March 12, 2019

JOLTS Analysis – Construction Labor Market Momentum Continues into ’19


Late last year, there was a considerable amount of concern regarding U.S. economic prospects. Financial markets suffered significant losses during 2018’s final quarter. The yield curve also partially inverted, which often represents a leading indicator of economic slowdown. The global economy was also beginning to sputter, with Italy finding its way into recession, the Germans barely escaping one, and China registering its slowest economic growth in 18 years.

In response, a growing number of economists began predicting recession in America over the next 12 months. U.S. consumer and small business confidence were also shaken. On top of all of this came a federal government shutdown that began in late December and persisted through 2019’s initial month.

Table of Contents

  • Construction Labor Market Momentum Continues into ’19
  • Exhibit 1 – Unemployment Rates, 2002-2017
  • Being One with the Natural Rate of Unemployment
  • Exhibit 2 – U.S. Unemployment & Natural Rate of Unemployment
  • Exhibit 3 – Construction Hiring and Job Openings, January 2003 through December 2017
  • Conclusion

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