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To: Lee who wrote (131769)	6/8/1999 4:11:00 PM
From: edamo	Respond to of 176387

lee.... 1999 a record year for layoffs...tight job markets regional, not national....it's not what it appears to be....in spite of government figures.....i'm sure even in atlanta, there exists many people on the streets, who no one is "pulling"....hiring is very selective... so what's the current poverty rate in the usa..10%, maybe 12%...so much for 4.4% unemployment.... there exists two distinct worlds in government studies and reports, one is "counted", the other "non-existent"... what outlandish figure does the government use for "full employment"...how many deemed "hard core unemployed"... two worlds, one real....the other crafted by the numbers in the mind of economists who do not know what is real i run businesses, i must live in the "real world".....

To: Lee who wrote (131769)	6/8/1999 10:34:00 PM
From: Ian@SI	Read Replies (1) \| Respond to of 176387

Lee, It seems that the government has substantially overestimated the inflation in the system. Quarterly Output Revised Lower Output in the nonfarm sector rose at a revised 4.4% annual pace in the first quarter, the Labor Department said, while hours worked advanced an unrevised 0.9%. In the government's preliminary report, released in early May, the government estimated that output rose 5%. In the fourth quarter, output and hours worked rose 7.4% and 2.9%, respectively. The cost of labor input to produce one unit of output, or unit labor costs, increased at a 0.7% annual rate in the first three months of 1999, compared with the preliminary estimate of a 0.3% rise. In the fourth quarter of 1998, unit labor costs dropped 0.4%. Whole story at: interactive.wsj.com Do you think this revision will cool off the hawks? ... or will they remain hawks to their dying day? Ian.