November 1999 — 1999-11-05

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 comment on the employment and unemployment data released this morning. The unemployment rate, at 4.1 percent in October, changed little over the month, and has been 4.3 percent or less since March. Nonfarm payroll employment, as measured by the establishment survey, rose by 310,000 in October, following a much smaller gain of 41,000 (as revised) in September. Over the 2 months together, job growth averaged 176,000 per month. In October, employment in the services industry rose by 215,000, following a much smaller increase in September. Employment in business services rose by 75,000 (mostly in help supply services) and there were notable gains in amusements and recreation, private education, health services, social services, and engineering and management services.