Latest Job report On Friday, it showed that the construction industry increased the pace of employment, while unemployment for workers in industry also increased.
The Ministry of Labor data showed that construction companies added 19,000 jobs in February, after a small profit of 4,000 in January. This marked the strongest month of growth since the third quarter of 2024.
However, this growth came with the increase in the unemployment rate of the building, which increased to 7.2% compared to the total unemployment rate of 4.1% of the month.
“The great jump in the unemployment rate in the industry indicates that the supply of labor can accommodate continuous employment,” said the chief economist Anirban Basu Anirban Bas.
Basu also warned that the decline in government roles guided by Elon Musk, and the Government Efficiency Department may have further consequences on the construction sector.
“The federal job and the reduction of consumption, as well as elevated uncertainty, could eventually diminish construction activity on the sidelines, but these effects have yet to appear in these employment data,” he said.
