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To: pater tenebrarum who wrote (65844)	10/1/1999 5:38:00 PM
From: Ken98	Read Replies (1) of 86076

Heinz, this went largely unnoticed today and should provide a ceiling on the dollar: <<Daley sees more record US trade deficits this year NEW YORK, Oct 1 (Reuters) - U.S. Commerce Secretary William Daley predicted on Friday the U.S. trade deficit will continue to shatter records throughout the rest of this year. The trade deficit reflects U.S. economic strength versus weakness in many other parts of the world over the past two years, Daley said at the Wall Street Journal Conference on the Americas. ``My sense is that historic trade deficit that we had in our last report as of the end of July will definitely continue through the end of this year and we will see each month as we move forward continuing record trade deficits,' Daley said. The latest trade report showed the deficit surged to a record $25.18 billion in July. Daley noted the deficit as a percentage of gross domestic product was still below its all-time high but at around 3.0 percent currently, it was quickly racing toward record levels.>> Based on August/September oil prices and imported auto sales figures these statements are probably accurate. Have you noticed a dis-connect in the economic numbers coming out of the Dept. of Commerce versus Dept. of Labor. The really cooked numbers (CPI, PPI, Employment, Productivity) are coming out of Labor, and these are also the most highly touted numbers by the bubbleheads (including the Fed). Commerce numbers and NAPM numbers do not seem to get the same attention and seem to indicate higher inflation. Just a thought... Have a good weekend, Ken.

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