Overall job growth slowed in October as the Fed raised interest rates again in another attempt to slow inflation. Still, the labor market remained tight, according to the NAHB. In October, the unemployment rate climbed by 0.2 percentage points to 3.7%, while total nonfarm payroll employment expanded by 261,000, the weakest monthly rise over two years.
While jobless Americans grew by 306,000 to 6.1 million in October, employment in the construction industry remained primarily stable.
Here are four statistical positives about our numbers today:
- In October, 3.2 million people worked in residential construction, including 904,000 builders and 2.3 million home specialist trade contractors.
- The 6-month moving average of monthly employment growth in residential construction was 6,217.
- In the previous year, homebuilders and remodelers created 105,300 net employment.
- Residential construction has added 1,195,000 jobs since the recession’s low point.