Year-Over-Year Total Nonfarm Employment Increased in June

According to the Bureau of Labor Statistics (BLS) total nonfarm employment increased by 4.8 million jobs in June and the unemployment rate has dropped to 11.1%. The improvements in the labor market are reflecting the continued resumption of economic activity that had been curtailed in March and April. In the construction sector specifically, construction employment increased by 158,000 in June, following a gain of 453,000 in May. These gains accounted for more than half of the decline in March and April (-1.1 million combined). Over-the-month gains occurred in specialty trade contractors (+135,000), with growth about equally split between the residential and nonresidential components. Job gains also occurred in construction of buildings (+32,000).

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.