BLS Daily Report

[Richardson_D <Richardson_D@xxxxxxx>]

For the economists among us: how much does industrial production have to
fall before the US is ineligible to be called an industrialized country? :-)

Dave

----------

Monday, November 19 2001

Plunging energy prices caused consumer prices to drop 0.3 percent in
October, the Bureau of Labor Statistics reported. The decline brings the
consumer price index to 177.7 (1982-84=100), following a 0.4 percent
increase in September. The so-called "core rate"--or all items excluding
food and energy--increased 0.2 percent for the fourth consecutive month,
according to BLS (Daily Labor Report, page D-1).

The inflation-adjusted weekly earnings of most U.S. workers rose by 0.2
percent in October, although many industries posted declines over the year,
according to figures released Nov. 16 by the Bureau of Labor Statistics.
Average hourly pay of production and non-supervisory workers on nonfarm
payrolls edged up 0.1 percent in October, while hours worked declined by 0.3
percent. That meant a 0.2 percent decrease in average weekly earnings (Daily
Labor Report, page D-13).

Industrial output fell 1.1 percent in October to a level 6.3 percent below a
year ago, the Federal Reserve said Nov. 16. The fall in production in the
nation's factories, mines, and utilities--the 13th monthly drop in a
row--was the largest since a 1.3 percent decline in November 1990 in the
last recession. The October decline brought the Fed's industrial production
index down to 139.3 percent of its 1992 average (Daily Labor Report, page
D-17).

Industrial output fell for the 13th consecutive month in October while
inflation at the consumer level was mild, according to government reports
released Nov. 16. Output at factories, mines and utilities fell 1.1 percent
in October, the biggest decrease since November 1990, the Federal Reserve
said... In another report, the Labor Department said consumer prices fell
0.3 percent in October as energy costs had their biggest drop in more than
15 years. The so-called core index, which excludes the more volatile food
and energy sectors, rose 0.2 percent for the fourth consecutive month (New
York Times, Nov. 17, page C4).

Consumer prices slipped in October amid continued drops in energy prices, a
possible positive sign for reigniting spending. But industrial output fell
for the 13th straight month, the longest string of declines since the
Depression (Wall Street Journal, page A2).

Hiring is expected to stay flat during the first three months of next year,
nearing levels not seen since the last two recessions, according to a survey
to be released today. Manpower Inc.'s quarterly survey of 16,000 American
businesses showed that 16 percent planned to add jobs during the first
quarter of next year, while 16 percent anticipated reducing staff. A year
ago, the survey showed 27 percent had planned to increase employment and 10
percent planned cutbacks (Washington Post, page A22, and Wall Street
Journal, page A20.

DUE OUT TOMORROW: Regional and State Employment and Unemployment: October
2001

<<application/ms-tnef>>