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To: Lee who wrote (28019)	8/6/1999 9:32:00 AM
From: N	Read Replies (1) \| Respond to of 50167

Hi,Lee Glad to see along with the hourly earnings increase, that overtime hours have increased. This + lower Q2:99 gdp growth makes me wonder if AG et al are in more familiar territory, procyclical earnings attributable to higher OT hours at top of cycle. And unemployment same. Although the 100k jobs over consensus will spook. In 1,000s, Change July June (Prev) May (Prev) in Nonfarm Payrolls 310 273 268 28 -5 Jobless Rate (Pct) 4.3 4.3 4.3 4.2 4.2 Earnings, Hours of Private, Non-Farm Production workers: July June (Prev) May (Prev) Avg Weekly Hours 34.5 34.5 34.5 34.4 34.4 Manufacturing Hours 41.9 41.7 41.7 41.7 41.7 Overtime Hours 4.8 4.7 4.7 4.6 4.6 Earnings/Hour(dlrs) 13.29 13.23 13.23 13.18 13.18

To: Lee who wrote (28019)	8/11/1999 2:44:00 PM
From: Lee	Read Replies (1) \| Respond to of 50167

Economic data (anecdotal) for Wednesday, August 11th, 1999 Fed Beige Book bog.frb.fed.us District reports indicate continued strength in economic activity, though there are widespread reports of supply constraints. Retail sales, which had been robust in the second quarter, decelerated somewhat in July, in some cases due to low inventories of clearance merchandise. Manufacturing activity continues to expand in most parts of the country, though a few districts indicate some softening.