BLS Daily Report

[Richardson_D <Richardson_D@xxxxxxx>]

> BLS DAILY REPORT, TUESDAY, FEBRUARY 27, 2001:
>
> Average hourly earnings for private-industry nonfarm workers in January
> rose 3.9 percent to a seasonally adjusted $14.02 from the year-earlier
> period, the Bureau of Labor Statistics says.  But in 1982 dollars,
> adjusting for inflation, wages rose by a penny to $7.89 (The Wall Street
> Journal's "Work Week" feature, page A1).
>
> Home resales slowed to their slowest pace in a year last month, prompting
> some economists to worry that one of the strongest sectors of the economy
> may also be starting to deteriorate.  The National Association of Realtors
> reported yesterday that sales of previously owned houses, which account
> for 80 percent of the total overall housing market, dropped 6.6 percent in
> January -- their second big drop in 2 months -- to an annual rate of 4.65
> million units.  That was still higher than the 4.54 million rate in
> January 2000.  Economists cited plunging consumer confidence, stock market
> volatility, slower job growth and higher energy prices as reasons for the
> decline, as well as a shortage of houses for sale. The January number
> covers many houses sold in December, the Realtors said.  U.S. economic
> growth slowed sharply that month, prompting fears of recession.  January
> figures were mixed -- including a 5.3 percent rise in housing starts --
> which left economists divided about economic prospects (The Washington
> Post, page E6).
>
> The National Association of Business Economists slashes its growth
> forecast for this year to 2 percent from 3.4 percent, but believe tha a
> recession can be avoided.  A panel of 34 forecasters polled the first 2
> weeks in February expects the economy to strengthen next year to 3.5
> percent, which would be moderate when compared with growth of 5 percent in
> 2000 and above 4 percent the previous 2 years (Daily Labor Report, page
> A-5).
>
> As the economy slows, job offers are getting rescinded, says The Wall
> Street Journal (page B1).  Recruiters and employment attorneys say job
> offer withdrawals appear regularly during economic slowdowns, when
> beleaguered companies become trigger-happy and quickly cut staffers.
> Start-ups often keep recruiters in the dark about low funding and other
> signs of management trouble.  Employers aren't generally required to
> provide severance or outplacement for people whose job offers are
> withdrawn.  But such workers have sometimes sued to recover their
> relocation expenses.
>
> Applications to many colleges and universities are climbing in the wake of
> an economic slowdown and increase in layoffs, says USA Today (page B1).
> The surge has some educators scrambling to raise admission standards and
> hire professors out of retirement.  Schools are receiving 10 to 40 percent
> more applications than at this time last year.  Much of the rise is being
> attributed to workers seeking to upgrade their skills as the economy
> slows, a return to the classroom by laid-off employees and efforts by
> schools to upgrade programs to attract students. "The job market is still
> really good, but we're beginning to see layoffs and people pay attention,"
> says the vice president for research and information services at the
> Council of Graduate Schools in Washington, D.C.  "One thing they do is go
> to graduate school."
>
> The fastest growing industries in order of growth, according to a survey
> of 947 executives and 312 executive search firms by ExecuNet.com, Norwalk,
> Conn., are high-tech, communications, Internet, medical/pharmaceuticals,
> and business services.  The fastest growing executive functions, again in
> order of growth, are sales, management information systems/information
> technology, marketing, business development, and general management (The
> Wall Street Journal, page B14).
>
> An article on what people earn, a regular once-a-year feature in "Parade"
> magazine, appeared in the February 25 issue, with many facts attributed to
> BLS.  Says the article, "demand for college professors is expected to jump
> 23 percent from 1998 to 2008 -- nearly twice the projected growth for the
> overall labor force."  A graph shows annual median hourly wages for 1990,
> 1995, and 2000 ($10.01; $11.43; and $13.74) with the comment that although
> wages have risen in the last 10 years, salaries actually have remained
> relatively flat when inflation is accounted for. A table showing weekly
> wages by occupation, and another showing which jobs are growing fastest,
> include data attributed to BLS.
>

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