer programming and problem solving. ... (USA Today, page 4D). A series of studies done by the AFL-CIO to measure union membership as a percentage of the workforce in given industries and geographic areas is aimed at "creating a map" of organized labor that the federation hopes it can use to better allocate its organizing resources in the future, several federation officials told BNA. ... The studies were done using government data and information gathered from a survey of the affiliates. ... For now, the studies are aimed at providing AFL-CIO officials with information. ... (Daily Labor Report, page A-11). DUE OUT TOMORROW: Producer Price Indexes -- September 1998 -- =_NextPart_000_01BDF842.88F55160 gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgDYCQAAHEAAOQAg kdNOQvi9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb34QkzT hVkvdGQOEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEVBwAAEQcAALAKAABMWkZ1 z+sA2P8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgABPQ1RPQkVSIIQxNBmAMTk5OAqFQwqFGSBMRUFTGbAgExpwGgE6IBywaGUgAFUuUy4gSW1w KRTRIFAFEGMdYEluaQ2weCAFgWwLgAmAIOAwLjEgcASQHnACMO4gC4AGUQUwZQbQBJAdsJcdMwWB FTBhEfAgdyHQTCBhAkAFEGJ1AZFsOR1gdG8jEB1RAiBnb+0LgGce9iBCbgIgH9AicPEG8GV1bSBA HeQTkB5hJnMhFR2DRXgd/2Zl9mwDIB+QNR/PINIZgCIhHwbgI1AiQAnAHmB1bHTfCHAHQCJAHrAk si0qyx7Q9yW5HvcdsC4uYBu2CoUeoPUiQCAEYHYdYCzhBZAgsGcfcCMhAJBnbithI1JiXTDwZweQ BUADYHUroW/0ZiALYHkycAPQI4EZkPsHQAMgUyJwCeAgMxHwL/DdK1J5IcAR4BmATQSQBRARKHFM eW4RsCAmID8IUB2wA/AocSsABUAzLBQ0MBhgZisQbC10YQdxIGpvYiIxK6E5XzcxBaAAgCsRAHB0 BCB3umgjMHcEkCHxBbBrI9L/N2IjEDfCAhAFwDFVNDErAIcFEDewB5FmaXJtLkT6KDNaSghhMREZ gAqwMcCZNiAxOxiwC3BseTWgOwGgBbFSIJAU0T6VQS32OD8gB8JZOjEcsAdyQGZYMSlfQqI1NScq UXX/AJAfUAQROQAN0DnhH3Aqc/kg4GNhQ6AjcTKAE5A4EK0i8G0EICBRZgrALRaw7zIwI/AgwASQ ZyPSAMA6QK8SADg0RQkjUnMRwXAe8J8DYEmQJJIH0THgb2NBkPdIIwIgH3BzB0AHkTMhIOB9EcBs MoAycQWhJ0EiUGn7OOEiQSA5oAeAPPdJUCPRsyMgA6BQbzHgPpVGQoA+LhtcHUIxwB6xBcBnYe9J 4wDAKpJLMmMIkDXQHWD/UYAo4BHRIxIg4CIBAwAW4P8ZgCKhJLEH4C+wSjICIB1g/xHABCBHEwmA HREjUiCwEbC7JMAUwGc/gFFxIRFBMgDvQBMqYD+AI1JBRyEeYAORvkqQBzBNAjJiVQMAqzRh AJB0P4BXTaFuQ2G4RWR1RSBNAithRjIiP1mUAhAyMiNQTWFHUHJsvwQgC2Aj8EvxC4BEknlGI/0j Um4lYCDhK4Mi8C/wAyD/TGMd4CKwUUEFoAhwEfBTUf8dUD+ACfAlIQMgC4AqIVFjv10jKOEAkDHg YXIyEWcqoP8UoSLwPtErkguAIyUKQAUA/0zxL/FWmUUgCdEFwEekLkQhHUJBQVVXV7Zkb+8HkSTA IDIfIHUNsCBBO0H/UeFZs1HBC4AFsDxUXtJWqP8JgFt1VDQVMBHwCsARsFph/U1SQwrAH1BHUB1g NTAocP8zIVopS2BYRGslVyMgQE1D3yLwIdAFQCIhJRF1AmAj0f9XcmlxbhFFpmliH2Fe1gfR/1fE HRI6IDegTnALIDMBMoC/M2JrIQdwJWEiEDHALTTRvx9QbjI581rxYnI8sGcIcP8dYDIwEbEW4B9h A1IvoQWBPmFqASrANkFN/08IQTTpQpRBYwWhZCPSIyVoY/1cUWEZgF10ILBc8iMwadH/MeBRQSBR FMA50XfAK6F+8v9h0SJwP4ArkjohH3BFsSYx30OxI/AfICHQYVJcURF7wXtWNBsRMAQgWlNZxFqg cP1y5EJekn+2AZBH0C/BOfH/EbFkcRbgI9IlIjUBOQA14c8iIWCHRbEJwGFtayEj8GcrknPGWVBs dnLjPRNVOlNXoFQEcDKwPpU0RP9Pzl
[PEN-L:514] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF6FD.2479B5E0 BLS DAILY REPORT, TUESDAY, OCTOBER 13, 1998 Top executives of some of the largest U.S. companies gathering for their fall meeting of the Business Council say they have begun to cut back on hiring in response to a slowing economy. Some 64 percent of the 75 members responding to a survey said reducing hiring is one way they are cutting costs as U.S. growth lags. Members of the council view the deteriorating global and financial environment as more than a temporary disruption. ... (Daily Labor Report, page A-8). Top U.S. business leaders continue to find that passing on price increases is a difficult, if not impossible, task in this era of fierce competition. Yet a consensus forecast expects an upturn in inflation in 1999. This seeming contradiction can be explained by the twofold makeup of the CPI. An upswing in service sector inflation can offset stagnant or falling commodity prices. ... (Daily Labor Report, page A-8). Top executives worried that the attention of the president and Congress has been diverted away from the economy at a time when it needs all the help it can get. ... (Wall Street Journal, Oct. 12, page A2). The consensus forecast for the PPI for September is for no change after a decline of 0.4 percent in August and for the CPI is for an increase of 0.1 percent after an increase of 0.2 percent in August (Wall Street Journal, Oct. 12, page A2). A Wall Street Journal article (page B2), "Retiree Lesson: A Couple's Solution to Money and Work," says that, although only about 12 percent of Americans aged 65 or older are currently in the labor force, a recent study by the AARP found that 80 percent of the huge baby-boom generation "believe that they will continue to work during retirement." ... "Census Sampling? Yes" is the title of a Washington Post op-ed article by Everett M. Ehrlich, former undersecretary of commerce for economic affairs. ... He says that "sampling is not a substitute for the traditional door-to-door head count that takes place in every census, including the one being planned for the year 2000. Rather, it is a supplemental strategy that is needed, according to the National Academy of Sciences, to eliminate the massive undercount of several population segments that plagued the 1990 census." ... DUE OUT TOMORROW: U.S. Import and Export Price Indexes -- September 1998 -- =_NextPart_000_01BDF6FD.2479B5E0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAA0AEgA5ACIAAgBbAQEggAMADgAAAM4HCgAN gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgC0CQAAHQMALgAA AAABvfb8naOn7BeUYnwR0oiOACCvnAMIAAACHkkAHgAxQAENUklDSEFSRFNPTl9E AAMAGkAAHgAwQAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAADoBgAA 5AYAAIkKAABMWkZ1J1Hmav8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UC AHDccnESIAcTAoB9CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBP UlQsIFQoVUVTGMBZGYBPQwBUT0JFUiAxM2EZgDE5OTgKhQqFVCBvcCBleAWQdXSEaXYHkW9mIHMD cDJlHPJ0aB1gC2ByZ4MHkAVAVS5TLiAFoM5tCrADAAeRZ2EdsQUQXRbgIAIQBcAdsWkFwGY/B0AD IAeAEgAfwh2FQnWdAJBuB5AEIAhRbmMDEXhzYXkdoiMQEcAcwCDYYmVnIpAdoG8esByQ2yPAANBr HPADoGggcB/C5QuAIBUwc3ACIBHwJCK+YR0gFMAD8B/RBZFuA3AOeR6gBgAdQjY0IHCdBJBjCfAF QB2FNzUg4e8G0ASQBCAlxGQfwiZUCHAnHMAjECLwaWQlsWR1nyKwH9ElJhzhIiAgdyMGfwrAHWAc gSEjBaAeQAQgYT8EIB5zCcAmwB2wHeFnc70nkU0pdR2FBaAilHYIkPcH4B2yDbB0BnEFsB9wH8K+ ZxTAJKADIABwK4BmC4C/AHAisDNBCfAxkANgbgeA/yiRLsEEYC2xHbADkSaAMkAbHuAygXIjECpA c3J1KwUwMnBuHqAuN2AgKGpEC3BsIxBMAaAFsVJ6ZTYxdBmACrAeIBPQLVg4KS4bPx5kYiH2bPxl YQSBBCAnMSEhClAkIv8zsSuANZEFQAqwBBAhMwOg/ROQaShwJYEFADugEfAEIJ8soSaAKkAN0D5A dWw4wf0GkCAnUAVAB3Al8D2RAmD2ZRmAAZBzJNAlkR2wLKH/BJAmgB0BM7AoUh6zIRE3BPwgWRIA JnEnMRHwAIAh8L8f8gWQLsAFQBxQKEBjLpL/A6A24QhwA6AlkQuAFrE3AuslghrxOSeRVEHiEfAp cP8uJAIwMpAqQEWwRyJFIAOgfyPQRWILYgmAI8AjEx2gd88dAAbwK4AAwGtlNuAdduhDUEknkUFG AgPhJWT/EfArAD5CEfBFsAWxRshJsv8dAAPQQ/EeQC/AM9EooSCE/S4kbQRhQ2AjED4jL+E3b+84 fzmPHDtLQHIIgT0FHbL/H3AyQDwxJPEdhROQB5ArcP800zOBCFAW4CXBBCARwAQgvyPQCfA2kRzA ACBKkWEtEv8DUh2jJyVXcTXSB3EtAB3A/0ZxBUAiIAmALqEgwR2yHcBebBwwXXFJsh4gdFJVV80g slNJACEBIEoIYTPQTmwaEUWwHqAxMlPmMs9UjzDjRG8gBSBQTKAf8/8GYAUwKXMskiACJ1AesDWh /VQhYQGAZhE/UQWQUQEdY8wwLigoJZFBdSPwHkF/M3NktUyRZjYDkT6GaEQx/yg3Z1VrbhIgaM9f z2DfYe/5CrJBIG/PM0IAID5AO5DbUqBUA0JyABmAIlOAHKDvCdFTECIxAiA6TNEiYgtQfGUnBkEG 8ByRJPEkMU0XLNEtgTOBVwWwaywifyLiBCA9IhmAB0AdsAhgZ38vkAIgUvFTMSRxcWAoOkHfB4A+ MQYiVBErgDYpQAWx/0txZ4Its1aQKIFS8UGjHdJ/U0IgAShwedElsShzHkB1hmQjEErFQUFSUB/x 2yKQPQU4GGAoTWhpgCOx+QGgeS0G4FuRHiAiIDKS7STxIiPQUQBlI6FW9iMQ/wPwIME8GlZxJNAr wB+zFTA7ddI0wi55IFJyVKwiQ+9EhAYQHuBRAj8noBecDGD/AyBD4BNgF6x5ICySSvNDYO90wR0B JoBzMHMlIBbgJDDNA6BQLnEc8HAtWvJ0hV1KwUVasRIABUBNHqBF/GhyUQARsBmAIAF8IUYQ/yow KaEFkIgBNmIdAVFSQrN/IAInJD5AZ0EgoCBwUkVI/04xeVZ1kCLwipQskkBSKsL+Yh5AQ2AckJQE SvNJEjcCpTNBZIQQci0kMC2Zsv9ecTuwMQNXIlcSS8EEIAtR
[PEN-L:513] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF6FC.E8D23240 -- =_NextPart_000_01BDF6FC.E8D23240 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAA0AEgA3AC8AAgBmAQEggAMADgAAAM4HCgAN gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBQAgAAGwAAAEAAOQCw VtCd/Pa9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb32/J2j p+wXlGJ8EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAwDxPwkEAAADAP0/5AQAAAMAJgAA AwA2AAACAUcAAQAAAC8AAABjPVVTO2E9IDtwPUJMUztsPURDUENTTUFJTDEtOTgxMDEzMjI1 NTQ3Wi04NzQ1AAAeADhAAQ0AAABSSUNIQVJEU09OX0QAHgA5QAENUklDSEFS RFNPTl9EAEAABzAwXtCd/Pa9AUAACDBAMtLo/Pa9AR4APQABAQAeAB0OAQAA ABEAAABCTFMgRGFpbHkgUmVwb3J0AB4ANRABQDxFMTZFRUE0Q0U5QzdEMDExOUFF NDAwNjA5NzA1Q0Q4ODhFNTdGREBkY3Bjc21haWwxLnBzYi5ibHMuZ292PgALACkAAAsAIwAA AwAGEAADAAcQAAMAEBAAAwAREAAeAAgQAQEAAgF/AAEA AABAPEUxNkVFQTRDRTlDN0QwMTE5QUU0MDA2MDk3MDVDRDg4OEU1N0ZEQGRjcGNzbWFpbDEu cHNiLmJscy5nb3Y+AORu -- =_NextPart_000_01BDF6FC.E8D23240--
[PEN-L:503] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF6AC.C1DB1050 charset="iso-8859-1" BLS DAILY REPORT, FRIDAY, OCTOBER 9, 1998: Today's News Release: "Consumer Expenditures in 1996" indicates that the average annual expenditures per consumer unit rose 4.8 percent in 1996, the largest increase since 1989, according to results from BLS's Consumer Expenditure Survey. Expenditures rose 1.7 percent in 1995 and 3.4 percent in 1994. The increase in expenditures from 1995 to 1996 was larger than the 3.0 percent annual average rise in the CPI over this period. New claims filed with state agencies for unemployment insurance benefits increased by 11,000 to a seasonally adjusted total of 300,000 for the week ending October 3, the Employment and Training Administration of the Department of Labor reports. Florida officials noted that Hurricane Georges caused local unemployment claims offices in Florida to close for 2 days, and resulted in fewer layoffs in the construction, trade, service industries, manufacturing, and agriculture sectors, thus curtailing the level of claims that might otherwise have been filed (Daily Labor Report, page D1). __The rise in first-time claims for state unemployment insurance is still indicative of a tight labor market. The 4-week moving overage for claims - considered a better gauge of economic conditions - fell by 3,500 to 295,750. That figure represented the lowest level since February 1989 (The Wall Street Journal, page A2). U.S. businesses and their workers are experiencing some ill effects of the spreading global economic crisis, as analysts try to gauge how long it will last. Lost exports are prompting layoffs in a variety of industries across the country, with high-tech firms, energy and agriculture firms bearing the brunt so far. Layoff announcements more frequently are being linked to the global crisis, including cutbacks announced by big U.S. consumer product manufactures that had appeared insulated given their size and scope of products sold around the world. Forecasters are talking more about the possibility of a U.S. recession, but most say the odds are that growth will slow down over the next several months without a severe downturn. The latest report from Challenger, Gray & Christmas showed that 61 percent of the roughly 73,000 layoffs announced by U.S. firms in September were attributed to international factors. For example, among other industries that are bearing the brunt of the crisis are textile and apparel industries, especially those in the Southeast, several analysts said. While both of these industries have seen their payrolls shrink for many years, they have been hit hardest recently by a flood of imports, particularly from Asian countries trying to bolster their trade income (Daily Labor Report, page C-1). The House Government Reform and Oversight Committee has canceled the markup of the Statistical Compilation Act of 1998, which could have led to the consolidation of the government's three statistical agencies into one independent federal agency. The legislative director of the AFL-CIO says that although the bill, originally scheduled for an October 8 markup, will not see any more legislative action in the House this year, it may be reconsidered in the next session of Congress. The Statistical Compilation Act of 1998 would establish an eight-member commission to examine whether and how to fold BLS, BEA, and Census into one agency (Daily Labor Report, page A-9). U.S. households' heating bills this winter will be higher because of expected colder temperatures than last season, the federal Energy Information Administration predicted. The forecast was made despite a 3-to-5-cent-a-gallon drop in heating oil and propane prices. Natural gas prices are expected to be lower in the fourth quarter compared with last year, but higher in the first quarter of 1999 compared with last winter because of an increase in demand due to colder weather (The Washington Post, page G1). The International Monetary Fund and the World Bank wound up their annual meetings today, saying that the United States will bear most of the burden of helping Asia and the rest of the developing world get out of a recession. America's relatively strong economy will draw in the exports of crisis-stricken countries at the same time that foreign demand for American goods is weakened. One implication of that is that a steady increase in competitively priced imports can, over time, lead to an erosion of American market share and jobs (The New York Times, page A8). __Jolted by the deteriorating global economic pictures and a likely squeeze on profits, a majority of chief executive officers say they will reduce capital spending and hire fewer workers in coming quarters. According to a survey released by the Busin
[PEN-L:457] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF38C.D4558860 BLS DAILY REPORT, THURSDAY, OCTOBER 8, 1998: There were 1,500 mass layoff actions by employers that affected 337,855 workers during the second quarter of 1998, BLS reports (Daily Labor Report, page D-1). Data compiled by the Bureau of National Affairs in the first 40 weeks of 1998 show that the median first-year wage increase in newly negotiated labor contracts equals 3 percent, and the weighted average increase for settlements reported to date in 1998 is 2.9 percent. The manufacturing industry's weighted average increase is 2.8 percent, and nonmanufacturing contracts (excluding construction) show a median increase of 3 percent, with a weighted average increase of 2.9 percent (Daily Labor Report, page D-7). It's a strange prelude to a recession: U.S. jobs are plentiful, prices are stable or falling, incomes are rising and interest rates are falling. Yet the turmoil in world financial markets has put the word "recession" on the lips of some economists and in media headlines. Federal Reserve Chairman Alan Greenspan suggested in a speech yesterday that the U.S. economy is in a period of unusual uncertainty. The greatest danger of recession, most economists say, lies in the possibility that global financial turmoil will cause further large declines in U.S. stock prices and so undermine consumers' confidence and wealth that they cut back heavily on spending (John M. Berry, writing in The Washington Post, page E1). __The world economic crisis spread a nervousness in America yesterday, that played out in odd ways. The mood was decidedly downbeat in the United States. The International Monetary Fund's annual meeting ended in Washington without agreement from the ministers in attendance on a plan to resolve the crisis. And Alan Greenspan, the Fed's once upbeat chairman, said the likelihood of continued good times in America had "weakened measurably" (The New York Times, page 1). __Speaking before a group of economists in New York City, Alan Greenspan hinted that the Fed was ready to reduce interest rates further if the financial turmoil that began last year in Asia continued to spread (The New York Times, page C1). __The cost of a college education rose by about 4 percent this year, two and a half times the current rate of inflation, 1.6 percent, maintaining a pattern of the last few years (The New York Times, page A18). Older male workers are leaving the workforce earlier than ever. But most would like to work part-time or on special projects. Too bad. Those are options that less than 10 percent of U.S. organizations provide (Business Week, October 12, page 8, in a chart that uses data by Douglas Powell, Harvard University, and the Census Bureau). For the past several years, no one has been complaining much about affordable health coverage or the plight of the uninsured. Medical costs have been so tame that companies and employees alike are paying less for health insurance, after inflation, than in the early 1990s. A record share of the population is working, giving more people access to employer plans. And wage hikes are beating inflation, so more families can afford co-payments. But coverage hasn't recovered any lost ground, leaving the ranks of the uninsured at high levels. Medical costs are starting to rise again, with premiums jumping 3.3 percent this year, according to KPMG Peat Marwick. If that continues, or if job growth or wage increases turn down, medical coverage is certain to slide more. An accompanying chart using data from the Employee Benefits Research Institute shows the share of population under age 65 covered by employer health insurance, 1987 to the present (Business Week, October 12, page 144). -- =_NextPart_000_01BDF38C.D4558860 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAAkACQA3ADEABQBeAQEggAMADgAAAM4HCgAJ AAkAOgABAAUAMQEBCYABACE0QUNDRTY3NjVENUZEMjExODg4RTAwMjBBRjlDMDMwOAAsBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgA4DAAAHEAAOQCw vXeFjPO9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb3zjIN+ dubMUF9dEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAB1CQAAcQkAAKQPAABMWkZ1 GrGda/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmATwBDVE9CRVIgOMEZgDE5OTg6CoUKhURUaASQZSB3HEIxeCw1MBhgAMAEEQtgecpvDdAgANB0 aQIgBCAgYnkgZW0LUG952wSQBCB0EcAFQGEN0AWQCnQJgCAXIDcsODXWNRxwBbBrHwJkCHEW4C8f MRxgEfAFoG4gAHF1/wrAH+AFwB2wGuMZgBiCFTCmcBTRBCAoRAtwbB6AdkwBoAWxUiOjGYAKsGfB HGBELTEpLhtMJCD9AZAgBaAesAMQH/EecSGSokIIcGVhdSKyTh9g/x4hB0AT0A3QC3AfEQuAIYM2 ZimhBUA0GGAcgGVr5wQgIsUhwGhvB+AfQyGS3QeAZAcwA6AqUy0e8ArBfnclcguABQAoYBHwKdJu 5wfQJFEu0GdvHhAfYB/xZwtgJKIh8
[PEN-L:438] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF2BE.A4AB2C10 BLS DAILY REPORT, WEDNESDAY, OCTOBER 7, 1998 RELEASED TODAY: In April through June of 1998, there were 1,500 mass layoff actions by employers, resulting in the separation of 337,855 workers from their jobs for more than 30 days. Layoff activity was slightly lower than in the same quarter a year ago, when employers reported that they had laid off 340,371 workers in 1,574 extended layoff events. ... The number of planned job cuts by major U.S. businesses more than tripled in September from a year earlier, a survey by Challenger, Gray, and Christmas shows. Planned cuts rose last month to 73,062 from 20,698 during September 1997 (USA Today, page 1B). Faced with crippling skill shortages, employers are spending skyrocketing amounts of money training workers. The problem? Many programs just don't work, says USA Today (page 1B). Billions of dollars are spent on wasteful training courses, experts say. But new studies show most on-the-job learning happens outside a classroom. ... About $5.6 billion to $16.8 billion is wasted annually on ineffective training programs that focus on so-called soft skills, based on estimates from a Rutgers University study. That estimate, derived from a mathematical formula, varied according to assumptions used by researchers. ... Asia's financial turmoil has rolled across the USA, causing slumping exports and qualms about job losses in virtually every state, a Treasury Department report says. ... U.S. exports to Asia, which make up 30 percent of all exports, have dropped 11 percent in the past year. Agriculture is especially at risk: 40 percent of U.S. agricultural exports go to Asia, more than to any other region. Exports to Asia support millions of jobs. ... (USA Today, page 3B). DUE OUT FRIDAY: Consumer Expenditures in 1996 -- =_NextPart_000_01BDF2BE.A4AB2C10 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAAgACQAUACIABAAqAQEggAMADgAAAM4HCgAI AAkAFgAFAAQADwEBCYABACEyRkZDNURCMjg5NUVEMjExODg4RTAwMjBBRjlDMDMwOAAuBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBcCAAAHEAAOQCg dAxuvvK9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb3yvmvP sl38MF6JEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAACaBQAAlgUAABwIAABMWkZ1 AT1L6f8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFegRURORVMY wFkZgABPQ1RPQkVSIMI3GYAxOTk4CoUKhaEZIExFQVMZsCAacKEaATogIEkDoEETkAkDEXRoA2B1 Z2gggEp1bmUgb2Ya8y8ZgB3ABJAecHcfQjEsvDUwGGAAwAQRC2B5HpAzHqAA0HRpAiAEIGJ5SCBl bQtQb3kEkHNjGYAVMHN1bCEQFuAg2wuAHxIgEfAKsWEhEh6CYxcgGtA4NTUfcAWway0iASADUh8S aQXAam9+YiUhBbEEYB9RHcADkTOlGGBkIJBzLh0QTCCYaHZpdCGAdyBAI1Bs8mkeEHRsIYAUwB+B JsRFIvZhB4AgcXUKwHQZKcFhICHwCsFhZ2+9GYB3HzADoCGnIkFwFNH/CYAmwgVAHyEhgBHALaAL YUMtoCCyMzQwLCRQMacktyLxH9E3NCGQeCtATm4NsC6CIKNldgnwdC0ngS4yQBtMVCMxbnXvBtAp wR6RC1FuHmAtoCXx+CBjdTIAIWIAwCXwBcDIVS5TJ5BidQCQHmDXBBAHkSaIdAURbC2RIvH/BmAF MCGgM8IlQyuFK7EpEO8EkBmAK4AicHIx0CGAIXG6QxHAbDewFuA50kcjoJ55OfExADrBBRBzdCAx 7SNQaCmgJ4FQNEU08wNgPxHwIHE8cCZxAjAeIHRv4RrAMywwNhIgJUMB0PwsNhsgJ0AIcSLBOCgb AcA3IChVU0EcoARwTzuyCrA7QBrwQikybUZ/ANAtkQPwPuEFAgtQIrJz/msDEAMgPNEAIEKhIiEs mFsKwCNBcDDxRRR5A2Bj/yTwIqMqwAhgMfEegj6xLjH/N3ALcSKyJMUnkTNSE5AmAPk3sG0/BdAA cCGASyEJwFsqwAQgajYwBUBkAiAn/wVAJMIZgCqwJ3A1wEH2QcD7QpcdEEJFcSEjHpFM4DsAvxHR RvcFQCPhKMErQGYigN9JqAWgCHA2kUZBeEdQACB/KOEgkE8iNQAzgAfRPHB1v0eAB5E80iZxPoEC IC0fIf4tNLI3sArASfMRwETgCfBfSQE1AS7AHnArgGM+YXM/A2ADcDIjE9AG4FQBJDUcLjYhYE9k PwIkMTb+LkBQWZYEAFFULaA0USsQ/zsAIYBa8h5gDdAFkChRJrF/ScZMBy3DAhA08EkBA6Bz+G8t YzryLaBfQAGARUT9IiFiIEAtkSPhB5AhEADA9ytAJSUrgFI1ADtBTdEDAP8x0BHgKIJUclOyM1At 4WFG/xmABIFdAS2gOMVhgR8wYYFWaV9xJjJtIoBhGYB29wrACJBboWMFoUeDPxEgQf8zoAUwISM2 MC2RIXEiUSuxlxGwSoMyT0EAkGEnJSH7C4AAcGMHMR2wCHAEYAMR/xHAPfJfkwDQPhFeQh5wQeH/ GYBfcDYyRTEKQCGwIrJTEe8U0UbhPAErAWxMYQGgWQL/VgNuEQeRIvEocAAgW/Qxwe5yY2JkoyuA VBUwIEAIcP0hgEQjcjyAUPItNE2TWIT/NdNv9j8Ra6IsImZgHiAAwPsk8GkwcCcSUzFEIFECINHf RYFv9RmAEcBdEWQDYFbx/S2gMS+QeLYi9QqwPoErov0nkUEJwGZgIoEIcB5wWyG/B5BHUGxiKWEt 4TxRax0B/y9AeKo10yvwfQZmgW/2LABvdwg22WhhS9FvHyIiQWd7ISEnkUV2rDohROB1Ym0vT2kl 8liEQd8zQv9EVZJFGkBVVEPwUkkc1P8IUACAM6ApwYRhR2J9UjAUvRsQNgqPF+iMVRRRAI6wAAAD APE/CQQAAAMA/T/kBwAmAAADADYAAAIBRwABLwAAAGM9VVM7YT0gO3A9QkxT O2w9RENQQ1NNQUlMMS05ODEwMDgxMzIwMzRaLTI2MTAAAB4AOEABDQAAAFJJQ0hBUkRTT05f RAAeADlAAQ0AAABSSUNIQVJEU09OX0QAQAAHMJAQC26+8r0BQAAIMBAsq6S+8r0B HgA9AAEBAB4AHQ4BEQAAAEJMUyBEYWlseSBSZXBvcnQAHgA1EAEAAABA PEUxNkVFQTRDRTlDN0QwMTE5QUU0MDA2MDk3MDVDRDg4OEI5ODQ3QGRjcGNzbWFpbDEucHNi LmJscy5nb3Y+AAsAKQAACwAjAAADAAYQZ9uynwMABxCtBQAAAwAQEAADABEQ AB4ACBABZQAAAEJMU0RBSUxZUkVQT1JULFdFRE5FU0RBWSxPQ1RPQkVSNywxOT
[PEN-L:427] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF21A.B7E81800 BLS DAILY REPORT, TUESDAY, OCTOBER 6, 1998 The National Association of Business Economists forecasting panel reiterates its May prediction that the economy will grow at a 2.2 percent rate in 1999. Of the 36 professional forecasters who make up the panel, only six predict that the Asian crisis will reduce U.S. growth next year by more than one percentage point. Seven predict that the Asian crisis will boost U.S. growth. ... (Daily Labor Report, page A-7). Business in the non-manufacturing sector of the U.S. economy continued to grow during September, according to the latest report from the National Association of Purchasing Managers. Among features of the NAPM report are: The non-manufacturing business activity index registered an increased rate of growth, indicating continued strength in the sector, and new orders grew at a higher rate in September than in August. The backlog of orders decreased. Employment grew at the same rate as in August, and supplier deliveries decelerated at a slower rate. Inventories increased slightly, and use of imports grew more slowly in September than in August. Prices paid by non-manufacturing organizations for materials and services decreased at a faster rate in September. ... The non-manufacturing sector includes a very wide range of activities, such as retail and wholesale trade, real estate, business services, transportation, and communications. ... The report is based on data compiled from monthly replies to questions to more than 370 purchasing executives in over 62 industries. ... (Daily Labor Report, page A-7)_Business activity at non-manufacturing companies grew in September at a faster pace than in August, posting the first increase in four months. NAPM's index of non-manufacturing business activity rose to 59.0 in September after dropping to 52.0 in August. A reading above 50 is intended to mean business is expanding, while a reading below 50 means business is contracting (Washington Post, page C1). Deflation has two faces, and one of them isn't pretty, says Louis Uchitelle writing in the "Economic View" feature of The New York Times (Oct. 4, page BU5). ... Deflation means a general decline in prices. ... Deflation is not yet happening in the United States, but prices are dropping for a growing number of goods. ... The CPI index for goods alone rose by only two-tenths of a percent in the 12 months ended in August, the smallest gain in nearly 40 years. ... Deflation, unfortunately, is not limited to falling prices. It can mean falling wages, too, and it becomes painful when incomes fall faster than prices. In fact, there is a good deflation and a bad deflation, and something in between, says Uchitelle. Good deflation was the American experience from 1870 until 1896. Prices fell almost every year, but wages and profits, instead of being squeezed out, climbed. The reason was rapidly rising productivity. ... The Depression featured the classic bad deflation. A stock market crash, unexpected bankruptcies, defaults, bank runs, and bank failures dried up the credit on which any economy depends. With prices and wages falling rapidly, people and companies found themselves without enough income to repay debts. That produced more defaults, and even harder times. Something like that is happening in Asia today, and could spread to the United States. But governments today have the policy tools and knowledge to prevent this. What's more, they know how to get a stagnant economy moving again. ... DUE OUT TOMORROW: Extended Mass Layoffs in the Second Quarter of 1998 -- =_NextPart_000_01BDF21A.B7E81800 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAAcADQAvAAgAAwAtAQEggAMADgAAAM4HCgAH AA0AMAAoAAMATgEBCYABACEAAABFQkJCQkIxQkNFNUREMjExODg4RTAwMjBBRjlDMDMwOABYBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgC0CwAAHEAAOQDg GfWAGvK9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb3yGn6t G7u78l3OEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw cSNpBv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFQoVUVTGMBZ GYBPQ4BUT0JFUiA2GYAwMTk5OAqFCoVUaOJlB7BhdGkCIAdAE9AZBBBvYwcwHGIgb2a1GHB1AJBu B5AEIEUFoHZuA3AEAHQEIAIQFTBj5mEewAuAZyAKsB4AAyD5FTBpdASQHFAHkSBAD9FMYXkfsBUx aWMdQ3T/EcAFQCIAHCAFkR6BITAD8DZsAyAJwG8H4CIhYSDUMi4SIHAEkGMJ8AVAjyByIMADoBrh OS4gGiDzHaAiUjM2IUEdkB4RHHSHHwYEkAQgd2hvIADA8mscIHVwIkMfwxmAAiD2bCEwAJB4IUYh +BzQBzC/A6AFAQCQJ8EjIhUxdSRwcCBVLlMlgCNiIgAgpR4AeAVAeWUKwWIhMD8EYBUwIfIdcR4A JDZhZ7UowW8LgHQlgQZgdgnw7ynfKu8DIAbgbx7ALHolgGYuM+AlkChEC3ApcUzzAaAFsVJlL6AA IBmACrDhL3FBLTcpJYEbLB3HJyURIlIegG4tA4F1Zv0A0HQIcR+REfAhoAWxHZG/IlIsgyKWHmEf cQpQZCHwvygAI2MsMDjzBmAFMGUG0P8EkBmAANAFoSGAH5E7kSJ
[PEN-L:409] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF152.1E2FF7E0 charset="iso-8859-1" BLS DAILY REPORT, MONDAY, OCTOBER 5, 1998 __Several industries curtailed their hiring efforts during September, and manufacturers reduced their workforces again to result in a gain of only 69,000 in U.S. nonfarm payrolls. The civilian unemployment rate edged up 0.1 percentage point to a seasonally adjusted 4.6 percent, virtually unchanged from July. Overall, it was the weakest report in nearly three years, prompting expressions of concern that the job losses could mount as the financial crisis spreads from Asia to other countries. But others note that manufacturing has been shedding jobs since April, and most other industries continued to increase employment, but at a slower rate. ... BLS Commissioner Katharine Abraham told the JEC that it was clear that the prolonged Asian crisis is hitting U.S. manufacturers, judging by the industries that have lost the most jobs. (Pam Ginsbach in Daily Labor Report, pages D-1, E-1). __The global economic crisis that has battered financial markets has also begun to damage the U.S. economy and hurt job prospects of American workers, according to several new reports. The Labor Department said the nation's unemployment rate rose a tenth of a point last month while the number of payroll jobs rose by only 69,000. That gain was the smallest in more than three years except for a few months affected by a major strike or storm, and analysts said the weakness - attributed in part to decline in manufacturing and construction jobs -was directly due to the crisis. Another indication of slowing growth in the report was that workers spent less time on their jobs last month. The length of the average private workweek slipped 12 minutes, to 34.4 hours, the shortest it has been since April 1996. ... Abraham said the largest job cuts have come in the industrial machinery and electrical equipment industries "where both exports to Asia and imports from Asia are factors. The imprint of Asia on the data is very clear." ... (John M. Berry in Washington Post, Oct. 3, page E-1). __The United States economy produced jobs at the lowest rate in more than two years during September. Economists called it the most persuasive evidence yet that the financial crisis abroad is slowing the domestic economy. ... Total hours worked dipped, suggesting that production and income were leveling out, and hourly pay barely inched up. ... The department also reported that employment growth had been stronger in July and weaker in August than first reported, underscoring that the slowdown has been steep. ... "The revisions don't change our sense of where we are," said Abraham. "But they make the decline in job growth more marked." ... (Sylvia Nasar in New York Times, Oct. 3, page A1). __Though the unemployment rate rose slightly last month, job growth slowed, and consumer confidence dropped, analysts said the economy remains on solid footing for now. The Labor Department said the jobless rate inched up to a seasonally adjusted 4.6 percent in September, after remaining steady at 4.5 percent during the three previous months. In May, the unemployment rate sank to 4.3 percent, a 28-year low. ... (John Simons in Wall Street Journal, page A2). New orders for manufactured goods edged up 0.9 percent in August, advanced by increased demand for transportation equipment after the July strike at General Motors. ... (Daily Labor Report, page D-19). A study by the National Center for Employee Ownership finds that the more than 6 million nonmanagement employees who receive stock options are getting more wealth from these options than previously expected. ... The study details the results of a survey of 96 companies that grant options to more than half of their employees. The survey found that the average grant price of the most recent stock options grants to nonmanagement employees was between $37,000 and $41,000 for professional and technical employees, respectively, and $12,500 for administrative employees. ... (Daily Labor Report, page A-6). -- =_NextPart_000_01BDF152.1E2FF7E0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAAYADQAyAC8AAgBVAQEggAMADgAAAM4HCgAG AA0ANAArAAIAUwEBCYABACEwRjJFNjU1MzEyNUREMjExODg4RTAwMjBBRjlDMDMwOADxBgEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgCcDAAAHEAAOQAA ERjZUfG9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb3xUdjC U2UuEF0SEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw raqBiv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/BARVBPUlQsBdBPCk4YwFkZ gE9DVE8gQkVSIDUZgDE5TDk4CoUKhV9fBmB2CwSQB0AgC4BkdXN0ewiBBCBjCHABkAMQCYAg0HRo ZWkFwGgeEAuA/GcgDcEU0QQgHL
[PEN-L:386] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDF070.7733A0A0 BLS DAILY REPORT, FRIDAY, OCTOBER 2, 1998 RELEASED TODAY: EMPLOYMENT SITUATION -- Payroll employment rose slightly, and unemployment was virtually unchanged at 4.6 percent in September. Nonfarm payroll employment was up by only 69,000. The number of manufacturing and construction jobs declined, and growth in the services industry was weak for the second month in a row. ... JEC STATEMENT -- To summarize, the pace of payroll job growth continued to slow in September, reflecting declines in manufacturing and construction and slow growth in services. The unemployment rate, at 4.6 percent, remained little changed. New claims filed with state agencies for unemployment insurance benefits decreased by 5,000 to a seasonally adjusted total of 289,000 for the week ended Sept. 26, the Labor Department reported. ... (Daily Labor Report, page D-1). New construction outlays edged up just 0.1 percent in August, propped up by increased spending for public projects, the Commerce Department reports. ... (Daily Labor Report, page A-10). New survey information released by the National Association of Purchasing Management indicates that the U.S. manufacturing sector is continuing to slow down, as both employment and inventories decreased. It was the fourth consecutive month that a contraction in manufacturing had been picked up in the NAPM survey, which provides forecasters and policymakers with an early look at economic activity for the prior month. ... Overall, the U.S. economy maintained modest growth in September, according to the survey. ... (Daily Labor Report, page A-2; Wall Street Journal, page A2)_Manufacturing weakened in the United States in September as exports slumped, while prices paid by industrial companies fell to the lowest level in almost half a century. ... (New York Times, page C6). Finding a "higher incidence of reported pain, injury, and disability" among workers in specific occupations, the National Academy of Sciences concludes that there is a strong link between workplace exposures and musculoskeletal disorders. Particularly at risk of MSDs are workers who are "heavily exposed" to repetitive work, such as auto assembly employees, and health care workers, who are injured through the routine lifting of their patients. The report, prepared by an academy steering committee, cautions that existing research is lacking on precise causal factors for ergonomic injuries and warns that too little is known about the "full clinical spectrum" of musculoskeletal disorders. ... (Daily Labor Report, page A-10)_The National Academy of Sciences said that workplace activities, like lifting and repetitive motions, often contributed to muscle and skeleton disorders like back injuries and tendonitis, with the annual cost of such injuries as high as $20 billion. ... (New York Times, page A20). -- =_NextPart_000_01BDF070.7733A0A0 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAAUACgA3ABsAAQBBAQEggAMADgAAAM4HCgAF AAoAOQAaAAEAQgEBCYABACEAAABBMUY1NTkwQjM2NUNEMjExODg4RTAwMjBBRjlDMDMwOAADBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgA4CgAAHEAAOQAg A0YwcPC9AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb3wcC9i C1n1olw2EdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAB4BwAAdAcAAE0MAABMWkZ1 ul6+k/8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIEYUUkkYwFkZ gE9DVEBPQkVSIDIZgDE4OTk4CoUKhRkgTEVgQVNFRCAaQBnROgMKhR1BRU1QTE9ZEE1FTlQGAElU VQBBVElPTiAtLVAgUGF5A2BsAyBl+m0LUG8GwAnwBUADYBHwACBzbGlnaHRshnkZgABwZCB1bh+J pHdhBCB2aQAgdQdAfyDgIVERsRbgCYAhEAVANNAuNiBwBJBjH/ILgFcGUQUwH4BiBJAuHUBOdQIg ZgrAbSQQHx8iI3U4cCBiIvACICLhNjlMLDAoYCVhVGggYG6mdSUiJ9BmIAOBdSXAfmMioAUQFuAh EwWgAIB0FHJ1KgBpAiAgam/eYgQgBYEgkCFwZCEECcDwb3d0aCSSLQAgYQSQzyJwJFAEIAuAZHUq 8SLwwSIyd2VhayACEAXAvy1kKsEhQARgAjAtE2EgIRp3JWAuMUAc6EpFQz0GAFQecB2AHfIe0VRv zyBwKRAAwAUQemUZgC1i/wqwJFApYiYWK5EstirBK0D7KQAjgXQzMRTAB+AkqhmA/xUwFrAFkDYh KmAr5S4SKZ9/Kq0hIjbDLMgtpiiVIWtyvyOwM9EjvDfSAMAsIiAgkP8CQDggKrAjRDFmCoUHwiwA 9QtwbQQgZgMQI4ED8C0B/yrwPlEhECNwIyAIkEKRBbH/IWsLgDNQPkAjICBgJTAhcH1CsHQrwxUw IkAjgSexNX8oUjaCMNAR8CJAAiAiw2F8ZGouYTZjAZADIClxMu44KEMvRy8AZS8wCfANsKchQCTS JWAyNjPkTAGg7QWxRCTgCsB0H+Qk4BTR40DxMTIgKEQLcCLhTHQ+Uk2TGYAKsCNwGLAtMf4pQR9C ISraCGAg0CYgBCCvCYAjcieBSOIgKIAxJBq4QXVnLmFPkQNgcCQg71MDJ7ELgEa2cyQgITA6Arkv UnB1AmAt4FUCajgx/nMz5AhQM3AkMkzPRmBOD3VPHUFQEDBQPwfRRYF2/mVV0i9RAMArQxUwOCBG 5q0tYk5es0mBb0QAe160KXFQCHARsQCQOhFN7wBwQ8FFFVbQYz5RBCAtAOMjsS1iVS5TJWA5 bC/RvzaQBcAEADXmOgI2lmQs4P5uIQEEIAbgLQEfiSEiC4C/XhACMAWwRBJGlyVhSSIUvy1iAhAI cDXEL9FSUGleEP8wNWOTMNA18j5AKzQ5PxHAb0cRCeEkEC3ga1L0LTVOmEFQTV3VGY
[PEN-L:336] BLS Daily Report
This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. -- =_NextPart_000_01BDEE0A.375A6410 BLS DAILY REPORT, THURSDAY, OCTOBER 1, 1998 While the broadest measures of output may not confirm it for a few more months, the latest government and private sector reports provide mounting evidence that the U.S. economy is at a turning point. Forecasters expect it will weather the global economic crisis, as long as consumers keep their cool. ... Uncertainties -- ranging from stock market gyrations to the spread of financial problems to Latin America and Canada -- are beginning to fray the nerves of both business executives and consumers, according to the latest surveys. Manufacturing has taken the biggest hit so far, with more losses expected in computers and electronics. ... (Daily Labor Report, page D-1). The health of the U.S. economy was relatively unchanged in August, as plummeting stock prices offset positive factors to produce a steady reading in the index of leading indicators, the Conference Board says. Most economists expect a continuation of the expansion through early next year. "While the August data reflected in the leading index reflects a sharp decline in stock prices, the overall economy remains healthy and a majority of the other nine leading indicators are positive," said the board's director of business cycle research. ... (Daily Report, page D-3; Wall Street Journal, page A2; New York Times, page C7). After a home-buying spree in early summer, consumers settled down in August, sending new home sales tumbling 4.4 percent from July. Sales levels were depressed by the worst monthly drop in the South in three years. Hurricane Bonnie hit many states in the region during the last week in August, possibly discouraging potential home buyers and causing new home sales there to plunge 13.6 percent from July. All other areas of the country reported modest sales gains in August. ... (Wall Street Journal, page A2; New York Times, page C7). Hiring in the final quarter of the year will be the highest for any fourth quarter since 1977, according to Manpower Inc. In its Employment Outlook Survey for the quarter, Manpower found that 29 percent of companies would add to their work forces, 60 percent would remain at present levels, 7 percent planned to cut back, and the remaining 4 percent did not yet know their plans. Demand was especially strong in wholesale and retail trade and in construction. ... (New York Times, Sept. 27, page 10 BU). The International Monetary Fund issued a pessimistic report on the world economy, especially for those of Russia and Japan. ... The Russian economy will contract by 6 percent this year and next, and Japan will sink into its deepest recession since the end of World War II, the IMF predicted. ... The report also drastically scaled back estimates of how fast other economies would grow. ... (New York Times, page A17)_Worldwide economic turmoil has cost millions of jobs and more than $600 billion in output -- the equivalent of a country the size of Canada shutting down for a year, the IMF said. The agency also warned that global recession can't be ruled out, especially if the U.S. economy weakens more than expected. ... (Washington Times, page A14). DUE OUT TOMORROW: The Employment Situation: September 1998 -- =_NextPart_000_01BDEE0A.375A6410 b3NvZnQgTWFpbC5Ob3RlADEIAQWAAwAOzgcKAAIACQAmABQABQApAQEggAMADgAAAM4HCgAC gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAICAAIAAQOQBgBACwAAHEAAOQCg ATnrCe69AR4AcAABEQAAAEJMUyBEYWlseSBSZXBvcnQAAgFxAAEWAb3uCnAv XBdCdFnVEdKIjgAgr5wDCAAAHgAxQAENUklDSEFSRFNPTl9EAAMAGkAAHgAw QAENUklDSEFSRFNPTl9EAAMAGUAAAgEJEAEAAAB/CAAAewgAAL8NAABMWkZ1 63C1Lv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UCAHDccnESIAcTAoB9 CoAIzx8J2QKACoENsQtgbmcxODAzMwr7EvIB0CBCgkwF8ERBSUxZB/AARVBPUlQsIFRQSFVSUxjA WRmATwBDVE9CRVIgMWEZgDE5OTgKhQqFV0JoAxBlIHRoHFBiNQNgYQ2wcwVAB4BhcxMIcAeRb2Yd wHV0cIMeEB0wYXkgbm8FQAEFoG5maXJtIGn3BUACEAXAYR+QB9EEYBUwcyAxAjBocxmAHHILYHTx HQJnb3YEkQeAAjAf0EhuZCATkGl2IWEg2RHwY3QFsRUwcBTRBCDbE5Ah0GkNsCAxdQIwC4DIZyBl JFJuYxxSIWDhHGNVLlMuJSAe8QNw/x6QBAAf0CJRHGAIcAMAJQFLI8ALgHQmgCBGIFFjzx1gIXAR 4CUgeHAjQR9i9QPwbAMgdx1QHHEFwBxymmcUwGIHQCaVaWMe4P8FEACQIOEdYCFAAiAlECyRrx7x HXAHgCkxawngcBxi7x8wHuEG8CaALi7wJkAlgc8AIAtxJOAHkS0tI5AW0U8k8gNSIyAjYGNrHmFy ey3gIaF5MEAk4C1RHGBvfRxjcxOQHVAikB3RHyBunQBwYwcxJBICYGVtMmP2TDIRA6BBLZEr4B/g InJ+QwBwHOAf4DARCsAckWW/MHEn0zKBA1AegRxybgSQ3yHgHbMG4BxwHKB1AJA4UP8EESlgBZAe ECLQB5Eici1H9SxxYwWhZDdVIRkdcSHglHlzKHFNAHB1ZgDQ7yehJPIRwDJhYS3gA6Acc/hpZ2cd AhwgPNE3oQrA/xmAA/A5ESBDFMAEEAeRKWTvCYAfYAOgBaBtHjEpIiJy3mUcQCNQA2ADAGM9US7y 9ChEC3BsHpA08AbgBcA+UiOzGYAKsD+AGLAtMfQpLhs8VByBHIAHQDkR+x3RJh93LJEVMCFROjFE kY8kwBGxFuBCBEF1ZzlQ/0VxLJELUC2AB4Ak4zEUIrH/JZAdsgPQMbEjwACQOiJAMecjUjJjJCFk dSWRH+ApAf8c4B6QMxIk8jUhHHILgA2w/ngdwhxAT+Y7wCjgTjIg9O8
