The Chart: Construction Employment

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.

Mar13_Employment Payrolls(click here if chart is not observable)

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3 Responses to The Chart: Construction Employment

  1. Pingback: Construction Employment | Fifth Estate

  2. Fab says:

    I wonder how small business owners find their workforce

  3. BLS industry data should be regarded carefully, as the error bars are quite large. Especially, as in this post, looking at the 5 most recent months. The error bars are large; the most recent months (esp February) might be largely revised.

    This is even more important when looking at weather-influenced industries like construction, where the seasonal adjustment factors don’t work well (ie, it’s not like adjusting for Christmas).

    To put some context on the construction industry’s gain of 150 thousand jobs over 5 months — that’s also the year-over-year gain (using the non-seasonally adjusted number, since no SA is needed).

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