Commissioner's Statement on the Employment Situation News Release — 2008-06-06

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. Thank you for the opportunity to discuss the employment and unemployment data we released this morning. The labor market continued to weaken in May. The unemployment rate increased by half a percentage point to 5.5 percent, and jobless rates rose for most major demographic groups. Over the month, nonfarm payroll employment continued to trend down (-49,000). Thus far in 2008, job losses have totaled 324,000. In May, employment declined in construction, manufacturing, retail trade, and temporary help services. Health care continued to add jobs. Within the goods-producing sector, employment in construction declined by 34,000. Job losses in the industry continued to be widespread.