For Delivery: 9:30 A.M., E.S.T. — 2006-02-03

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. I appreciate this opportunity to comment on the labor market data we released this morning. Nonfarm payroll employment increased by 193,000 in January, and the unemployment rate fell to 4.7 percent. Payroll employment was up by 140,000 in December and by 354,000 in November (as revised). Over the year, payroll employment increased by 2.1 million. In January, employment growth occurred in construction, mining, and in several service-providing industries. Employment in construction rose by 46,000 over the month and by 345,000 over the year. Above-average temperatures in most of the country may have contributed to fewer seasonal layoffs than usual in January. Manufacturing employment was little changed in January. A few manufacturing industries have shown small job gains in recent months, including wood products, fabricated metals, and electrical equipment.