The Bureau of Labor Statistics (BLS) latest jobs report for July shows signs of a slowing jobs market with only 114,000 new positions. (Below the 130-150,000 range estimated increase needed on a monthly basis to stay-up with growing demographics).  In construction job markets, the non-seasonally adjusted unemployment rate increased to 3.9 percent for July. [The new unemployment figure is up 0.6 basis points vs. June ‘24; but is equal to or consistent with last July’s level of 3.9%].  Overall, employment continued to trend up in construction in July (+25,000), in line with the average monthly gain over the prior 12 months (+19,000); with specialty trade contractors continuing its upward trend in July (+19,000). 
 
The general unemployment level, increased another 0.2 basis points to 4.3 percent. (“Unemployed persons” jumped up to 7.2 million per the government count).  Meanwhile, the “labor force participation rate” rose to 62.7 percent. [NOTE: The “labor force participation” rate “typically” works inversely to the overall unemployment figures. Meaning: as it deteriorates/gets worse or smaller, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer counted as unemployed by the DOL).  The “employment to population ratio” remained slipped to 60.0 percent. [Both measures haven’t reached their pre-Covid levels yet; if people were actually seeking jobs, the unemployment rate would be approximately 5.0% ].  Average hourly earnings continued to increase staying over the thirty dollar mark, at $30.14 for private sector production and nonsupervisory employees.

SEE Workforce Statistics Chart