PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: JakeStraw who wrote (502857)	12/3/2003 12:11:47 PM
From: Tech Master	Read Replies (2) of 769667

The U.S. Labor Department revised third-quarter nonfarm productivity to a rise of 9.4 percent -- the fastest growth in 20 years -- from prior estimates of 8.1 percent. Meanwhile, unit labor costs fell at the fastest rate in 20 years, dropping 5.8 percent vs. prior estimates of a 4.6 percent decline, which may ease some fears over sooner-than-expected interest rate hikes. Paul Mendelsohn, chief investment strategist at Windham Financial Services, says the drop in labor costs "would appear to make any inflation arguments spurious." The Institute of Supply Managements non-manufacturing index fell to 60.1 percent from 64.7 percent in October, while economists were looking for a dip to just 63.9 percent. The ISM employment index rose to 54.9 percent from 52.9 percent. HFE's Shepherdson believes if the current employment index level were sustained, "it would be reasonable to expect payroll growth to accelerate to more than 250,000 per month over the next few months.

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