March 1999 — 1999-03-05

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 Standard Time. Mr. Chairman and Members of the Committee: Thank you for this opportunity to discuss the February employment and unemployment estimates that the Bureau of Labor Statistics released this morning. The unemployment rate, as measured by our household survey, was essentially unchanged at 4.4 percent in February and has remained within the narrow range of 4.3 to 4.5 percent since last April. Nonfarm payroll employment, as measured by our establishment survey, rose by 275,000 in February. This increase was about in line with the average of the prior 3 months, but was well above the average for the first 10 months of 1998. Substantial employment gains in construction and retail trade contrasted with large job losses in manufacturing and mining during February. All other major industry groups experienced moderate employment increases.