November 2000 — 2000-11-03

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 Standard Time. Good morning. I am pleased to have this opportunity to comment on the October labor market data that we released this morning. The unemployment rate held steady at 3.9 percent in October, remaining in the narrow 3.9- to 4.1-percent range that has prevailed for the past year. Payroll employment rose by 137,000 over the month, roughly in line with the September gain but below the pace for the first 8 months of the year. (These comparisons are based on data that have been adjusted for hires and layoffs associated with Census 2000 and the effects of strike activity.) In the goods-producing sector of the economy, employment in construction rose by 34,000 over the month, after seasonal adjustment, the second sizable increase in a row for the industry following a relatively weak summer.