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To: John Hunt who wrote (28074)	2/12/1999 6:48:00 AM
From: John Hunt	Respond to of 116753

Daily Economic Commentary - Some Stubborn Facts << No, I'm not going to talk about the Senate impeachment trial. Rather, I want to talk about some facts related to the stock market and the economy. First, all of the media were gushing with stories on Wednesday about the strong productivity growth in 1998. In Tuesday's commentary, I pointed out that from a somewhat longer perspective than one year, productivity in recent years has been nothing special. But suppose the government is mismeasuring productivity. Suppose that is much higher than what is stated. Then corporate profit growth should be high, too, shouldn't it? The chart below shows that the despite the pickup in productivity growth in 1998, earnings-per-share growth on the S&P 500 has turned negative, and headed south in 1997. Some stubborn facts. -- cont'd -- >> ntrs.com ****** On the lighter side comstockfunds.com ****** On the more serious side OT - Mysterious spray on Atlanta train lands passengers in hospital << Twenty-one people were hospitalized after an unidentified man sprayed a mysterious substance on a local commuter train during the Thursday evening rush hour. >> cnn.com Let's hope it was just pepper spray!