[PEN-L:9709] BLS Daily Report

[Richardson_D <Richardson_D@xxxxxxx>]

BLS DAILY REPORT, WEDNESDAY, JULY 28, 1999

RELEASED TODAY:  In June, 210 metropolitan areas recorded unemployment rates
below the U.S. average (4.5 percent, not seasonally adjusted), while 109
areas had higher rates.  Of the nine metropolitan areas with rates below 2.0
percent, five were located in the Midwest, and three were in the South.
Among the 13 areas with jobless rates over 10.0 percent, 6 were in
California and 6 were in Texas. ...

The consumer confidence index in July slipped from June's 30-year high,
dropping nearly 3.5 percentage points, but remains "historically high," the
Conference Board reports.  The New York-based research organization surveys
monthly 5,000 U.S. households' economic views. ...  But respondents in July
planned to buy more major household items in the next 6 months than those
asked in June, according to the poll. ...  (Daily Labor Report, page
A-1)_____Higher interest rates, tighter credit, and a less rosy job market
were cited as possible causes in the dip in consumer confidence. ...
(Washington Post, page E1)_____A separate index, measuring consumers'
impressions of current economic conditions, rose to a record, and indexes
reporting consumer plans to buy houses, appliances, and autos all rose.
Consumers surveyed expect overall business conditions to weaken, with fewer
jobs available and pay increases limited. ...  (New York Times, page
C8)_____For the first time in 9 months, a leading index of consumer
confidence has dropped, suggesting that Americans may be starting to have a
less rosy outlook on the economy. ...  (Wall Street Journal, page A2).

With paychecks to services industry workers contributing substantially to
the gains, the inflation-adjusted income of 45 States and the District of
Columbia grew over the year ended in the first quarter of 1999, the Commerce
Department's Bureau of Economic Analysis reports.  For the nation, total
personal income increased 1.2 percent between the first quarters of 1998 and
1999.  Inflation, as measured by the BEA's price index for personal
consumption expenditures, rose just 0.3 percent during that 12-month period,
making the real gain 0.9 percent for the nation. ...  (Daily Labor Report,
page D-1).

DUE OUT TOMORROW:  Employment Cost Index -- June 1999

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