May 3, 2002 — 2002-05-03

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. Good morning. I appreciate this opportunity to comment on the April employment and unemployment data that we released this morning. The unemployment rate rose from 5.7 to 6.0 percent in April, and nonfarm payroll employment was little changed (+43,000). Job declines in manufacturing continued to moderate and services employment rose. Mining�s oil and gas component also added workers, as did transportation and the finance, insurance, and real estate industry. April's gains were largely offset by a sharp decline in construction employment. The rise in the unemployment rate was concentrated among adult women, whose jobless rate increased from 5.0 to 5.4 percent. The rate for adult men also edged up over the month.