[PEN-L:12006] FW: BLS Daily Report

[Richardson_D <Richardson_D@xxxxxxx>]

BLS DAILY REPORT, WEDNESDAY, AUGUST 27, 1997

Robust job growth continued unabated in most states during July, with
gains in nonfarm industry payrolls particularly brisk in several Western
states and in parts of the Plains region, reports BLS.  Payroll gains
were notably strong in services industries, while manufacturing had the
weakest performance with only three-fifths of the states reporting
increases in July ....(Daily Labor Report, page D-3).

Consumer confidence rebounded in August as more households felt
optimistic about both current business conditions and the outlook six
months from now, the Conference Board reports ....(Daily Labor Report,
page A-3).

New orders for manufactured durable goods slumped a surprising 0.6
percent in July, dragged down by a decline in bookings for electronic
equipment and aircraft, the Commerce Department reports ....(Daily Labor
Report, page D-1).

Sales of existing homes rose 2.2 percent in July as the strong economy
and falling mortgage rates encouraged buyers, the National Association
of Realtors said ....The total value of new construction contracts in
the U.S. fell 4 percent in July, said F.W.Dodge, a unit of McGraw-Hill
Cos. ....The company said that, while construction activity has fallen
for three months, the industry remains in generally good shape because
it started from a high base ....(Wall Street Journal, page A2).

New orders for costly manufactured goods fell in July, though industry
reports showed brisk sales of existing homes last month and soaring
consumer confidence in August.  Analysts said the three separate
measures of economic activity suggested steady expansion in the third
quarter and into 1998, bolstered by robust business investment and
consumer optimism about job opportunities ....(Reuter story, Washington
Post, page C10)_____Reports hinted that consumer spending could remain
strong for the rest of the year, driving further strong economic growth
....The government's monthly report breaking down employment conditions
by state and metropolitan area confirmed that labor markets are tighter
than at any time since the mid-1970s ....(New York Times, page
D2)_____Consumer confidence rebounded this month to near a 28-year high,
and orders for big-ticket items, though down in July, remained at a
healthy level.  The reports offered further reason to expect continued
solid growth ....(Wall Street Journal, page A2)

Drivers who cruised through the spring and the summer enjoying lower
gasoline prices have been hit by end-of-season increases, according to
the American Automobile Association.  Gasoline prices are higher for
this time of the year than they have been since 1990 ....But prices are
still lower than they were at last year's peak.  Although the recent
increases have gasoline buyers fuming, motorists haven't stopped driving
-- and that's part of what's contributing to higher prices, according to
the federal Energy Information Administration ....At the same time,
gasoline imports declined and problems at some key refineries added to
the pressure on prices ....(Washington Post, page C10).

DUE OUT TOMORROW:  Employment and Unemployment Among Youth -- Summer
1997