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OPA News Release: [06/07/2002]
Contact Name: Sue
Hensley
Phone Number: (202) 693-4676
U.S. Secretary of Labor Elaine L. Chao Statement on Unemployment
Numbers for May 2002
WASHINGTON - U.S. Secretary of Labor Elaine L Chao issued the
following statement today on the decrease in the unemployment rate from 6.0
percent in April to 5.8 percent in May 2002.
“In May, several leading economic indicators were harbingers of an
economic recovery. The unemployment rate edged down 5.8% and payroll employment
rose by 41,000, with the help supply growing for the third consecutive month,
engineering and management growing by 18,000 and manufacturing overtime hours
increasing again this month.
“It is especially encouraging that the unemployment rates dropped
across ethnic lines. More African Americans and Hispanics are back at work this
month, with unemployment rates falling a full percentage point.
“The long-term decline in manufacturing jobs continues to slow,
losing only 19,000 jobs, the smallest decline in 18 months. Manufacturers of
industrial machinery, electronic equipment, fabricated metals and
transportation equipment all have fared better this year and workers are
beginning to reap the benefits of their improved conditions. Factory overtime
has even edged up by 0.1 hour to 4.3 hours.
“While health employment continues to climb, it is at a slower rate
than last year. Construction employment was flat this month, which is an
improvement over the large loss the industry suffered last month. The
hospitality industry posted a decline in May.
“The higher labor productivity we are currently experiencing as
well as the low wage inflation should improve corporate earning, expand
business spending and result in sustainable growth in the economy. The
President and I remain steadfast in our commitment to propelling this economic
growth and getting displaced workers back to work.”
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