Commissioner's Statement on the Employment Situation — 2004-11-05

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. Nonfarm payroll employment rose by 337,000 in October, and the unemployment rate was essentially unchanged at 5.5 percent. The large increase in payroll employment followed gains of 139,000 in September and 198,000 in August (as revised). In October, there was a substantial job gain in construction as well as increases in several service- providing industries. Since the most recent low in August 2003, payroll employment has risen by 2.2 million. Employment in construction rose by 71,000 in October. Some of this unusually large gain reflected rebuilding and cleanup activity in the Southeast following the four hur- ricanes that struck the U.S. in August and September. In the 12 months prior to October, construction employment increased by 16,000 per month on average.