Eye On Housing
The construction labor market is cooling off as economic activity slows in response to tighter monetary policy per the latest job openings data. Given the Fed’s dual mandate of fighting inflation and maintaining maximum employment, macro price and jobs data are key to informing the Fed’s future policy moves. Inflation remains near a 40-year high and payroll employment growth is… Read More ›
Job growth accelerated in July amid higher inflation and growing economic pressures. Total nonfarm payroll employment increased by 528,000, and the unemployment rate edged down to 3.5% in July. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In July, residential construction gained 14,100 jobs, and non-residential construction added 18,300 jobs. Residential… Read More ›
Despite interest rate hikes, job growth remained solid in June. Total nonfarm payroll employment increased by 372,000 and the unemployment rate remained at 3.6% in June. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In June, residential construction lost 4,100 jobs, and non-residential construction added 16,500 jobs. Residential construction employment currently… Read More ›
The construction labor market remains tight, but the total number of open construction sector jobs has likely reached a cyclical peak as economic activity slows in response to tighter financial conditions. The count of open construction jobs was little changed in May, falling from 440,000 in April to 434,000. The April reading remains the highest measure in the history of… Read More ›
In May, total nonfarm payroll employment increased by 390,000 and the unemployment rate was unchanged at 3.6%. Solid job gains continued in May, despite surging inflation, persistent supply-chain issues, and fears of a possible recession. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. Residential construction gained 16,700 jobs, and non-residential construction… Read More ›
The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs jumped to 449,000 unfilled positions in April. This is the highest measure in the history of the data series (going back to late 2000). The housing market remains underbuilt and requires additional labor, lots and lumber and… Read More ›
Total nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6%. The April’s data indicate that the labor market remained healthy despite surging inflation, tighter financial conditions, and the war in Ukraine. Construction industry employment (both residential and non-residential) totaled 7.6 million and has returned to its February 2020 level. Non-residential construction lost 2,000… Read More ›
The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs increased slightly to 396,000 unfilled positions in March. The highest measure in the history of the data series (going back to late 2000) was 416,000 in April 2019. The housing market remains underbuilt and requires additional labor,… Read More ›
Total nonfarm payroll employment increased by 431,000 in March, and the unemployment rate fell to 3.6% from 3.8%. The labor market recovery is continuing, as employment in some sectors, such as professional and business services, financial activities, and retail sectors, is now above pre-pandemic levels. Construction industry employment (both residential and non-residential) totaled 7.6 million and has returned to its… Read More ›
The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs increased for the month to 380,000 unfilled positions in January. The highest measure in the history of the data series (going back to late 2000) was 416,000 in April 2019. The housing market remains underbuilt and requires… Read More ›