February 2000 — 2000-02-04

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 Standard Time. Good morning. I am pleased to have this opportunity to discuss the January employment and unemployment estimates that we released this morning. Nonfarm payroll employment expanded by 387,000 in January. This relatively large increase reflected unusually mild weather during the survey reference period (the pay period including January 12). The unemployment rate was 4.0 percent in January, essentially unchanged from the rate in the prior 3 months (4.1 percent). Construction employment was up by 116,000 in January (after seasonal adjustment), due in large part to the unseasonably warm weather during the reference period. The gains within construction were widespread, but the largest were in those industries most influenced by the weather- �heavy construction and the concrete, masonry, and roofing trades. Manufacturing employment edged up by 13,000 in January.