Commissioner's Statement on the Employment Situation — 2005-02-04

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. Nonfarm payroll employment increased by 146,000 in January, and the unemployment rate decreased to 5.2 percent. Since its most recent low point in May 2003, payroll employment has increased by 2.7 million and is now just above the employment peak reached in February 2001. (Data from the survey of business establishments have been revised as a result of the annual benchmarking process and the updating of seasonal adjustment factors.) In January, employment rose in several service-providing industries, while manufacturing continued to lose jobs, as it has since September. Over the month, employment growth continued in education and health services. This sector added 35,000 jobs in January and has grown by 424,000 over the year; gains were widespread among the component industries. Financial activities employment increased by 21,000 in January.