Employment/Labor includes blogs about job openings, employment rates, residential construction wages, demographics in construction etc.
Job growth rebounded in January. After a declining yet positive pace for five consecutive months, total nonfarm payroll employment growth accelerated and increased by 517,000 in the first month of 2023 and the unemployment rate hit a 53-year low at 3.4% as more people entered the labor market. Construction industry employment (both residential and non-residential)…
The count of open, unfilled jobs for the overall economy increased in December, rising to 11 million, the highest level since July. This was a surprise rise, as noted by many analysts, particularly given a growing chorus of corporate hiring freezes and job cuts. For now, the December data appears to be more noise than…
Nonfarm payroll employment increased in 32 states and the District of Columbia in December compared to the previous month, while 18 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 223,000 in December, following a gain of 256,000 jobs in November. On a month-over-month basis, employment data…
Average hourly earnings for residential building workers* rose at a slower pace in November. After reaching the highest rate (8%) of 2021 in October, the pace of wage growth has retreated and remained below 4% for the past five consecutive months. The recent slowdown in wage growth will ease inflation pressures. According to the Bureau…
Job growth slowed in recent months, but the overall labor market remains tight. In December, total nonfarm payroll employment increased by 223,000, and the unemployment rate ticked down to 3.5%, back to its lowest point before the pandemic. However, in a positive sign for inflation, wage growth slowed to a 4.6% year-over-year gain, the slowest…
The count of open, unfilled jobs for the overall economy declined slightly in November, falling from 10.51 million open positions to 10.46 million. This represents a decrease from a year ago (10.92 million), a sign the labor market is slowing in response to tighter monetary policy. The degree of this slowing will be critical for…
Nonfarm payroll employment increased in 43 states and the District of Columbia in November compared to the previous month, while seven states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 263,000 in November, following a gain of 284,000 jobs in October. On a month-over-month basis, employment data…
