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in its report to congress on international economic policies the treasury said that any improvement in the <unk> measure of trade known as the current account is likely at best to be very modest and the possibility of deterioration in the current account next year can not be excluded |
the statement was the u.s. government 's first <unk> of what other groups such as the international monetary fund have been predicting for months |
continued strength in the dollar was cited as one reason the trade position may <unk> |
the treasury 's report which is required annually by a provision of the N trade act again took south korea to task for its exchange-rate policies |
we believe that there have continued to be indications of exchange-rate manipulation during the past six months it said citing the lack of market forces in south korea 's exchange-rate system and the use of capital and interest-rate controls to manipulate exchange rates |
the treasury expressed pleasure however with the government of taiwan which was cited for exchange-rate manipulation in last year 's report |
the treasury said taiwan has <unk> its exchange rate system in the past year |
the fiscal N budget deficit figure came out friday |
it was down a little |
the next time you hear a member of congress <unk> about the deficit consider what congress did friday |
the senate N voted to increase to $ N the ceiling on insured mortgages from the fha which lost $ N billion in loan defaults last year |
then by voice vote the senate voted a pork-barrel bill approved thursday by the house for domestic military construction |
compare the bush request to what the senators gave themselves |
for construction in west virginia mr. bush requested $ N million congress gave senator byrd 's state $ N million |
senator byrd is chairman of the appropriations committee |
for iowa a $ N million request became $ N million for senator <unk> ranking minority member of a military construction subcommittee |
rep. jamie whitten of mississippi and chairman of house appropriations turned a $ N million bush request for his state into a $ N million <unk> |
senator <unk> of tennessee is chairman of the appropriations subcommittee on military construction mr. bush 's $ N million request for tennessee increased to $ N million |
in a remark someone should remember this time next year senator <unk> said i think we 've seen the peak of military construction spending for many years to come |
tell us about spending restraint |
tell us about the hud scandals |
tell us what measure short of house arrest will get this congress under control |
costa rica reached an agreement with its creditor banks that is expected to cut that government 's $ N billion in bank debt by as much as N N |
the agreement was announced by costa rican president <unk> arias friday as president bush and other leaders from the western <unk> gathered in the central american nation for a celebration of democracy |
costa rica had been negotiating with the u.s. and other banks for three years but the debt plan was rushed to completion in order to be announced at the meeting |
the government had fallen $ N million behind in interest payments |
treasury secretary nicholas brady called the agreement an important step forward in the strengthened debt strategy noting that it will when implemented provide significant reduction in the level of debt and debt service owed by costa rica |
under the plan costa rica will buy back roughly N N of its bank debt outstanding at a deeply discounted price according to officials involved in the agreement |
the remainder of the debt will be exchanged for new costa rican bonds with a N N N interest rate |
the international monetary fund and the world bank are expected to provide approximately $ N million to help support the deal and additional funds are expected from japan |
treasury officials say the costa rican agreement demonstrates that the brady debt plan can benefit small <unk> countries as well as big <unk> such as mexico |
the treasury said it plans to sell $ N billion of <unk> <unk> bills today raising all new cash |
the bills will be dated oct. N and will mature dec. N |
no <unk> tenders will be accepted |
tenders available in minimum denominations of $ N million must be received by noon est today at federal reserve banks or branches |
the treasury also announced details of this week 's unusual bill auction which has been changed to accommodate the expiration of the federal debt ceiling at midnight tomorrow |
the 13-week and <unk> bills will be issued tomorrow rather than thursday nov. N as originally planned |
the three-month bills will still mature feb. N N and the six-month bills on may N N |
the treasury also said <unk> tenders will be considered timely if <unk> no later than sunday oct. N and received no later than tomorrow |
the treasury said it wo n't be able to honor reinvestment requests from holders of bills maturing nov. N held in the treasury 's <unk> system |
the department will make payment for bills maturing on nov. N to all investors who have requested reinvestment of their bills on that date as well as to all account holders who have previously requested payment |
american pioneer inc. said it agreed in principle to sell its american pioneer life insurance co. subsidiary to <unk> <unk> <unk> inc. 's <unk> insurance cos. for $ N million |
american pioneer parent of american pioneer savings bank said the sale will add capital and reduce the level of investments in subsidiaries for the thrift holding company |
recently the boards of both the parent company and the thrift also voted to suspend dividends on preferred shares of both companies and convert all preferred into common shares |
the company said the move was necessary to meet capital requirements |
the transaction is subject to execution of a definitive purchase agreement and approval by various regulatory agencies including the insurance departments of the states of florida and indiana the company said |
in the second quarter american pioneer reported a loss of $ N million compared with net income of $ N million a year earlier |
the banking operation had a loss of $ N million in the second quarter largely because of problem real-estate loans while the insurance operations earned $ N |
october employment data also could turn out to be the most confusing |
on the surface the overall unemployment rate is expected to be little changed from september 's N N |
but the actual head count of <unk> employment payroll jobs is likely to be <unk> by the impact of hurricane hugo strikes and <unk> seasonal adjustments economists said |
the consensus view calls for an overall job gain of N compared with september 's N increase |
but the important <unk> segment which last month plunged by N positions and raised recession fears is most likely to be <unk> by the month 's unusual events |
several other reports come before friday 's jobs data including the september leading indicators index new-home sales and october agricultural prices reports due out tomorrow the october purchasing managers ' index and september construction spending and manufacturers ' orders on wednesday and october <unk> sales on t... |
friday brings the final count on october auto sales |
the employment report is going to be difficult to interpret said michael <unk> economist with <unk> international a unit of mcgraw-hill inc. new york |
mr. <unk> added that next month 's data is n't likely to be much better because it will be distorted by san francisco 's earthquake |
what 's more he believes seasonal swings in the auto industry this year are n't <unk> at the same time as in the past because of production and pricing differences that are curbing the <unk> of seasonal adjustments built into the employment data |
wednesday 's report from the purchasing agents will be watched to see if the index maintains a level below N N as it has for the past couple of months |
a reading of less than N N indicates an economy that is generally contracting while a reading above N N indicates an economy that 's expanding |
samuel d. <unk> chief financial economist at kleinwort benson government securities inc. chicago said that the purchasers ' report is valuable because it often presents the first <unk> of economic data for the month |
but he added some people use the purchasers ' index as a leading indicator some use it as a <unk> indicator |
but the thing it 's supposed to measure manufacturing strength it missed altogether last month |
david wyss chief financial economist at data resources inc. boston said that the purchasers ' index does miss occasionally adding when it misses one month it tends to miss the next month too |
the consensus view on september leading indicators calls for a gain of N N the same as in august |
economists said greatly increased consumer optimism a larger money supply and higher stock prices helped lift the index |
all <unk> components such as <unk> orders and building permits are thought to have been weaker |
data resources ' mr. wyss added that he will be keeping a closer eye than <unk> on october <unk> sales |
usually october is n't a very interesting month for retail figures because school clothes have been bought and people are waiting for december to buy christmas presents he said |
but mr. wyss said he will watch the numbers to get an <unk> of whether consumers ' general buying habits may slack off as much as their <unk> apparently has |
he noted that higher gasoline prices will help <unk> the october totals |
seasonal factors are also expected to have taken their toll on september new-home sales which are believed to have fallen sharply from august 's N units |
construction spending is believed to have slipped about N N from august levels although economists noted the rate probably will pick up in the months ahead in response to hurricane and earthquake damage |
factory owners are buying new machinery at a good rate this fall machine tool makers say but sluggish sales of new cars and trucks raise questions about fourth-quarter demand from the important automotive industry |
september orders for machine tools rebounded from the summer doldrums but remained N N below year-earlier levels according to figures from <unk> the association for manufacturing technology |
domestic machine tool plants received $ N million of orders last month up N N from august 's $ N million but still below the $ N million of september N <unk> said |
machine tools are complex machines ranging from <unk> to <unk> <unk> that are used to shape most metal parts |
overall demand still is very respectable says christopher c. <unk> group vice president at cincinnati <unk> inc. the nation 's largest machine tool producer |
the outlook is positive for the intermediate to long term |
september orders for all u.s. producers in fact were slightly above the monthly average for N a good year for the industry |
aerospace orders are very good mr. <unk> says |
and export business is still good |
while some automotive programs have been delayed they have n't been canceled |
september was one of the biggest order months in our history says james r. roberts vice president world-wide sales and marketing for <unk> & lewis inc. <unk> du <unk> <unk> |
at a recent meeting of manufacturing executives everybody i talked with was very positive he says |
most say they plan to spend more on factory equipment in N than in N |
but sales of north <unk> <unk> cars are running at an annual rate of only six million down from N million a year earlier |
and truck sales also are off more than N N |
auto makers who began deferring some equipment purchases last spring can be expected to remain cautious about spending if their sales do n't pick up machine tool builders say |
machine tool executives are hopeful however that recent developments in eastern europe will expand markets for <unk> machine tools in that region |
there is demand for <unk> machine tools in the soviet union and in other eastern european countries as those nations <unk> to improve the efficiency of their ailing factories as well as the quality of their goods |
however there 's a continuing dispute between machine tool makers and the defense department over whether sophisticated u.s. machine tools would increase the soviet union 's military might |
the commerce department says go and the defense department says stop complains one machine tool producer |
if that controversy continues u.s. machine tool makers say west german and other foreign producers are likely to grab most of the sales in eastern europe |
september orders for <unk> centers <unk> <unk> machines <unk> boring mills and other machines that shape metal by cutting totaled $ N million down N N from $ N million a year earlier but a N N increase from august 's $ N million <unk> said |
orders last month for <unk> <unk> and other machinery to form metal with pressure surged to $ N million a N N rise from $ N million a year earlier and a N N gain from $ N million in august |
today 's <unk> are large and costly machines and a few orders can produce a high total for one month that does n't necessarily indicate a trend |
machine tool shipments last month were $ N million a N N rise from a year earlier and a N N increase from august |
shipments have run well ahead of N all year as machine tool builders produce against relatively good backlogs |
u.s. producers had a $ N billion backlog of unfilled orders at the end of september |
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