[PEN-L:5136] BLS Daily Report

[Richardson_D]

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BLS DAILY REPORT, FRIDAY, APRIL 9, 1999

RELEASED TODAY:  The PPI for Finished Goods increased 0.2 percent in March,
following a 0.4 percent decline in February and a 0.5 percent increase in
January. ...  The indexes for finished consumer foods, finished energy
goods, and finished consumer goods other than foods and energy turned up,
after falling in February.  Capital equipment prices showed no  change in
March, following a small increase a month ago.  The index for finished goods
other than foods and energy was unchanged for the second consecutive month.
....  

The price of goods imported into the United States edged up 0.1 percent in
March, led by the largest hike in oil prices in nearly three years, BLS
reports.  Imported oil prices shot up 7.7 percent in March, after a 0.8
percent February gain. ...  (Daily Labor Report, page D-1).

New claims filed with state agencies for UI benefits jumped 11,000 to a
seasonally adjusted 299,000 in the week ended April 3, making this the 10th
week claims have remained below 300,000, ETA says.  The last time this
occurred was 1973. ...  (Daily Labor Report, page D-3).

It continues to be a consumer's paradise, with jobs plentiful and prices
low. ...  Jobless claims stayed low last week; import prices inched up 0.1
percent in March.  But, excluding a big spike in oil prices, import prices
actually slid 0.4 percent after staying flat in February, according to BLS.
....  The deep devaluation of Asian currencies is continuing to hold down the
cost of goods from that region, so American importers are loading up on
them.  Import prices from Asia's newly industrialized countries fell for the
19th month in a row. ...  (Christina Duff in Wall Street Journal, page A2)

Businesses announced in March that they would cut 68,984 jobs, nearly triple
the number of workforce reductions reported a year ago, according to
outplacement firm Challenger Gray & Christmas. ...  Year to date, the
financial sector has seen the most cuts. ...  (Daily Labor Report, page
A-4).

Big retailers said sales jumped to better-than-expected levels in March.  It
was the second month in a row of surprisingly strong sales. ...  Discount
chains did best in March. ...  Most of the softness was in mid-market
department stores. ...  (Washington Post, page E1)_____Retail sales surged 9
percent in March, exceeding expectations for the sixth consecutive month as
consumers apparently pushed the economy to grow faster in the first quarter
than earlier estimated.  The increase was paced by discount chains and
specialty chains. ...  (New York Times, page C2)_____Most retailers posted
better-than-expected sales amid strong consumer confidence and an early
Easter. ...  (Wall Street Journal, page B4)


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