[PEN-L:9604] BLS Daily Report

[Richardson_D <Richardson_D@xxxxxxx>]

BLS DAILY REPORT, FRIDAY, JULY 23, 1999

New claims for unemployment insurance benefits filed with state agencies
increased for the week ended July 17 by 4,000 to a seasonally adjusted
313,000, the Employment and Training Administration reports. ...  The total
number of claimants has been above 300,000 since the week ended July 3.  The
four-week moving average increased 2,500 to 305,500.  The moving average for
last week was at its highest level since the week ended June 26. ...  (Daily
Labor Report, page D-1; Wall Street Journal, page A2)

Federal Reserve Chairman Alan Greenspan's testimony to the House Banking
committee gave no hint as to the next Fed move.  However, Mr. Greenspan
vowed to act "promptly and forcefully" to prevent any revival of inflation.
Analysts interpreted Mr. Greenspan's testimony as a warning that the Fed's
Open Market Committee is more likely to raise interest rates, unless the
economy slows from its current pace. ...  (Wall Street Journal, page A2;
Washington Post, page E1; New York Times, page C1)_____Greenspan cautioned
against enacting large tax cuts in an economy in which growth is so strong
that overheating is a danger and interest rate are rising. ...  (Washington
Times, page A1)

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