To: John Pitera who wrote (1946 ) 6/2/2000 9:48:00 AM From: John Pitera Read Replies (2) | Respond to
private-sector payrolls-- biggest decline since November 1991... New job growth FALLS 126,000. The offset was generated no significant wage increases, strong evidence that the economy is cooling off. Excluding hiring for Census 2000, payrolls declined by 126,000 jobs. The government also revised upward its estimate of April payrolls, raising it by 74,000 to 414,000.The result was scant inflationary pressure. Average hourly earnings rose 0.1%, or one cent, to $13.65 in May. In annual terms, hourly wages rose 3.5% in May, down from the 3.9% gain recorded in April. And workers put in fewer hours on the job: The average work week shortened by six minutes to 34.4 hours, another sign the economy may be slowing. unemployment rate to remain steady at the 3.9% level recorded in April and for payrolls to increase by 388,000 jobs . Earnings were seen coming in at $13.67. strong sign that the Federal Reserve's year-long campaign of interest-rate increase is cooling the economy. Recent soft readings on retail sales, home sales and manufacturing activity also have pointed to some moderation in economic activity. Census Bureau, where 357,000 people were hired for the government's once-a-decade population count. decline since November 1991, falling by 116,000 jobs in May. That's down from April's increase of 296,000. Manufacturing payrolls fell by 17,000 during May, the first decline since February. Factory payrolls expanded by a total of 13,000 in March and April.
