April 2001 — 2001-04-06

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 appreciate this opportunity to comment on the labor market data we released this morning. The unemployment rate was 4.3 percent in March. It has edged up since its recent low of 3.9 percent in October of last year. Payroll employment declined by 86,000 in March. Significant developments included the continued employment declines in both manufacturing and help supply services, and another large over-the-month rise in average hourly earnings. Manufacturing employment declined by 81,000 in March. Factory job losses in the first 3 months of 2001 totaled 270,000, and followed a loss of 181,000 manufacturing jobs in the second half of last year. March declines occurred throughout manufacturing.