Commissioner's Statement on the Employment Situation News Release — 2008-07-03

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. Labor market weakness persisted in June. The unemployment rate remained at 5.5 percent after rising by half a percentage point in May. Nonfarm payroll employment continued to trend down (-62,000) and has fallen by 438,000 in the first half of the year, an average of 73,000 per month. In June, job losses continued in construction, manufacturing, and employment services, while health care and mining added jobs. Average hourly earnings rose by 6 cents in June. Construction job losses totaled 43,000 in June and were spread throughout the industry. Employment in the industry has fallen by 528,000 since its September 2006 peak; more than two- thirds of the decline (-373,000) occurred since October 2007.