Construction Sector Sees Job Growth

The job market for those in the trades and construction industry saw some improvement in August. According to the National Association of Home Builders’ Eye On Housing blog, the number of open jobs in the construction sector increased from 232,000 in July to 370,000 in August. While this is lower than last year’s 386,000 jobs, the job openings rate increased to 4.3%. At the same time, however, the lay-off rate increased slightly to 2%.

In August, after revisions, the number of open jobs for the overall economy increased slightly from 7.71 million to 8.04 million. This is notably smaller than the 9.36 million estimate reported a year ago, but the monthly gain is a sign of a somewhat resilient labor market. Previous NAHB analysis indicated that this number had to fall below 8 million on a sustained basis for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation. With estimates now remaining near 8 million for national job openings, the Fed has begun a credit easing cycle.

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