The index reached a low of 4.5% in October 1998, but has risensteadily. Six months ago, it peaked at 6.8%, but since then hasfallen, reaching 5.77% on August 14. That decline is attributed tomoderating inflation. .
Labor costs represent about two thirds of business expenses, andthere has been some positive news from this sector, says AlanTantleff, Jones Lang senior vp. US Labor Department figuresindicate that the unemployment rate remained unchanged during Julyand businesses added fewer new jobs than expected. In addition,expectations are that the Federal Reserve Board will not raiseinterest rates at its August 22 meeting, he says.
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