Federal Reserve Chairman Alan Greenspan took note of the February increase in non-farm payrolls and other signs of improvement in the labor market in a Wednesday speech otherwise very similar to last Thursday's congressional testimony. "Layoffs diminished noticeably in January, and employment turned up last month," he said, adding, "Moreover, initial claims for unemployment insurance have decreased markedly, on balance, providing further evidence of an improvement in labor market conditions." However, the Fed chairman did not alter the modest expectations for consumption which he expressed before the Senate Banking Committee last week. //MarketNews