This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------ =_NextPart_000_01BD271B.32181040 charset="iso-8859-1" BLS DAILY REPORT, TUESDAY AND WEDNESDAY, JANUARY 20-21, 1998 The number of mass layoff actions by the U.S. firms totaled 978 in the third quarter of 1997, affecting about 183,000 workers, BLS reports. Seasonal work was most often cited as the reason for the layoffs .....(Daily Labor Report, Jan. 20, page D-6). The experimental geometric mean version of the CPI kept to pattern in its divergence from the CPI-U, rising 1.5 percent in 1997, according to data from BLS. The official CPI-U rose 1.7 percent in the same period .....(Daily Labor Report, Jan. 21, page A-11).=20 Output of U.S. factories, mines, and utilities advanced a solid 0.5 percent in December, with broad-based gains posted in nearly all industries except the automotive sector, the Federal Reserve reports .....(Daily Labor Report, Jan. 20, page D-1; Wall Street Journal, Jan. 19, page A2)_____Production at U.S. factories, mines, and utilities = rose 5 percent last year over 1996, thanks to strong demand for goods = ranging from computers to trucks ....The yearly increase was the best since a 5.4 percent increase in 1994 (Washington Post, Jan. 17, page B1). Employers held down health care costs last year by switching to cheaper managed care plans, according to a study of 4,000 employers by William M. Mercer Inc. of New York. Most companies, however, expect higher bills in 1998. The cost of health benefits at public and private employers with more than 10 workers averaged $3,924 per employee in = 1997 (Washington Post, Jan. 20, page E1)_____An unexpectedly strong surge of workers into managed care plans last year helped hold the increase in overall medical costs for active and retired employees to just 0.2 percent, according to the survey ....(Wall Street Journal, Jan. 20, = page B1)_____The annual study of 3,900 employers, the largest of its kind, found that 85 percent of workers at firms with 10 or more employees are now enrolled in managed health plans, up from 77 percent in 1996 and 52 percent in 1993 ....USA Today, Jan. 20, page 3A). =20 USA Today's "Economic Indicators" table (Jan. 21, page 3B) predicts = that the Employment Cost Index for the fourth quarter will increase 0.9 percent, compared with an increase of 0.8 percent in the previous quarter. Immigration may be reducing the wages of the working poor by as much as 12 percent, with minorities most likely to be affected, according to a report released by the Center for Immigration Studies, a non-profit, non-partisan research organization in Washington, D.C. The study found that immigration may be reducing the wages of about 25 million workers in low-skill occupations as much as $1,915 a year, while exerting = little or no effect on the salaries of workers in high-skilled jobs. The wage depression caused by immigration occurs around the country and is not confined to certain cities or states traditionally identified as high-immigration areas, and it affects weekly and hourly wages, the report said. Taking the entire workforce into consideration, immigration appears to reduce the wages of the average worker by about = 5 percent ....But appearing at a press briefing held by CIS to release = the report, Economic Policy Institute economist Jared Bernstein said wages would be kept low even in the absence of immigration and that the immigrant labor pool plays a much smaller role in what is paid these workers than the study claims ....The study was based on 1991 data extrapolated from the Current Population Survey ....(Daily Labor = Report, Jan. 21, page A-2). Temporary staffing companies are expected to punch in smaller profit = and revenue gains for the fourth quarter, due to a slowing economy and a tightening labor supply. With unemployment levels at 24-year lows, temporary workers have demanded higher wages - which some companies = have been unwilling to pay, fearing they wouldn't be able to pass the higher costs to their own customers. A tight labor market makes finding qualified workers difficult, but it can also benefit staffing = companies, an analyst said. "For staffing companies, labor is the product and if this product is scarce, the law of supply and demand holds," she said. "Staffing companies can raise both pay rates and bill rates for hard-to-find skills and the spread between the two widens, resulting in better margins" ....(Wall Street Journal, Jan. 19, page A9A). =20 The talk of deflation can be easily deflated, says "The Outlook" column in the Wall Street Journal (Jan. 19, page A1) ....Many economists doing manipulations for their companies find the chance of true deflation = very low ....Yet the issue of deflation isn't fading away ....Despite all = the talk, the definition of deflation remains murky. Amid growing overcapacity and rising imports from Asia, many goods prices are falling. But that isn't deflation, because overall prices are still rising, especially for most services ....Services - few of which face global competition - make up nearly 60 percent of the CPI and are still climbing ....Another type of deflation is asset deflation. To some, this is more important than a small drop in, say, auto prices. Especially worrisome is the prospect of rapid declines in prices of stocks and real estate ....Asset deflation has potentially ruinous effects partly because of the psychological impact on consumers .....Asset deflation would also harm the banks; securities and real estate are important sources of collateral in most banking systems .....Although no one knows where U.S. stock prices are heading, the chance of an imminent implosion is remote in the other big category of U.S. assets, real estate ....Few U.S. markets are overbuilt today ....=20 DUE OUT TOMORROW: Usual Weekly Earnings of Wage and Salary Workers: Fourth Quarter 1997 ------ =_NextPart_000_01BD271B.32181040 AAkAMgAkAAQATwEBCYABACEAAAAyREYxMDVDQTBEOTNEMTExODg4RTAwMjBBRjlDMDMwOAAKBwEE gAEAEQAAAEJMUyBEYWlseSBSZXBvcnQAkAUBDYAEAAIAAAACAAIAAQOQBgBcEAAAHQAAAAMALgAA JekRVMHME++RqhHRlQYCYIzbYCoANQlQIAAiANixHgAxQAEAAAANAAAAUklDSEFSRFNPTl9EAAAA AAMAGkAAAAAAHgAwQAEAAAANAAAAUklDSEFSRFNPTl9EAAAAAAMAGUAAAAAAAgEJEAEAAACNDQAA iQ0AAAYYAABMWkZ1dgyDEv8ACgEPAhUCpAPkBesCgwBQEwNUAgBjaArAc2V0bjIGAAbDAoMyA8UC AHDccnESIAcTAoB9CoAIzx8J2QKACoENsQtgbmcxeDAzMwr7EvIMAROQbyZ0BZAFQEJMBfBEQQhJ TFkH8EVQT1KAVCwgVFVFUxlAARmAQU5EIFdFRBZOGkMaAEoaoFVBUiMZgAHQLTIxGgAxOQw5OAqF CoVUaGUgDG51BtAEkCBvZiB3AMAEEQtgeR5QHmAA0HSGaQIgBCBieSB0HbEAVS5TLiBmaXI6bQQg dBigB0AJgCA5+Dc4IAuAH+Mf8CCQIUC8cXUKwBiwHjMcgTcaAG5hDdAYwQuAZx8wBuB1QQVAMTgz LDAkwCDqdwWwawSQcxoAGQIVMPpwFNFzIGAGUR6QAiAHQM8k8yTwHpAecG9zBUAeUPMYsAOgY2kY sCFAJ2Ef8n8VMCaSIHAFsR/yHtQEISegODUuKEQLcGwf0PZMJCEFwFIl4xtxAHAgYBcB0BoACrBn HcBELTaEKS4czyBleHAGcX8HgAIwJtEs0ANwEgAFEGP3HnAmgAOgdiVBH3EeQh/y8ENQSSAlMAUx IOAsoZ8CQASSIaEoUAQgZGkwMTks0G5jHcADUjDWLVWPGgAFEACQI/ExLjUsoN8EkDNQAjAhkiMl YwWhMtDrI/ExsWQx8GEzdBkBJkH/HaIfAS+wBzE0BCXAJ6AdwM008Dc1Kh/yc2EHgDUiPx9wIUAq jyudHFEss0EtXDExLTAdJgqFTyRQcH8kUR5RIDQfQQWwCJAlYW3/C4BAsgBwIUAkUAMQKFBAofkf MGR2AHAzUCiBOrAG8KppIUAwNQxEBZBlHgI/GgAD8B/wH7ADYEJALWL7HpAhMWcLcQQgJfAnsCEx fyGhQRAKwDwRB0ADIAuAZH51J7BAki5hM1Axgh2xYf8kUANwGKAy4TqwGMEFsBoAfR/yRgmABJAm 0SugEfByn0mBJdU7fyuPLJcxOxrQ3UdiUy+QCeAFQEoIYSbBR011HIA9ljIpX1EiUP8DYEfAH1Mf MAVAP/9BDweR7zlDNRgLYCexeUcBHkAwMe0ccjZKEgBwayDCOrAvkD8CICQADbADgSFAKYJnb78E cFSBFtEj4jODBaBtP4H/JUExoi+QUbBXIUvzHaJV4v9MgQuABQAmgR3AJ1If8h4Q3yexNKEzUTdA TCA0NSlcNes1tF4QKE7AcyIgFuAg4L0DoFAnoU/2I1Ess0I+MX0tXEVZ8BTAVeBaQR2wbPEhQGRv dwOgHbAHQEUB/mMKwB3ABaAnsB6yVbYfwf0D4XQRsDalEbAmgC6RHnH/JsAs0CFAZJMLUQCANi1C 0dh0dWQf0B5RNCSzRHD7YwYfwVcDEEHQOtAF0CBg9k01QgXASTNAIGAeUQfC9lklESZBTSeiWdIA cFMD+mhj4GUwMRoALnIY0SIgvmcdsGXBa2EEIDW0ODfl/2TiHkJkJR4QU3AggDKhUiH/P4ACYC+x QWITkDLgMfAuUf9i90TjBGBksVbiHHAk5x8wyzAxZ5MkJKA5Ml4TanZvXyY5sF/PTY1FPjBRI0F9 A6B1U3BvQwmATIFXhXP/CHAs0R5RdfYLgDGxZ29lKv9jgS6QIUBuoGOhH/JeulYy/0diB4Ay0GSQ AyBk5CmCH0J/SYFBYhUwH2AVMXenVzNq/0fRQ0ESIDU1Ni06gwhwMDD/H9BL9E7PT9csd2HBUSMd ov8AcB3gJtFpl3cRalpKFAtg9zMRcXQykmtHoRoAAhB7cP+AglIhTBA1J30ZUiEghETj33XBBbF1 I4R4ZKJuY+AuYH5uA2BHcEaUfhZkJWg1dbpwM3Q3ObtWgkFTNYW3xTWlM0vkVVNBGhAEcHMe4E1+ M0E+QT5tmScn+QQgIkUFoJNQU1AvwGxw84JCUtFzIh/gAaAhIHiw8T0sM0Ipc6GCMjKhjzP/H/Ji 5C7SMRAnop1RLnApd/+O0QAgRRAidgPwR3NcNUNQ/jmFyG3zhDJE4wORXBceUe9DUCGAOd2foXYf cEfQImb5LU1JbVNQCcAx8DByAMD/H9AeECXBUaE2ox2xJ1CNsf8wpiUCI+Il8AWxH8EnYlGw+6YB BCAxhbl01AuAUuFB8/8nk0HQJTBMgTGxqzEjhAmAv2iPJdQlwSEgRaMfxUMu4f8eISmCqjqIkGmw UwM3QJNQ/G4tGIFygRoAtrMikQQA/wORFTAR8ArArlEFsEXwAwAeeqqUIaF42BoARC5D/zflaZSO 2Qdwql+rb6xzJCT+MjUQU1BrcSlRfUgewGPg7C1zjnBHcW82UJWwvKPLQiGuGCQcUDkxNRA3QP9V 4kTBIiCeQS5wBJAj00HR/nSeQQWxk1AuYCOTHkA6Zj+NgUICfRtvk8DEITFqb/5iJjIdoqwyV+Gf oQQQMHL/ZJBH0LP0vErBMnZCA2CO9P9kwntwL5BHQUFxBACTQW3S/m4ggFNwgIFmwcQRC3EoMv/G gwXAJ7Bz8SDBSrAy0B9i/0dhW/ENsAIwBpAIkCiDx6P/vEpkoR6QQUQoUCN1dLEJ4P5rRzJBcW6g CHBMgawzShTvsyU6wEMgN+JhrTMf8tEi/2SxJQIpgTNRfcOc0QCQSpL3H2IaANI7cC6QEdExor1z /yHyrB12dST1rcMkMzUYS/P+QiRR2sQj49Oxn5IEEUUwnwiQzgEkAGODH8FDSQXw/9tDs7PV2RoA nMdggHMxH9D/bHAnsChQWhEuYJzUJ7EsIP2EMkIEkUZxIaHWkqwlJQD+deGiHcAxY8CRLmAwMDJD /0jDyJAzM44C0kqPBoCjvFTfVWNM0q2BAyALUXlCIa4k/nMAwJPRBcCTsV8jw5C8Ev9GMecCH/Fc cnYFdXM6g2mj/mMLYSCxWxdplCdSRZQpUf0cgTE3BC5w0CEl8AtgKGL/M4gIcBUwNYFggD+A9MG1 w/+HikxfPP8+AFEALU5qgQWw/wrAfCIjgSPibfeTA3uWMaP/e3CuUebC7fW29IOl6NEKUP9F5aIv IpMaAEfAIfFpU8CR/yPi5VTNBDdAH2BvwCgBxEP/+CN8sNrQ9+AmQWtQkZF7cb+g2CEgMDBwQVIh d0AtVeP/wJGNEvsXdfYRwEmBV/SAIvtvtKw0XBWwNxB48CZQw5H/7bIvYfwpCUMeECgRe3Cjkv82 pRdQmaHFcN/kH/EIoufB/G4n4FCxYp4yMbPgwR/y/2+lZOSHBCIwHkBj8cFQJ7D/C/EwUCZBnBAD 4+xV/nAlIf/gUP5wJTCC4UehI+IicUHQv9FjdfYy0Dhi9mB5sWIkUf/ToYJg6tFwQLFCcmP7n1OE z0FRxkDtQNZ3IkbPhBlP/+xkzWGoBFGTzRQwwu8yHeX9zWFzZJEzUI0mbRAwsQT0/0FTV/WAUiVg nfALQDqiGyT/iJD7zxgCSrDlsF0BSVCVIf+9EbyRQhJBcXASJaW1Ao9A97JwCvYxsC0VQjqwwOIl 9O86g5+hQkBdEXTUUTpkKgD/McBmINERtmG4QRdB4ALusf8p4aNSFHFZMZ3hh+9Pfz2W3jmaz/rh KnLGQGvcclfw/mb2dRgCvUFcUffSMdSx8jvm8O1BIjgSP1HogG9r453wslBsdW3o9y2fi3HvnnRQ aD4w90RN7CDh4OVX7RbBb+ACfhFp9lYAVxJh//w4KDPMY1bx6dRaoclSMfbvVkHh4OiC91NZLiGA o+DA///hMavlsA+yUqCGsyCQvRH/91NEQClwkYBdsUdxKmMxYf9KFDHRXYDQYzGcn7D+cAAy964w FJAFQkGdEOYwvIACpP9WMoJgpXDPEQNksABdcSvh1/sigtL1MkHZQGFTMTjS/1ikc7HYkJL0UqAN s9bR32L/u/RBAzHXF3FvYMoygZdKuf/k0SZySHNvESlwb2BrkNDCv7UCsHOkQPcAStP3U1NRh78L BsVwIKMLhEFQ2JFn6ID/8yCCgvxQhAEyIwr3FOKVojt7gFvDNmpgj7m0U1BJ/wN0TyfxgOvAcBDg EfdTe0D/JTH+sUfwp1BAHq3xpEBM2f/W0g4gC+JDos1hzWGSI0jU/+widXNpcf5yY8B8YJXAo+C/ M9O2cb8ADiFKw9bRRVBI/9ghSGEL8h1oUEJxg/SB74F/IaBZgXuAcFNKtSDCDhBj/msl9IERgoCN wXPyWhRcTP8JMR7xzaDRItCzPYCv0aihP8VU70Ki0PfhTafclHBz9nmuUPSwbyzQgmJI0YNB//Ny 2RI1UHSSZ5+/pOfCGEPXJ0H1VPMgbmZgO1Fhy6H/sBRmnvzSXrgL4NUgZbU1If/0woHRlBOwgnDy 4AJsUOaR/fHGQZUB1RARUMUS2SDoEe+TUeeBClGmwFVSQNbQZiP/SqqU0YayQ6Q82KYivFHOIP+n ooyiydPNYUWBaTGnxlqE/1nA/BH00UpQzPHcgXjjXDP7KzNm/UZTgXjjFHSS9E4iPxeQw7DrYZxC 90QwLURVEkU0gFVU1vBPTU+gUlJPVzrW4FWHcPWLcVfUZEUHkARCrHM2ANvJQZdiU8ZC4eBXFnSF 8NsbgKLDUaMllxE3qVWpckcncJVBo+BcZjKLkHO/miCpcGAwQrAfYalVfalQAgCNUAAAAAMA8T8J BAAAAwD9P+QEAAADACYAAAAAAAMANgAAAAAAAgFHAAEAAAAwAAAAYz1VUzthPSA7cD1CTFM7bD1E Q1BDU01BSUwxLTk4MDEyMjE0NTUxMVotMTEyODUAHgA4QAEAAAANAAAAUklDSEFSRFNPTl9EAAAA AB4AOUABAAAADQAAAFJJQ0hBUkRTT05fRAAAAABAAAcwQMD4vEUnvQFAAAgwYEtCGUUnvQEeAD0A RTE2RUVBNENFOUM3RDAxMTlBRTQwMDYwOTcwNUNEODgzMUFDREZAZGNwY3NtYWlsMS5wc2IuYmxz Lmdvdj4ACwApAAAAAAALACMAAAAAAAMABhC13xYSAwAHECESAAADABAQAAAAAAMAERAAAAAAHgAI EAEAAABlAAAAQkxTREFJTFlSRVBPUlQsVFVFU0RBWUFORFdFRE5FU0RBWSxKQU5VQVJZMjAtMjEs MTk5OFRIRU5VTUJFUk9GTUFTU0xBWU9GRkFDVElPTlNCWVRIRVVTRklSTVNUT1RBTEVEOQAAAAAC YWlsMS5wc2IuYmxzLmdvdj4AQzE= ------ =_NextPart_000_01BD271B.32181040--