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_01BE6A63.4F944BC0 BUREAU OF LABOR STATISTICS DAILY REPORT, MONDAY, MARCH 8, 1999 __The economy again defied predictions of a slowdown, creating a seasonally adjusted 275,000 new nonfarm payroll jobs in February, BLS reported. The jobless rate edged up 0.1 percentage point to 4.4 percent in February. "Here we have the 20th month that the unemployment rate has been below 5 percent," Labor Secretary Herman says. ... As long as the nation continues its "balanced path" between high productivity and low costs, this robust expansion with low inflation will continue, she says. The 275,000 payroll increase "compares favorably to an average of about 235,000 new jobs each month in 1998, when the economy grew at a 4.3 percent rate," says JEC Chairman Sen. Mack (R-Fla.). ... Job growth has actually increased in the last 3 months, compared with the first 10 months of 1998, BLS Commissioner Abraham said. ... (Daniel J. Roy in Daily Labor Report, page D-1; text of statement, page E-1). __With long-standing fears of interest-rate increases dashed by a reassuring government jobs report, investors poured money into blue-chip stocks, sparking a rally that sent the Dow Jones industrial average to a record 9736.08 and also boosted the bond market. ... Fears were allayed when the Labor Department said that the average hourly wage increased just 1 cent in February, despite the addition of 275,000 jobs, more than expected and well above the 235,000 monthly average over the last 6 months. Over the past 12 months, wages rose 3.6 percent -- far lower than the 12-month peak of 4.4 percent in April 1998. ... (Ianthe Jeanne Dugan in Washington Post, March 6, page E1). __Another big burst of job growth in February showed that the United States economy was still on a roll while wage pressures remained remarkably subdued. For bond and stock investors yesterday, that combination eased fears of inflation, setting off a wild celebration. ... Fueled by a boom in construction and consumer spending, American employers added 275,000 jobs to their payrolls. Since Thanksgiving, the economy has been adding jobs at the staggering pace of 3.2 million a year. ... (Sylvia Nasar in New York Times, March 6, page A1). __February's lackluster employment report damped hopes of a quick turnaround in the manufacturing sector, but set Wall Street ablaze with the prospect of continued low interest rates. ... (John Simons in Wall Street Journal, page A2). The Wall Street Journal forecast for the PPI (page A6), to be released by BLS on Friday, is for a decline of 0.1 percent in February, compared with an increase of 0.5 percent in January. Milk prices are expected to drop within a month, which could mean a decline in the cost of milk, cheese, butter, and other dairy products. ... The drop comes after a record year in which producers received extremely high prices. .... (Washington Post, page E1)_____Raw milk prices are plunging, but, as was the case with falling hog prices last year, consumers probably won't benefit for months. The nationwide drop in milk prices, however, is another big blow to the battered farm economy. ... (Wall Street Journal, page A2). 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[PEN-L:4250] BLS Daily Report
Richardson_D Tue, 9 Mar 1999 14:30:39 -0500boundary="----_=_NextPart_000_01BE6A63.4F944BC0"