September 1997 — 1997-09-05

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. Mr. Chairman and Members of the Committee: Good morning. I would like to thank you for this opportunity to comment on the employment and unemployment data that were released this morning. Nonfarm payroll employment edged up in August; the over-the-month gain would have been larger but for the effect of the strike in the transportation industry. The unemployment rate was essentially unchanged at 4.9 percent. The transportation strike directly involved 185,000 workers. The net impact of the strike on employment, however, was smaller, perhaps about 155,000, after accounting for hiring elsewhere in the transportation industry and at the U.S. Postal Service to help meet the demand for parcel delivery.