Friday Mar. 29 2024
    | 

CN

YOUR LOCATION:HOME > News Center > Overseas News

Construction employment added jobs in August Time:2022/09/09 09:44:00 Hit:203

construction-site-commercial-3-0422.png


Construction employment added 16,000 jobs on net in August, according to www.abc.org. On a year-over-year basis, the industry has expanded by 311,000 jobs—an increase of 4.2%.


The construction unemployment rate rose from 3.5% in July to 3.9% in August. The national unemployment rate for all industries rose from 3.5% in July to 3.7% in August as the U.S. economy added 315,000 jobs.


Nonresidential construction added 4,300 jobs in August, with two of the three subsectors showing growth. Nonresidential specialty trade contractors added 5,600 jobs, and nonresidential building added 700 jobs. Heavy and civil engineering lost 2,000 jobs.


“After several months of declining labor force participation, the rate of participation expanded meaningfully in August,” said Associated Builders and Contractors Chief Economist Anirban Basu. “It is surprising that the labor force had not been increasing since March because presumably elevated inflation would require more people to work in order to pay bills. Perhaps that, along with higher wages, is what drove the rise in labor force participation from 62.1% to 62.4%. But beneath the headline numbers, severe labor market conditions persist.


“This jobs report represents good news for contractors,” Basu continued. “The rise in the overall unemployment rate from 3.5% to 3.7% and the expansion in construction worker unemployment from 3.5% to 3.9% means that the labor market has loosened a bit. There was also evidence that compensation growth is slowing, which is relief to contractors who have become increasingly pessimistic about their profit margins, according to ABC’s Construction Confidence Index. While this will not alter the Federal Reserve’s present posture of raising interest rates, the process of labor market normalization appears to be underway.”

 

 

Original Information Source:

https://www.nrca.net/RoofingNews/construction-employment-added-jobs-in-august.9-7-2022.10758/Details/Story?