Job Openings Fall as Labor Market Slows

The total share of open, unfilled jobs fell 10% in August from almost 11.2 million to 10.05 million, signaling the start of a labor market slowdown as the Fed tightens its monetary policy to tame inflation in the U.S. economy, NAHB Eye on Housing reports. The count of open construction jobs rose from 353,000 in July to 407,000 in August, which, despite slowing housing data, is actually higher than the 362,000 estimate from a year ago.

As job openings in the construction sector continue to rise, hiring and recruiting skilled labor remains a top priority, especially for construction firms working to add much-needed inventory to a cooling housing market.

Despite slowing of building activity, construction sector layoffs remained low at a 1.6% rate in August. In April 2020, the layoff rate was 10.8%. Since that time however, the sector layoff rate has been below 3%, with the exception of February 2021 due to weather effects.

The number of quits in construction in August (229,000) was significantly higher relative to the measure a year ago (189,000), as some workers leave the sector as it slows.

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