For Delivery: 9:30 A.M., E.S.T. — 2006-03-10

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. I appreciate this opportunity to comment on the employment and unemployment data that we released this morning. Nonfarm payroll employment rose by 243,000 in February, and the unemployment rate was little changed at 4.8 percent. February's employment increase reflected gains in construc- tion, mining, and several service-providing industries. Within the goods-producing sector, construction employment increased by 41,000 in February, following another sizeable gain in January. Over the past 12 months, job growth in construction has totaled 346,000. In February, employment continued to rise in mining, mainly in support activities, especially those for oil and gas operations. Manufacturing employment overall was virtually unchanged in February. There were, however, offsetting movements in several industries. The largest job losses were in motor vehicles and parts and primary metals.