FOR DELIVERY: 9:30 A.M., E.S.T.
                            FRIDAY, MARCH 6, 1998


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.

Statement of

Katharine G. Abraham
Commissioner
Bureau of Labor Statistics

Friday, March 6, 1998




Good morning.  I appreciate this opportunity to
comment on the employment and unemployment data that we
released this morning.  Nonfarm payroll employment rose by
310,000 in February, continuing its recent pattern of
strong growth.  Over the year, the economy has added nearly
3.4 million jobs.  The unemployment rate, at 4.6 percent in
February, was essentially unchanged from the previous month
and was 0.7 percentage point lower than a year earlier.
The services industry accounted for nearly half of the
February employment gain.  Within services, employment in
help supply services rose by 52,000 over the month.
Employment levels in this industry often fluctuate
considerably from one month to the next, but since August
the help supply services industry has added 170,000 jobs.
Employment in computer and data processing services rose by
20,000 in February; over the past four years, this
relatively small industry has added more than half a
million jobs.  Health services added 25,000 jobs over the
month although there was continued weakness in home health
care services.  Engineering and management services, social
services, and private education also added jobs over the
month.
Employment in the construction industry rose by 41,000
in February, the fourth strong increase in as many months.
Demand for new homes has been strong, as mortgage rates are
low and the economy has been robust.  In addition, the
severe rain and ice storms in some parts of the country
have spurred hiring for cleanup and rebuilding efforts.
Finally, despite the severe weather in certain locales,
this winter’s weather has been sufficiently mild in many
parts of the country to allow the continuation of
construction activity that ordinarily would have been
curtailed.
The finance industry added 17,000 jobs in February.
Mortgage banks and brokerages experienced a particularly
large increase of 7,000 jobs, partly reflecting refinancing
activity that was prompted by low mortgage rates.
Employment also increased over the month in depository
institutions, security and commodity brokerages, and other
investment offices.  The real estate industry showed strong
employment growth for the second straight month, and the
insurance industry also gained jobs.
The transportation industry gained 34,000 jobs in
February, with much of that growth occurring in air
transportation and trucking.  Employment in communications
was essentially unchanged, while the trend of declining
employment continued in the electric, gas, and sanitary
services industry.
Employment in wholesale trade rose by 15,000 over the
month, with a large increase in durable goods distribution
being partially offset by an employment decline among
distributors of nondurable goods.  In retail trade,
employment growth was weak for the second straight month.
Manufacturing payrolls were essentially unchanged in
February, following 4 months of strong growth.  The average
length of the factory workweek edged down 0.1 hour, and
manufacturing overtime dipped 0.2 hour.
	Average weekly hours of production or nonsupervisory
workers rose by 0.1 hour over the month to 34.9 hours.
Average hourly earnings increased by 8 cents over the month
and were 4.1 percent higher than a year earlier.
Turning now to our survey of households, the
unemployment rate was essentially unchanged at 4.6 percent
in February.  The unemployment rate has been at or below
5.0 percent since April 1997.  Like the overall
unemployment rate, rates for all the major demographic
groups showed little or no change over the month.  Civilian
employment was essentially unchanged in February, and the
employment-population ratio remained at an all-time high of
64.2 percent.
	In summary, nonfarm payroll employment continued its
strong growth trend in February, and the unemployment rate
was little changed over the month.

My colleagues and I now will be happy to answer your
questions.

CPS Publications - Historical Monthly Employment Reports Page

CPS Main Page