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Monetary Policy

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Nonfarm payroll employment rose 248,000 in May. The net job gain for April was revised up 58,000 to 346,000, bringing the total increase in nonfarm employment over the past three months to nearly 950,000. Since declining by 2.7 million jobs from March 2001 to August 2003, nonfarm payroll employment has increased by more than 1.4 million over the past nine months.

Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-06, pp. 04-05, 06.01.2004.

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