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To: J Krnjeu who wrote (2480)	2/4/2000 9:44:00 AM
From: Dr. David Gleitman	Respond to of 35685

Reports indicate a stronger employment picture, but it was attributed to the construction sector and to mild weather conditions for the first part of January. Employment was at 4%. Usually that type of news is bad for the markets, but with the interest rate already raised and factored into the market and the rational that it was isolated to the construction sector and unseasonably mild weather, it became an isolated factor. It's amazing how the spinmeisters can rationalize everything. I recall about a year ago when one of the senior (I can't recall who, in particular), ecconomic officers of this country "resigned" (they used this word instead of indicating that he was retiring. This set off the futures market into a ferocious downspin, which recovered 20 minutes after the market opened. David David