July 1997 — 1997-07-03

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 released this morning. Nonfarm payroll employment grew in June and the unemployment rate rose two-tenths of a percentage point to 5.0 percent. Payroll employment increased by 217,000 over the month; over the last twelve months employment growth has averaged 212,000 per month. Job growth in the private sector was somewhat less than in recent months. The services industry added 63,000 jobs in June, well below its average monthly gain of 116,000 through the first five months of 1997. Health services employment grew by less than half the average monthly gain over the prior five months.