Around 24,000 in March, according to the most recent numbers released by the Bureau of Labor Statistics.
Although the decline was noted in several sectors, the overall numbers, notes an analysis of the latest report produced by the Associated General Contractors of America, shows that overall construction employment is up by 196,000 when compared with where things stood a year ago in March of 2022.
Looking at those sectors, jobs in residential construction were off by 7,000 from February to March of this year; with nonresidential construction, which takes in heavy and civil engineering firms, down by 1,800.
The seasonally adjusted average construction industry hourly earnings for nonsupervisory and production employees are now at $33.82—a healthy 6.6% jump over March of 2022.
Overall, the U.S. saw a jobs increase of 236,000 in March, with the nation’s unemployment rate dropping to 3.5%. That 236,000 is the lowest increase since December, when the BLS recorded job gains at 239,000.
In January and February, the gains stood at 472,000 and 326,000 respectively.
The largest job gains in March were seen in the leisure and hospitality industry, with 72,000 new jobs; followed by the education and health services sectors, at 65,000 in additional employment; and the government, adding 47,000 to its payrolls.
The manufacturing and financial activities sectors were off by around 1,000 each; with retail trade seeing the biggest decline, losing 14,600 jobs in March.
The somewhat lackluster jobs report has fueled renewed forecasts that the nation is either already in or about to enter a recession. The publication Forbes reported that a continuing increase in jobless claims is “about as large as increases in recessions dating back to the 1970s.”
“A contraction is already evident in an expanding range of industries, as retail, manufacturing, construction and real estate finance—those more sensitive to borrowing costs—have either lost jobs or stayed flat over the month,” noted the New York Times.
While acknowledging that “the red-hot labor market cooled some in March,” the Wall Street Journal said the country’s labor market “remains solid but is showing signs of easing demand.”
By Garry Boulard
