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To: rbotik who wrote (22557)	8/5/1999 12:18:00 AM
From: Bryan	Respond to of 40688

This kind of equity weakness always precedes an inflation report. The jitters ahead of the JOBS FIGURES will most likely continue right up till Friday morning. Longer term (and we've all heard this a bizillion times) it's a good idea to take advantage of these short- term dips. If there is any hint that inflation is "in check," then hold on........it could be quite a roller coaster ride! From S&P MMS expects July non-farm payrolls to post a 180K gain, with the unemployment rate holding at 4.3%. The workweek is expected to hold at 34.5 hours, and earnings are expected to rise by 0.3%, which would leave earnings growing at roughly 3.7% on a Y/Y basis. Given the focus at the Fed on the degree of labor market tightness, the markets will scrutinize Friday's data for any evidence that labor market conditions are tightening. While our estimates mark some slowdown from the outsized figures posted last month, they are consistent with a longer-term view that labor market conditions remain generally tight. Chairman Greenspan expressed concern in the Humphrey-Hawkins Testimony with the risk that the labor market could continue to tighten, which would eventually generate inflationary pressure. Given this concern, any indication of a further tightening would undoubtedly weigh on the market, even if this is evident only in some of the lesser followed series. And it is not clear what degree of weakness would be necessary to relieve market anxieties regarding upcoming Fed policy. LONG and STRONG bk