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To: Lee who wrote (75498)	10/29/1998 9:41:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

<eoconomy>Liquidity and ECI Hi Lee: Oh well so much for the 'expert' survey,eh?<vbg> Liquidity: While talking about the Liquidity situation here in the U.S one Guru recently said and I quote: .."Never have so many people who know so little have said so much...." (I have a feeling I am one of them)<vbg> Forgot who it was but it did crack me up. Anyway he was saying, contrary to popular belief,liquidity has improved considerably since he rate cut,he quoted some statistics and said actually lending was up 21% or so.I think he is in the minority though as many still believe there is a severe liquidity crunch in the market as bankers are now more vigilant than ever when it comes to lending.Anyway I have no idea what the actual situation is. Here is one pundit opinion on the ECI .."The larger-than-expected increase in the ECI isn't worrisome for inflation because labor costs will moderate as the economy cools and job growth slows, said William Sullivan, an economist at Morgan Stanley Dean Witter in New York, before the report. After roaring ahead earlier this year, the labor market is ''leveling out,'' Sullivan said. A slowdown ''virtually assures low inflation,'' he said. In a separate report today, the Labor Department said first- time claims for state unemployment benefits fell by 18,000 last week to a seasonally adjusted 301,000 -- the first drop in a month -- after increasing by a revised 4,000 the previous week. Meanwhile, the less volatile four-week moving average for new jobless claims rose last week to the highest level since the first of August. Year Over Year Gain For the 12 months ended Sept. 30, employment costs increased 3.7 percent. That's faster than the 3.5 percent 12-month gain posted at the end of June and the 3.0 percent increase for the 12 months ended Sept. 30, 1997. The 12-month increase was the largest since a 4.0 percent gain in the first quarter of 1992..."