[PEN-L:274] BLS Daily Report

[Richardson_D <Richardson_D@xxxxxxx>]

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BLS DAILY REPORT, FRIDAY, SEPTEMBER 25, 1998

RELEASED TODAY: Productivity growth in the United States in 1997 was
slower than in five of the nine foreign economies for which the Bureau
of Labor Statistics has productivity data.  Productivity growth rates
were highest in France and Sweden.  Manufacturing productivity (output
per hour) in the United States increased 4.6 percent in 1997, about the
same as in 1996. ...

The Senate Government Affairs Committee nears approval of a bill that
could eventually lead to the consolidation of government statistical
agencies.  Committee Chairman Thompson (R-Tenn.) adjourned the markup in
mid-afternoon, promising to reconvene Sept. 25 when he could get enough
members together in an informal setting for a vote on final passage.
Committee staffers at the markup said committee passage is very likely.
But Sen. Brownback (R-Kan.), one of the sponsors of the measure, said an
amendment approved by the committee could doom the legislation to
failure. ... The amendment by Sen. Levin (D-Mich.) removed the so-called
fast-track procedure that would have allowed only "germane" amendments
and required quick turnaround of the commission's recommendation by the
White House and the Governmental Affairs Committee. ... The measure
calls for a commission to recommend whether to create a single
independent federal agency that would pull together the three major
economic data agencies:  the Bureau of Labor Statistics, the Census
Bureau, and the Bureau of Economic Analysis. ... (Daily Labor Report,
page A-5).

For the third straight year, median household income rose in
inflation-adjusted terms, and the poverty rate declined, according to
1997 data released by the Commerce Department's Bureau of the Census.
Between 1996 and 1997, real household income climbed 1.9 percent or $700
to a median of $37,005--bringing it back to the pre-recession 1989 level
for the first time.  The poverty rate declined from 13.7 percent of the
U.S. population in 1996 to 13.3 percent in 1997. The number of people
living in poverty was virtually unchanged over the year, at 35.6 million
in 1997. Most of the decline in poverty came from gains among African
Americans and Hispanics. ... (Daily Labor Report, page D-1; Washington
Post, page A1; New York Times, page A1).

GDP second-quarter slowdown in U.S. economic growth was less pronounced
than originally thought, and both prices and corporate profits remained
soft, according to revised data released by the Commerce Department.
Gross domestic product  advanced at a 1.8 percent annual rate during the
April-to-June quarter, well below the brisk 5.5 percent pace logged
during the first three months of the year.  Most Wall Street analysts
had pegged the revised second-quarter rate at about 1.7 percent, up
slightly from the 1.6 percent estimate published by BEA a month ago.
GDP is the output of goods and services produced in this country. ...
(Daily Labor Report, page D-11).

Manufacturing orders to U.S. factories for durable goods went up 1.6
percent in August, boosted by a big jump in transportation orders, the
Commerce Department reported. However, excluding transportation, new
orders for manufactured goods declined in August by 2.1 percent, the
first drop since May. ... (Daily Labor Report, page D-21; Wall Street
Journal, page A2).

New claims filed with state agencies for unemployment insurance benefits
decreased by 8,000 to a seasonally adjusted total of 292,000 for the
week ended Sept. 19, the Labor Department's Employment and Training
Administration reported.  The four-week moving average of initial UI
claims was 302,500, a decrease of 1,750 from the previous week.
Economists view this figure as a more accurate measure of claims because
it smoothes data subject to weekly fluctuations. ... (Daily Labor
Report, page D-23; Wall Street Journal page A2).

The Conference Board's help wanted advertising index edged up 1
percentage point in August to a seasonally adjusted 92 percent of its
1987 base.  One year ago, the index stood at 86 percent.  The stock
market is wobbly, interest rates are down, and the high dollar is
choking exports, as profit margins narrow, said a Conference Board
economist.  But none of these developments is slowing the demand for
labor.  The latest data suggest that strong employment gains will
continue through the end of this year. ... (Daily Labor Report, page
A-3).


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