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To: Mark Fowler who wrote (60558)	6/4/1999 6:50:00 PM
From: BGR	Read Replies (3) \| Respond to of 164684

Mark, This jobs data has left me somewhat confused. OOH, it seems that comapnies cannot hire enough and there is a labor shortage. OTOH, salaries should have gone up by a larger magnitude if that indeed was the case. Alternatively, if companies really are not hiring much because they see weakness ahead, the salaries should have weakened as well. So, probably this is a sector specific phenomenon with low salary labor intensive sectors facing the weakness. That won't surprise me given the weakness in commodity prices. This, indeed, in non-inflationary. If the CPI number comes in weak as I expect, I would not be surprised if there are no rate cuts. -BGR.