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_01BD737C.D10D1F10
charset="iso-8859-1"
BLS DAILY REPORT, TUESDAY, APRIL 28, 1998
Business economists report that growth in demand slowed somewhat in the
first quarter but remained strong, while labor costs increased in nearly
half of the firms surveyed by the National Association of Business
Economists. The survey is based on responses from 107 NABE members on
business conditions in their firms or industry in March and April.
Despite the slower growth in demand in the first quarter, two-thirds of
the panelists expect demand will continue to grow, and only 8 percent
anticipate lower sales ....(Daily Labor Report, page A-4).
Wall Street took a tumble yesterday, because of investor fears that the
Federal Reserve may raise interest rates soon to slow the strong pace of
U.S. economic growth ....Fed sources cautioned that, though Fed
policymakers agreed at a March meeting that the economy seemed to be
overheating, subsequent reports have suggested a cooling -- easing those
concerns ....(Washington Post, page A1; New York Times, page D1).
If market balloon bursts, the economy may bubble on ....For anyone
worried about stock prices plummeting, the unusually blunt warning
posted on the Internet last week by a ranking official of the Fed made
sobering reading. On the Web site of the Federal Reserve Bank of San
Francisco, Jack Beebe, the bank's research director, described the
market's level as "very high," and he added: "The same euphoria
pervaded the U.S. market in the late 1920s and late 1960s, as well as
the Japanese market in the late 1980s" ....But while nobody can predict
whether the Dow will sink or surge, many economists - including Beebe -
believe that the economy stands on such solid underpinnings that the
expansion could readily survive a sizable "correction" in share prices.
Behind this optimism lies the conviction that most economic indicators
reflect the bloom of the healthiest expansion in U.S. history.
Inflation is at its lowest level in more than 30 years. Real estate
prices overall have been relatively stable, and most U.S. banks have
rebuilt their capital cushions to high levels ....(Washington Post, page
C1).
Exporters in the U.S. confront a new reality; a strong dollar and
strapped buyers dull competitive edge ....U.S. companies, despite
regaining their competitive edge during the lean and mean 1990s, are
discovering that overseas sales are still vulnerable to the shifting
winds of the global economy. Right now, those winds are turning against
them ....(Wall Street Journal, page A2).
Sales of existing single-family homes unexpectedly climbed in March --
by 2.5 percent -- defying predictions that the boom in the U.S. housing
market was running out of steam. But observers predicted a summer
slowdown, especially if an interest rate increase is in the cards
.....(Washington Post, page C1; New York Times, page D8; Wall Street
Journal, page A2).
U.S. per capita personal income rose 4.8 percent last year, vs. a 2
percent increase in consumer prices, Commerce Department figures show
.....(USA Today, pages 1B, 2B; Washington Times, page B8).
DUE OUT TOMORROW: Metropolitan Area Employment and Unemployment: March
1998
------ =_NextPart_000_01BD737C.D10D1F10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------ =_NextPart_000_01BD737C.D10D1F10--
