Construction Jobs Rise Amid Cooling Labor Market
The labor market showed signs of cooling in July, with nonfarm payrolls falling by 23,000 and previous job gains revised sharply lower. The unemployment rate edged down to 4.1%, but this was largely due to a smaller labor force rather than increased hiring.
Construction employment, however, remained a bright spot in the report. The overall construction sector added 22,000 jobs in July, following a gain of 5,000 in June. Nonresidential construction accounted for most of the increase, adding approximately 20,000 jobs.
Residential construction employment, on the other hand, edged up by just 2,100 jobs, marking its first monthly gain in four months. However, over the past year, residential construction employment has fallen by 44,200 jobs, with July marking the 17th consecutive month of year-over-year decline.