August 1999 — 1999-08-06

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. Mr. Chairman and Members of the Committee: Thank you for this opportunity to discuss the July employment and unemployment estimates that the Bureau of Labor Statistics released this morning. The unemployment rate, as measured by our household survey, was unchanged at 4.3 percent in July and has been either 4.3 or 4.2 percent each month since March. Nonfarm payroll employment, as measured by our establishment survey, rose by 310,000 in July. This strong over-the-month increase followed a 273,000 gain in June and was well above the average monthly increase of 208,000 for the first half of 1999. Manufacturing and construction employment increased over the month, and several service-producing industries posted sizable gains. In July, employment in manufacturing rose by 31,000, after seasonal adjustment. This increase follows declines totaling 490,000 since March 1998.