For Delivery: 9:30 A.M., E.S.T. — 2003-03-07

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 February employment and unemployment data that the BLS released this morning. I look forward to working with you and the other Committee members during the next 2 years. Since this is my first opportunity to testify before the Joint Economic Committee in this new Congress, I have tried to put this month's labor market developments into the longer-term context of the recent economic downturn. Nonfarm payroll employment fell by 308,000 in February, after seasonal adjustment. Since the recent employment peak in March 2001, payroll employment has declined by 1.9 million. The vast majority of that loss (1.6 million) occurred in 2001. In 2002, payroll employment turned toward slow growth around midyear, but losses returned late in the year.