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BLS DAILY REPORT, FRIDAY, JANUARY 23, 1998
RELEASED TODAY: In October 1997, there were 1,362 mass layoff actions
by employers as measured by new filings for unemployment insurance
benefits during the month. Each action involved at least 50 persons
from a single establishment, and the number of workers involved totaled
134,742 persons. The number of initial claimants for unemployment
insurance was about the same as a year earlier ....
"Peering Into a New Millennium: More Jobs, Trade, and Productivity" is
the title of an article in Business Week (Jan. 26, page 22). The
article says, according to new Labor Department projections, slowing
labor-force growth will dampen economic growth a bit and will hold the
decade's employment gains to 19 million jobs. But the department's
experts see a 10 percent rise in the pace of productivity advances, with
real output per employee growing at a 1.1 percent annual rate, compared
with 0.9 percent in the prior decade ....Labor Department economists
also foresee a dramatic increase in the globalization of the economy.
Over the decade, exports are projected to surge ....The department notes
that services will account for almost all the job growth ....Many of the
fastest-growing occupations are related to health care or computers
.....The agency's predictions for the 1984-95 period were surprisingly
accurate in many respects, but they under-projected employment by 6.6
million jobs - mainly because the experts failed to anticipate a pickup
in labor-force growth and in dual jobholders. Judging by last year's
3.2 million surge in payroll jobs, Labor's latest projections could fall
short of the mark again.
Inflation-adjusted median weekly earnings of the 94.4 million full-time
wage and salary workers were 0.5 percent higher in the fourth quarter
than one year ago, BLS reports ....(Daily Labor Report, page D-7).
New claims filed with state agencies for unemployment insurance benefits
fell 13,000 to a seasonally adjusted total of 326,000 in the week ended
Jan. 17, the Labor Department reports ....(Daily Labor Report, page
D-5).
Housing starts fell 0.8 percent in December, but were up 12.3 percent
for 1997, the Commerce Department reports ....(Daily Labor Report, page
D-1).
Housing starts slipped last month, but less than expected, and the
residential construction industry still had a strong year over all. In
another sign of a strong economy, initial claims for unemployment
benefits fell ....(New York Times, page C8)_____Housing starts slid last
month after a strong year, suggesting home building may ease in 1998.
The four-week average of jobless claims rose ....(Wall Street Journal,
page A2).
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