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PNC ECONOMIST: STRONG MAY EMPLOYMENT REPORT REFUTES THE IDEA OF A 'JOBLESS RECOVERY'

 PITTSBURGH, June 4 /PRNewswire/ -- A strong May employment report, released today by The Bureau of Labor Statistics of the U.S. Department of Labor, refutes the idea of a "jobless recovery."
 According to Stuart Hoffman, PNC Bank Corp.'s (NYSE: PNC) chief economist:
 -- "Fed policy makers will not react to this strong jobs report. But, it gives them a green light to raise interest rates if the May inflation reports are again disturbingly high, although we do not expect that to happen."
 -- "Payroll jobs rose by over 200,000 in April and May, proving that the economic expansion is alive and well. The unemployment rate edged down to 6.9 percent -- its lowest rate since November 1991."
 -- "The warm spring weather brought with it a solid rebound in construction jobs, but manufacturing jobs continued to shrink."
 -- The April unemployment rate in Pittsburgh held steady at 6.4 percent, still well below the national average jobless rate.
 /delval/
 -0- 6/4/93
 /EDITORS: For more information or to schedule an interview with Hoffman, please call contact./
 /CONTACT: Cindy Jergan of Ketchum Public Relations, 412-456-3584, for PNC Bank Corp./
 (PNC)


CO: The Bureau of Labor Statistics; U.S. Department of Labor; PNC Bank
 Corp. ST: Pennsylvania IN: FIN SU: ECO


CD -- PG003 -- 5388 06/04/93 11:01 EDT
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Date:Jun 4, 1993
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