Apologies for the double posting, you who've been confronted with this twice. On Monday, Sep 19, the Washington Post reported that the Bureau of Labor Statistics estimates that it undercounted job growth in the year ending in Mar 94 by almost half a million. The BLS blames flaws in the design of the establishment survey, which hasn't kept up with changing times. It will be redesigning the survey over the next couple of years, but until then, these undercounts may well continue (at least until the economy turns down - it may be that the new era jobs missed on the upswing will evaporate rapidly on the downswing). No doubt the Fed will take this news into consideration when the Open Market Committee meets next week and again in mid-November. Have your anti-Fed flames ready. Meanwhile, the European interest rate picture is looking very gloomy. Over the last two weeks, British bond yields have risen by 30 basis points and German yields by over 25. Combine this hostile interest rate picture with one of the most overvalued stock markets in U.S. history, and you have a recipe for some interesting financial turmoil ahead. All you PEN-Lers and PKTers who are long Telmex and the Singapore Fund - call your broker! Doug Doug Henwood [[EMAIL PROTECTED]] Left Business Observer 212-874-4020 (voice) 212-874-3137 (fax)
