Eye On Housing
Job gains slowed sharply for the second straight month in December as the Omicron variant began to spread. Nonfarm payrolls increased by 199,000 in December, and the unemployment rate fell to 3.9%. Construction industry employment (both residential and non-residential) totaled 7.6 million, with 22,000 construction jobs added in December. Residential construction lost 4,100 jobs while non-residential construction employment rose by… Read More ›
While job gains decelerated in November, the unemployment rate dropped to 4.2% and the labor force participation rate increased to 61.8%, the highest reading since March 2020. The increase in the labor force participation rate indicates that more people are returning to the labor force, a necessary requirement for additional hiring. Construction industry employment (both residential and non-residential) totaled 7.5… Read More ›
Job gains picked up in October after two consecutive months of a slowdown. Total payroll employment rose by 531,000 and the unemployment rate dropped to 4.6% in October. Construction industry employment (both residential and non-residential) totaled 7.5 million, with 44,000 construction jobs added in October. Both residential construction (+10,900) and non-residential construction (+33,000) had job gains for the month. Residential… Read More ›
Job gains slowed for the second straight month amid the resurgence of COVID-19 cases. Total payroll employment rose by 194,000 in September and the unemployment rate dropped to 4.8%. For the coming months, job gains are expected to accelerate as COVID-19 cases began to subside. Despite the slowdown in total nonfarm payroll employment, aggregate construction industry (both residential and non-residential)… Read More ›
Total payroll employment rose by 235,000 in August, marking a significant slowdown from the previous month. Meanwhile, the unemployment rate dropped to 5.2% in August, the lowest point during the pandemic. In August, residential construction employment rose by 17,400, while non-residential construction lost 20,300 positions, reflecting declines in builders (-2,800), nonresidential specialty trade contractors (-9,200) and heavy and civil engineering… Read More ›
In July, U.S. job growth experienced a solid gain. Total payroll employment rose by 943,000 and the unemployment rate dropped sharply to 5.4%. The July data shows additional growth momentum at the beginning of the second half of the year. In the coming months, the surge of the Delta variant could affect the labor market as Covid-19 restrictions tighten to… Read More ›
In June, total payroll employment rose by 850,000 and the unemployment rate was little changed at 5.9%. The June employment data shows strong growth momentum as more than 154 million people are fully vaccinated and COVID-19 restrictions on business are lifted. Residential construction employment increased by 15,200 in June, while nonresidential construction lost 22,600 jobs, following a decrease of 21,700… Read More ›
Job gains accelerated in May as vaccination rates increased and COVID-19 restrictions lifted. Total payroll employment rose by 559,000 and the unemployment rate decreased to 5.8% in May. In May, non-residential construction lost 21,800 positions, reflecting declines in nonresidential specialty trade contractors (-16,800), while residential construction employment rose by 1,900. Currently, residential construction employment exceeds its level in February 2020,… Read More ›
Job gains unexpectedly slowed in April as states lifted COVID-19 restrictions on businesses and more people are vaccinated. Total payroll employment rose by only 266,000 and the unemployment rate increased to 6.1% in April. This was a surprisingly disappointing report on the macro level. Residential construction employment rose by 3,100 in April, after an increase of 28,700 in March. Non-residential… Read More ›
Total payroll employment rose by 916,000 and the unemployment rate declined to 6.0% in March. The labor market is improving as many states ease business restrictions and more people are vaccinated. Residential construction employment increased by 37,000 in March, while non-residential construction added 73,100 jobs. Currently, employment in residential construction surpassed the level in February 2020, while only 64% of… Read More ›