October 1997 — 1997-10-03

Advance copies of this statement are made available to the press under lock-up conditions with the explicit understanding that the data are embargoed until 8:30 a.m. Eastern Daylight Time. Good morning. I am pleased to have this opportunity to comment on the employment and unemployment data that were released this morning. The unemployment rate was unchanged in September at 4.9 percent. Nonfarm payroll employment rose by 215,000, buoyed by the return of striking transportation workers. The August strike involved workers in the air transportation industry, where employment fell by 172,000 in August and rebounded by 166,000 in September. Trucking companies added 18,000 workers over the past two months, in part reflecting increased demand for their services in the wake of the strike. Employment in the services industry rose by 98,000, about the average pace for the year to date.