June 1997 — 1997-06-06

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. I appreciate this opportunity to comment on the labor market data released this morning. Nonfarm payroll employment rose in May, and the unemployment rate was about unchanged following a drop in April. At 4.8 percent, the jobless rate is half a percentage point lower than at the end of 1996. Payroll employment increased by 138,000 in May and has averaged 229,000 per month thus far this year. Employment in the services industry rose by 125,000. Amusement and recreation services added 32,000 jobs, after showing little change in the prior 2 months. Hotel employment increased by 13,000 following a gain of similar magnitude in April. Job growth also continued in health services, computer and data processing services, and engineering and management services.