February 1998 — 1998-02-06

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 Standard Time. Mr. Chairman and Members of the Committee: I would like to thank you for the opportunity to comment on the labor market data released this morning. The unemployment rate was unchanged in January at 4.7 percent. Nonfarm payroll employment, as measured by our establishment survey, increased by 358,000 over the month, and total employment, as measured by our household survey, rose substantially as well. Payroll employment rose in most of the major industry groups, with particularly strong gains in manufacturing and construction. Construction employment jumped by 92,000 in January. Job gains in the industry have totaled 184,000 over the last 3 months, partly reflecting the strong housing market.