[PEN-L:757] BLS Daily Report

[Richardson_D]

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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).


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