[PEN-L:4862] BLS Daily Report

[Richardson_D]

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BLS DAILY REPORT, MONDAY, APRIL 5, 1999

__Despite the anemic nonfarm payroll job growth of 46,000 in March, most
analysts expect stronger employment gains in the near future.  But,
economists say, growth will slow from an average monthly gain of 276,000 in
the prior 4 months.  Bad weather dampened March payroll employment growth,
while a separate survey showed a drop in the jobless rate to a seasonally
adjusted 4.2 percent. ...  Weather played a pivotal role in the anemic
payroll job growth in March, BLS Commissioner Katharine Abraham said at a
press briefing.  Inclement conditions during the survey week and unusual
seasonal hiring patterns helped drive down employment. ...  (Daniel J. Roy
in Daily Labor Report, page D-1).
__The nation's unemployment rate dipped to the lowest level in more than 29
years, as joblessness among persons of Hispanic origin and those with less
than a high school education hit record lows. ...  Despite the drop in most
jobless rates, other details of the report were considerably weaker than
many analysts had expected. ...  Abraham told reporters that unusual winter
weather has had a significant impact on the data so far this year and has
made it difficult to read. ...  (John M. Berry in Washington Post, April 3,
page D11).
__The nation's jobless rate dropped to its lowest level in 29 years, in the
latest of many signs that the labor market in the United States remains
remarkably robust.  But in a break from the feverish hiring of the last 3
years, American companies added far fewer new workers to their payrolls last
month than had been typical lately.  After creating nearly 300,000
additional jobs in February, employers expanded payrolls by a mere 46,000 in
March, when a burst of cold weather held down the usual seasonal upswing in
hiring in industries from construction and landscaping to fast food  Still,
hiring was nearly as strong as ever in most of the vast service economy. ...
Tom Nardone, an economist at BLS, said that the seasonal quirks should not
be allowed to obscure the broader picture.  "Outside the sectors that were
affected by the weather," he said, "you had the same pattern of hiring that
you've been seeing for months." ...  (Sylvia Nasar in New York Times, April
3, page 2, B4).
__The economy, which has been expanding at a rapid rate in recent years, may
be slowing somewhat, the government's latest employment report suggests.
The jobless rate fell to its lowest level since 1970.  But other signs
suggest that the economy may finally be leveling off, vindicating the
Federal Reserve's decision last week to leave interest rates alone.  Only
46,000 confirm jobs were created in March, down from 297,000 in February.
....  Productivity gains account for some of the weaker numbers.  With better
technology, employers generally need fewer workers to produce more goods and
services.  But technology gains aside, economists say consumers' thirst for
new goods is being fed by a rise in imports.  And instead of boosting
production, companies may have whittled down inventories last quarter to
meet consumer demand. ...  Despite the continuing tight labor market, wage
gains remained moderate. ...  (Glenn Burkins in Wall Street Journal, page
A2).

Workers in approximately one-third of businesses in Washington State have
suffered job-related musculoskeletal injuries, according to an employer
survey by the Washington Department of Labor and Industries. ...  The costs
of such injuries have been steep.  A 1998 survey said "workers and employers
covered by the State Fund experienced more than 24 million lost work days
and $2.7 billion in direct workers compensation costs between 1989-1996."
....  (Daily Labor Report, page A-5).

"Tracking the Economy" in The Wall Street Journal (page A6) predicts
producer prices for March, to be released by BLS on Friday, to go up 0.3
percent according to the Technical Data Consensus Forecast, in contrast to
the 0.4 percent decrease in the actual figure in February.


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