Employment numbers continued to move upward in BLS’s July 2023 report, however the increase has slowed to 187,000 new positions. (This figure is close to the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment rate came-in at 3.9 percent for July, consistent with summer seasonal work trends. [However, the new unemployment figure is worse by 0.3 basis points vs. June; while down 0.4 point from last year, in July 2022].  Construction employment continued to trend up in July (+19,000), in line with the average monthly gain of 17,000 in the prior 12 months. Over the month, job growth occurred mostly in residential specialty trade contractors (+13,000) and in nonresidential building construction (+11,000).
 
General unemployment slide 0.1 to 3.5 percent. (“Unemployed persons” was down slightly to 5.8 million per the government count). The “labor force participation rate” stayed at 62.6 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” rose 0.1 to 60.4 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 continue to increase, now standing at $28.96 for private sector production and nonsupervisory employees. 

SEE Workforce Statistics Chart

The U.S. Bureau of Economic Analysis (BEA) has announced that Real Gross Domestic Product (GDP) increased at an annual rate of 2.4 percent in the second quarter of 2023, according to the "advance" estimate. In the first quarter, real GDP increased 2.0 percent. The increase in the second quarter primarily reflected increases in consumer spending and business investment that were partly offset by a decrease in exports. Imports, which are a subtraction in the calculation of GDP, decreased.

Employment numbers moved upward in BLS’s June 2023 report, but at a more measured pace of 209,000 new positions according to the latest figures. (Still above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment stands at 3.6 percent in June, consistent with strong summer seasonal work trends. [The new unemployment figure is worse by 0.1 basis points vs. May; while down 0.1 point from last year, in June 2022].  Employment in construction continued to trend up in June (+23,000). Employment in the industry has increased by an average of 15,000 per month thus far this year, compared with an average of 22,000 per month in 2022. In June, employment in residential specialty trade contractors continued to trend up (+10,000).
 
General unemployment slipped 0.1 to 3.6 percent. (“Unemployed persons” turned down 0.1 point to 6.0 million per the government count). The “labor force participation rate” stayed at 62.6 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” also remained unchanged at 60.3 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 continue to increase, now standing at $28.83 for private sector production and nonsupervisory employees.     SEE Workforce Statistics Chart for data.

Jobs moved upward in BLS’s May 2023 report, increasing by 339,000 new positions according to the latest figures. (Well above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment slipped to 3.5 percent in May, consistent with the expanding seasonal spring work trends. [The new unemployment figure is down 0.6 basis points vs. April; while also down 0.3 points from last year, in May 2022].  Construction added 25,000 jobs, including 11,000 jobs in heavy and civil engineering construction. Over the prior 12 months, construction had added an average of 17,000 jobs per month.  

General unemployment rose 0.3 to 3.7 percent. (“Unemployed persons” turned upward 0.4 points to 6.1 million per the government count). The “labor force participation rate” stayed at 62.6 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). However, the “employment to population ratio” decreased 0.1 to 60.3 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 continue to increase, now standing at $28.75 for private sector production and nonsupervisory employees.     SEE WORKFORCE STATISTICS CHART

In BLS’s report for April 2023, job increases held steady at 258,000 new positions according to the latest figures. (Comfortably above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment slipped to 4.1 percent in April, consistent with the expanding seasonal spring work trends. [The new figure is down 1.5 basis points vs. March; while also down 0.5 points from last April 2022]. Construction employment remained steady for the month in line with the prior 6 months.

General unemployment slide another 0.1 to 3.4 percent. (“Unemployed persons” went down to 5.7 million per the government count). The “labor force participation rate” stayed at 62.6 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” also remained stagnant at 60.4 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 continues to increase, now standing at $28.62 for private sector production and nonsupervisory employees.     SEE Workforce Statistics Chart

In the latest report for March 2023, job increases moderated slowing-down to 236,000 new positions according to the latest Labor Department figures. (Still above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment stood at 5.6 percent in March, consistent with seasonal spring work trends. [The new figure is down 1.0 basis points vs. Feb.; while also down 0.4 points from last March 2022]. Construction employment remained steady for the month in line with the prior 6 months.

General unemployment sank 0.1 to 3.5 percent. (“Unemployed persons” went down to 5.8 million per the government count). The “labor force participation rate” improved by 0.1 to 62.6 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” experienced a small increase to 60.4 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 continues to increase, now standing at $28.50 for private sector production and nonsupervisory employees. 

SEE Workforce Statistics Chart   

February 2023 job increases slowed to 311,000 new positions according to the latest Labor Department figures. (Still well above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment stood at 6.6 percent in February, consistent with seasonal work trends. [The new figure is down a modest 0.3 basis points vs. Jan. ‘23 level; while only down 0.1 points from last February 2022]. Construction employment grew by 24,000 in February, in line with the average monthly growth of 20,000 over the prior 6 months.

The general unemployment rose 0.2 to 3.6 percent. (“Unemployed persons” went up to 5.9million per the government count). The “labor force participation rate” improved by 0.1 to 62.5 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” experienced no change staying at 60.2 percent. [Both measures haven’t reached their pre-Covid levels yet]. Average hourly earnings have increased, now standing at $28.42 for private sector production and nonsupervisory employees.

SEE Workforce Statistics Chart   

January 2023 job numbers increased with a strong 517,000 new positions according to the latest Labor Department figures. (Well above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment jumped to 6.9 percent in January, consistent with seasonal work trends. [The new figure is up a fairly large 2.5 basis points vs. Dec. ‘22 level; while being down by 0.2 points from last January 2022]. Construction added 25,000 jobs in January, reflecting an employment gain in specialty trade contractors (+22,000). On average, employment in the construction industry grew by 22,000 per month in 2022..

The general unemployment fell 0.1 to 3.4 percent. (“Unemployed persons” stayed at 5.7 million per the government count). The “labor force participation rate” improved by 0.1 to 62.4 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” experienced a small increase to 60.2 percent. [Both measures haven’t reached their pre-Covid levels yet]. Average hourly earnings have increased, now standing at $28.26 for private sector production and nonsupervisory employees. 

See Workforce Statistics Chart

Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022 (see, table below), according to the "advance" estimate released by the Bureau of Economic Analysis. The positive number was driven in part by the start of the new federal fiscal year spending and the traditional holiday consumer season. In the third quarter, real GDP increased 3.2 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the fourth quarter, based on more complete data, will be released on February 23, 2023.  For the year, with two down quarters and now two up ones, the total GDP for the year is less than 2.0 percent.

December job numbers increased some 223,000 new positions according to the latest Labor Department figures. (Above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment was 4.4 percent in December, consistent with seasonal work trends. [The new figure is up 0.5 basis points vs. Nov. ‘22 level; while being down by 0.6 points from last December 2021]. Employment in construction increased by 28,000 in December, as specialty trade contractors added 17,000 jobs; resulting in an average of 19,000 per month in 2022, little different than the average of 16,000 per month in 2021.

The general unemployment fell 0.2 to 3.5 percent. (“Unemployed persons” was reported at 5.7 million per the government count). The “labor force participation rate” improved to 62.3 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” experienced a small increase to 60.1 percent. [Both measures haven’t reached their pre-Covid levels yet]. Average hourly earnings have stalled after months of steady rises, now standing at $28.07 for private sector production and nonsupervisory employees. 

SEE Workforce Statistics Chart.