ECONOMIC NEWS:
TODAY, July 30, 1998
** The EMPLOYMENT COST INDEX -- a broad gauge of worker
compensation that is watched closely by the Federal Reserve --
rose a seasonally adjusted 0.9% after a 0.7% rise in the first
quarter, the Labor Department said. U.S. economists in a Reuters
survey had expected a 0.8% gain. For the full text story, see
infobeat.com
** In another sign the job market was favoring workers, the Labor
Department said in a separate report that first-time applications
for state unemployment insurance dipped last week to the lowest
level in more than three months. U.S. initial JOBLESS CLAIMS fell
to 304,000 in the week ended July 25 from 317,000 in the prior
week. It was the smallest claims number since 288,000 in the week
ended April 11. Analysts had anticipated 315,000 claims last week.
** SALES OF NEW SINGLE-FAMILY HOMES jumped to a new record in June
- the fourth set in just five months. Healthy income growth and
low mortgage rates are combining to fuel the spending spree. The
Commerce Department reports sales rose 3.8% to a seasonally
adjusted annual rate of 935,000 from 890,000 in May.
|
