Construction jobs, spending continue gains; outlook varies for factories, offices, apts.
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Nonfarm payroll employment increased by 88,000, seasonally adjusted, in March and 1,910,000 (1.4%) over 12 months, the Bureau of Labor Statistics reported today. The unemployment rate was 7.6%, not seasonally adjusted (and seasonally adjusted), down from 8.4% a year earlier. Construction employment rose for the tenth straight month and totaled 5,802,000, seasonally adjusted, the most since September 2009. Construction employment rose 162,000 (2.9%) from March 2012, while total hours worked in construction increased by 3.9%, implying that contractors are lengthening working hours and also hiring new workers. The unemployment rate for former construction workers dropped from 17.2%, not seasonally adjusted, in March 2012 to 14.7%. Residential construction employment (residential building and specialty trade contractors) rose by 14,800, seasonally adjusted, for the month and 77,800 (3.8%) for the year. Nonresidential employment (building, specialty trades, and heavy and civil engineering construction) climbed by 3,000 and 84,400 (2.3%), respectively.
Construction spending in February totaled $885 billion at a seasonally adjusted annual rate, Read more » about AGC's Data DIGest: April 1 – April 5, 2013