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RELEASED TODAY: Both nonfarm payroll employment and the unemployment
rate were about unchanged in March. Following five months of strong
growth, the number of payroll jobs edged down by 36,000, reflecting
declines in construction and retail trade and an unusually small gain in
services. The unemployment rate was 4.7 percent in March ....
Benefits fell 5,000 to a seasonally adjusted 309,000 for the week ended
March 28, the Employment and Training Administration of the Department
of Labor reports. The four-week moving average of initial UI claims -
which analysts watch more closely because it smoothes out weekly
fluctuations in claims - was a seasonally adjusted 308,250 for the week
ended March 28, an increase of 1,000 from the previous week's revised
level. This is the eighth consecutive week that the figure has stayed
below the 310,000 mark ....(Daily Labor Report, page D-1; New York
Times, page C4 ).
Led by a drop in the often volatile aircraft sector, new orders for
manufactured goods fell 0.9 percent in February, the Commerce Department
announces. The drop in new orders occurred for just the second time in
the last nine months and followed an increase of 0.6 percent in January
.....(Daily Labor Report, page D-3; New York Times, page C4)_____The
factory orders decline reflected weaker demand for aircraft and lower
prices for petroleum products. When the volatile category of aircraft
and other transportation equipment was excluded, new orders to
manufacturers rose 0.2 percent ....(Washington Post, page D1).
Factory orders slipped moderately, but demand for manufactured goods
still remained strong, indicating continued strength in the U.S. economy
.....Separately, the labor market remained tight in March ....(Wall
Street Journal, page A2)
Greenspan's remarks, falling long-term interest rates, and a new tide of
mutual fund money help push the Dow average to the brink of 9000
.....Greenspan suggested that the lofty level of stock prices may be
justified by the outlook for productivity-driven earnings gains
.....(Washington Post, page D1)_____Greenspan predicted the Asian crisis
will hasten a global trend toward free markets ....(Wall Street Journal,
page A2)
Vice President Gore announces an equal pay initiative that would give
the Labor Department's Office of Federal Contract Compliance Programs
the authority to seek damages under Title VII of the 1964 Civil Rights
Act, a power OFCCP now lacks ....As part of the White House initiative,
Gore said, the federal government also will provide increased analysis
of data on the wage gap ....(Daily Labor Report, page AA-1).
Web's vastness foils even the best search engines ....Even the most
thorough search engine manages to find only about a third of the pages
on the Web, according to a new study by researchers at NEC Corp. and
published in the journal Science ....HotBot, which emerged as the most
comprehensive search engine among the six included in the study, indexes
only about 34 percent of the estimated 320 million pages on the Web
.....(Wall Street Journal, page B1).
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