For Delivery: 9:30 A.M., E.D.T. — 2004-10-08

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. Thank you for the opportunity to discuss the September employment and unemployment statistics that we released this morning. Nonfarm payroll employment continued to trend up in September, increasing by 96,000. The unemployment rate was unchanged at 5.4 percent. Since August 2003, payroll employment has increased by 1.8 million. About 900,000, or half of that gain, occurred in March, April, and May of this year. Employment gains in the last 4 months have totaled 405,000. I know that many people have speculated about the effect of the recent hurricanes on the September payroll employment data. Four hurricanes struck the U.S. during August and September: Charley in mid-August, Frances early in September, Ivan in mid-September, and Jeanne late in the month.