Nonfarm payroll employment rose 36,000 jobs in June, making 2002:IIQ monthly average employment growth equal to 13,000 jobs. Preliminary numbers show 2002:IIQ with the smallest quarterly decline in employment since it began falling in 2001:IIQ. Goods-producing industries saw only a slight decline in employment. Manufacturing employment fell by 23,000 jobs—far fewer than the 106,500 average monthly net decline between March 2001 and March 2002. Construction’s net increase in employment in June (14,000) was the largest since May 2001. Services added 33,000 jobs (net), and health services gained 34,000. Help supply services added slightly fewer (9,000) jobs than in the previous three months on average (44,000). At 5.9%, the unemployment rate was virtually unchanged over the previous two months, although the average duration of unemployment continued the increase that began in July 2001.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-07, pp. 12, 07.01.2002.