For Delivery: 9:30 A.M., E.D.T. — 2002-10-04

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. I appreciate this opportunity to comment on the labor market data we released this morning. Nonfarm payroll employment, at 130.9 million, was essentially unchanged (down 43,000) in September, after increasing by 107,000 in August (as revised). From April through August, nonfarm payroll employment growth had averaged 54,000 a month. September job losses were concentrated in manufacturing and transportation. Employment in health services and in finance, insurance, and real estate rose over the month. The unemployment rate, at 5.6 percent in September, was about the same as in August. Looking in more detail at the data from our survey of employers for September, job losses continued in manufacturing (-35,000). The industry lost almost 100,000 jobs in August and September combined, after losing a total of 80,000 in the prior 4 months.