March lumber traded limit up today so we thought it is a good time to update our construction employment chart. Many of the past months were revised up in the latest BLS release and the chart clearly shows the recovery in construction employment is firmly in place.
We have been waiting for the rebound in construction employment. See here
This is positive not only because constructions jobs pay more than, say, restaurants and retail, but it indicates monetary policy is really starting to gain some traction. Still, current construction employment is only 74.2 percent of the 7.7 million total employed in the sector in January 2007.