August 1996 — 1996-08-02

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. Mr. Chairman and Members of the Committee: I appreciate this opportunity to comment on the labor market data released this morning. Nonfarm payroll employment increased by 193,000 in July, somewhat below the average monthly pace of job growth in the second quarter of this year (273,000). The unemployment rate, at 5.4 percent, was about unchanged over the month. Almost half of the July increase in payroll employment occurred in retail trade, which added 89,000 jobs, and nearly half of that was in eating and drinking places. There also were substantial job gains in food stores, auto dealers and service stations, and among furniture retailers. Overall, some 331,000 jobs have been added in retail trade since employment growth in the industry began to accelerate this past April.