October 2001 — 2001-10-05

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 Daylight Time. I am pleased to have the opportunity to comment on the September labor market data we released this morning. Nonfarm payroll employment fell by nearly 200,000 in September. Heavy job losses continued in manufacturing, wholesale trade employment fell sharply, and there was weakness in most other major industries. The unemployment rate, at 4.9 percent, was unchanged over the month. The tragic events of September 11th occurred during the reference periods for both our establishment and household surveys. In the establishment survey, persons who lost a job because of these events but who had worked at all in the pay period that included the 12th of the month, or who had received any paid leave, would be included in the September job count.