November 1996 — 1996-11-01

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 Standard Time. Good morning. I am pleased to have this opportunity to comment on the employment and unemployment data released this morning. Nonfarm payroll employment rose by 210,000 in October, in line with the average monthly gain so far this year. Private sector employment increased by 250,000, after having shown little change in September. The unemployment rate remained at 5.2 percent. Fueling the increase in payroll employment were services and trade. Services employment rose by 119,000 overall following several months of more modest gains. Employment in amusement and recreation services was up by 38,000, seasonally adjusted, as relatively light summer hiring resulted in fewer-than-usual autumn layoffs. Health services added 24,000 jobs, about average for the year. Employment in educational services rose by 21,000, reflecting later-than-usual fall hiring.