U.S. to Issue Report on Economic Effects of Y2K

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U.S. to Issue Report on Economic Effects of Y2K 06:57 a.m. Nov 17, 1999 Eastern WASHINGTON (Reuters) - The Commerce Department Wednesday will issue a report analyzing the effects of the Y2K computer bug on the economy.

The report will focus on three things: the cost to the U.S. economy from Y2K, an assessment of how well prepared the economy is and a breakdown of how various sectors will be affected, according to government officials. The analysis will be presented by Commerce Secretary William Daley at 10 a.m.

The Y2K computer glitch could prevent some computers from distinguishing 2000 from 1900 because of an old shortcut that recorded the year with only two digits.

Many businesses have already invested large amounts of money to update old computer systems. But there could still be disruptions to commerce as even those businesses with properly working systems face possible problems with suppliers at home and abroad whose systems might run into trouble.

There has been some evidence that U.S. companies have begun stockpiling goods for fear of trouble.

-- Roland (nottelling@nowhere.com), November 17, 1999


FOR IMMEDIATE RELEASE Monday, November 15, 1999 Contact: Morrie Goodman 202-482-4883 Chuck Melley 202-219-4287

**MEDIA ADVISORY** U.S. Secretary of Commerce William M. Daley to Release Report on Effect of Y2K on the U.S. Economy White House Y2K Chairman to Join Daley at Press Conference Washington- Commerce Secretary William M. Daley will release a report Wednesday providing the government's latest, in-depth analysis of the potential effects of Y2K on the U.S. economy.

Daley will be joined in a press conference at the Commerce Department by John A. Koskinen, chairman of the President's Council on Year 2000 Conversion, and Robert J. Shapiro, Commerce Under Secretary for Economic Affairs, who directs the Economics & Statistics Administration that prepared the report.

WHO: William M. Daley, U.S. Secretary of Commerce John A. Koskinen, chairman of the President's Council on Year 2000 Conversion Robert J. Shapiro, U.S. Under Secretary of Commerce for Economic Affairs WHAT: Press conference to release the report, "The Economics of Y2K and the Impact on the United States," prepared by the Commerce Department's Economics & Statistics Administration WHEN: 10 a.m. to 11 a.m. Wednesday, November 17, 1999 WHERE: U.S. Department of Commerce 15th & Constitution Sts. Room 4830 Washington, D.C.

Reporters can listen (but will not be able to ask questions) to a live teleconference of the event beginning at 10 a.m. by calling 1- 888-232-3866 and pressing #433219 for the participant code. ---------------------------------------------------------------------- ----------

-- Roland (nottelling@nowhere.com), November 17, 1999.

The report, speech, etc. is now available at www.doc.gov.


-- Roland (nottelling@nowhere.com), November 17, 1999.

Hey i have been listening in to the speech, seams like everything is ok?? ROTFLMAO..:)


Are the serious about NO IMPACT to the US economy...

-- Blue (bluefish@thepond.com), November 17, 1999.

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