US Construction Employment Softens in September

A closer look at the US Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday, with a focus on construction employment and additional analysis provided by the National Association of Home Builders (NAHB), shows that the number of open construction sector jobs fell from a revised 328,000 in August to a softer 288,000 in September.

NAHB notes that the data indicates the demand for construction labor market remains weaker than a year ago. Elements of the construction sector slowed in prior months as tight Fed policy persisted. The September reading of opening, unfilled construction jobs is lower than a year ago (422,000). The construction job openings rate fell back to 3.4% in September and continues to trend lower.

The layoff rate in construction edged higher to 2.1% in September after a 2% rate in August. The quits rate in construction decreased to just 1.4% in September as job churn slowed.