Job Market Gains Surpass Expectations
As the U.S. labor market continues to recover form the Coronavirus pandemic, job numbers recently posted by the Bureau of Labor Statistics showed strong results. According to the NAHB’s Eye on Housing, total payroll employment rose by 1.8 million and the unemployment rate declined to 10.2% in July. In addition, Residential construction employment rose by 24k to 2.8 million with total construction industry (residential & nonresidential) employment rebounding to nearly 7.2 million. In addition, unemployment dropped 0.9 percentage points to 10.2% in July.
“Residential construction employment now stands at 2.8 million in July, broken down as 815,000 builders and 2.0 million residential specialty trade contractors. The 6-month moving average of monthly job changes for residential construction is -16,300 a month, mainly reflecting the largest job loss in April. Over the last 12 months, home builders and remodelers shed 61,400 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 863,100 positions.”