JOLTS Analysis – Construction Momentum Revs Up in Early ’18
For a time, it appeared that the pace of growth in the U.S. labor market was beginning to moderate. Last year, the U.S. economy added approximately 2.2 million nonfarm jobs. While that represents perfectly respectable performance, it was the smallest number of net new jobs created since 2012.
The softening in job creation occurred despite elevated numbers of available job openings. With the national unemployment rate standing at 4.1 percent for five consecutive months, America remains at or near full employment. Predictably, available job openings tend to linger for longer periods as employers find it increasingly difficult to fill them. All things being equal, that translates into softer employment growth.
Table of Contents
- Construction Momentum Revs Up in Early ’18
- Exhibit 1 – Unemployment Rates, 2002-2017
- Exhibit 2 – Construction Hiring and Unfilled Job Openings, January 2003 through December 2017
- Exhibit 3 – Construction Industry Separations, January 2007 through December 2017
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