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

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. Thank you for this opportunity to discuss the February labor market data that we released this morning. Nonfarm payroll employment edged down in February (-63,000), and the unemployment rate was essentially unchanged at 4.8 percent. Private-sector employment declined by 101,000. Job losses occurred in manufacturing, construction, and retail trade. Employment growth continued in health care and in food services. Manufacturing employment fell by 52,000 over the month. Over the past 12 months, this industry has shed 299,000 jobs. In February, employment declined in motor vehicles, printing, and semiconductors, as well as in wood products and furniture--two housing-sensitive industries. Factory hours and overtime were unchanged. Elsewhere in the goods-producing sector, construction lost 39,000 jobs over the month. Construction employment has fallen by 331,000 since peaking in September 2006.