Eye On Housing
Job gains continued in April, despite rising interest rates and a slowing economy. After a revised 165,000 job gain in March, total nonfarm payroll employment increased by 253,000 in April, and the unemployment rate declined to 3.4% from 3.5% in March. In April, on a year-over-year basis, wage growth increased slightly to 4.4% from 4.3% last month, but down compared… Read More ›
Job growth slowed in March, along with higher interest rates and increased economic uncertainty. After a revised 326,000 job gain in February, total nonfarm payroll employment increased by 236,000 in March, and the unemployment rate declined to 3.5% from 3.6% in February. Average hourly earnings have increased by 4.2% on a year-over-year basis. It marks the lowest wage gain since… Read More ›
According to the 2021 American Community Survey (ACS), 23% (or close to 2.5 million) of workers employed in construction are self-employed. This is a whole percentage point higher than the share of self employed in construction in 2019, before the pandemic rattled the labor market. Even though the Covid-19 pandemic boosted self-employment across all industries, construction self-employment rates remain significantly… Read More ›
Job growth continued in February. After a revised 504,000 job gain in January, total nonfarm payroll employment increased by 311,000 in February, and the unemployment rate edged up to 3.6% from 3.4% in January. Wage growth increased to a 4.6% year-over-year gain from 4.4% last month, but down compared to February 2022. Today’s job report indicates that, overall, the labor… Read More ›
According to the most recent 2021 American Community Survey (ACS), the number of immigrant workers in construction, including self-employed, remained close to 2.8 million, on a par with the levels recorded by the ACS before the Covid-19 pandemic wreaked havoc on labor markets. The share of immigrant workers stayed at 24% of the construction workforce, slightly below the 2016 record… Read More ›
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) totaled 7.9 million and exceeds… Read More ›
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 pace since August 2021. Construction… Read More ›
In November, job growth slowed slightly from the previous month but still showed strength despite tight monetary policy. The unemployment rate was unchanged at 3.7% in November as the number of persons in the labor force decreased for the third straight month. Total nonfarm payroll employment increased by 263,000 in November, following a gain of 284,000 in October, as reported… Read More ›
Job growth slowed in October as the Fed continues its tightening of financial conditions to fight inflation, but the overall labor market remains tight. The unemployment rate increased by 0.2 percentage points to 3.7% in October as the number of persons in the labor force decreased for the second straight month. Total nonfarm payroll employment increased by 261,000 in October,… Read More ›
Job growth slowed in September as the Fed raises interest rates aggressively to fight inflation, but the overall labor market remains tight. The unemployment rate edged down to 3.5% as the number of persons in the labor force decreased by 57,000 in September. Total nonfarm payroll employment increased by 263,000 in September, following a gain of 315,000 in August, as… Read More ›