Commissioner's Statement on the Employment Situation — 2004-08-06

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. The unemployment rate was essentially unchanged at 5.5 percent in July, and nonfarm payroll employment was little changed (+32,000). Since August 2003, nonfarm payroll employment has risen by 1.5 million; about three-fifths of this growth occurred during March, April, and May of this year. In July, employment gains in health care and social assistance and in professional and business services were partly offset by a decline in finance and insurance. Health care and social assistance added 20,000 jobs in July; employment in the industry has risen by 292,000 over the year. Over the month, job growth continued in ambulatory health care services, hospitals, and child day care services. Employment continued to trend up in professional and business services (+42,000) in July.