Here is THE CHART which encapsulates the bullish cyclical macro story in the U.S. and illustrates how monetary policy is really starting to gain some traction in the real economy. With 150K jobs created in the past five months the momentum in construction hiring is gathering steam and should be a major driver of employment going forward. We’ve been anticipating this for some time (see here).
Another positive is that construction pays a better wage than, say, retail clerks or bartenders and waiters. The sector is one of the few that has yet to fully recapture all jobs lost during the Great Recession and is still only 75 percent of its employment peak in 2006.
Click chart to enlarge.
(click here if chart is not observable)