Nonfarm payroll employment slowed after three months of robust growth, reporting a net increase of only 112,000 jobs in June. However, the average monthly jobs gain in 2004:IIQ was 224,000, up slightly from 198,000 in 2004:IQ. Since its decline of 2.7 million jobs between March 2001 and August 2003, nonfarm payroll employment has increased by more than 1.5 million jobs, gaining nearly 1.3 million since the beginning of 2004.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-07, pp. 12, 07.01.2004.