US Construction Job Openings and Labor Turnover for April
Revised JOLTS Data Show Slowing Job Openings
A closer look at Tuesday’s US Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for April, with a focus on construction employment and additional analysis provided by the National Association of Home Builders (NAHB), reveals that following an upwardly revised estimate of open construction employment in March (from 274,000 to 346,000), the April estimate shows a further decline to 338,000 jobs.
The NAHB points out that there are elements of the construction sector slowing as higher rates for longer holds, most notably multifamily development.
In April 2023, the open job count was 363,000, during a period of weaker single-family home construction, NAHB said. In April, the construction opening rate decreased to 3.9%, the lowest reading since March 2023. However, while this rate may be revised higher next month, the recent trend for construction is one of cooling.
The construction sector layoff rate declined to 1.9%, compared to 2.5% a year ago. The hiring rate decreased to 4.3% in April, compared to 4.6% a year ago.
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