Tag Archive for ‘employment’

Construction Labor Market Adjustment Continues

The shock and fallout to the construction labor market from the recession of 2020 continued in early Fall as housing activity strengthened due to low interest rates. After an accelerated pace of layoffs in March and April, construction hiring roared back in May and June, per data from the BLS Job Openings and Labor Turnover Survey (JOLTS).  More recent July… Read More ›

Employment Growth Slows in September

Employment growth slowed in September. Total payroll employment rose by 661,000 and the unemployment rate fell to 7.9% for the month. The U.S. labor market continues to recover from the COVID-19 crisis, but admittedly now at a slower pace. Residential construction employment rose by 22,100 in September to 2.9 million as housing remains a bright spot. Total construction industry (both… Read More ›

1.4 Million Jobs Added in August

In August, total payroll employment rose by 1.4 million and the unemployment rate fell to 8.4%. The U.S. labor market continues to recover from the COVID-19 crisis. Residential construction employment rose by 27,700 in August to 2.9 million. Total construction industry (both residential and nonresidential) employment rebounded to 7.2 million in August. It is worth noting, however, that nonresidential construction… Read More ›

Construction Hiring Continued in June

After an accelerated pace of layoffs in March and April, construction sector hiring roared back in May and continued at somewhat reduced pace in June, per data from the BLS Job Openings and Labor Turnover Survey (JOLTS). In May, the hiring rate increased to 9.7%, after a subdued 3.7% rate in April. This was the strongest rate of hiring in… Read More ›

Job Market Gains Continue

Surpassing recent dampened expectations, total payroll employment rose by 1.8 million and the unemployment rate declined to 10.2% in July. The U.S. labor market continues to recover from the COVID-19 crisis. Residential construction employment rose by 24,000 in July to 2.8 million. Total construction industry (both residential and nonresidential) employment rebounded to nearly 7.2 million in July. It is worth… Read More ›

U.S. Added 4.8 Million Jobs in June

In June, total payroll employment rose by 4.8 million and the unemployment rate dropped to 11.1%. The June data indicate that labor market is recovering from the COVID-19 crisis, though the road to a full recovery may be long. Residential construction employment rose by 83,200 in June to 2.8 million. Total construction industry (both residential and nonresidential) employment rebounded to… Read More ›

Surprise Data: Unemployment Rate Drops to 13.3% in May

In May, the unemployment rate posted a surprise decline to 13.3% and total payroll employment rose by 2.5 million as the economy partially reopened. Residential construction employment rose by 226,000 in May to 2.7 million, partially reversing a loss of 422,000 in April. Total construction industry (both residential and nonresidential) employment rebounded to 7.0 million in May. In the Employment… Read More ›

Construction Layoffs in March

Backward-looking data illustrate the degree of damage done by the sudden stop of the U.S. economy due to the public health response associated with the coronavirus. For example, there were 4,300 net job losses in residential construction in March, followed by a staggering 415,000 losses in home building and remodeling in April. The leading edge of this job loss was… Read More ›

Payroll Employment Plunged in April

Total payroll employment fell by 20.5 million in April and the unemployment rate soared to 14.7%. Residential construction employment decreased by 415,000 in April to 2.5 million. This drop brought the current level of residential construction employment back to the level in December 2015 (2,538,000 jobs). Total construction industry (both residential and nonresidential) employment dropped by about 1 million to… Read More ›