June 1996 — 1996-06-07

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 Daylight Time. Mr. Chairman and Members of the Committee: I appreciate the opportunity to comment on the labor market data released this morning. Employment rose in May and the unemployment rate, at 5.6 percent, remained in the narrow range (5.4 to 5.8 percent) where it has held since October 1994. Nonfarm payroll employment increased by 348,000 over the month. By contrast, between December and April, payroll job growth averaged 191,000 per month. In May, the services industry showed widespread strength. Help supply services added 48,000 jobs; over the prior 14 months, the industry had added an average of only about 7,000 jobs a month. Over the month, large employment increases also occurred in computer and data processing, health services, engineering and management services, and private education.