Log in

September Employment Recovery Continues Unabated

Sat, October 03, 2020 4:34 PM | Anonymous member (Administrator)

In the face of continued shutdowns, the workforce rebound continued in September with jobs expanding by 661,000 thousand according the latest Labor Department figures. Construction non-seasonally adjusted levels also improved with unemployment decreasing to 7.1 percent [a drop of 0.5 percentage points from July, but still up 3.9 percentage points from a year ago in September 2019 when it stood at near “full employment” of only 3.2%].  Employment in the construction industry is approximately 394,000 below February 2020, with the increase of 26,000 in construction/specialty positions, and another 13,000 in the design professions in September alone.

The overall unemployment figure continued to recede from its record crest in April, slipping to 7.9 percent, a reduction of another half (0.5) percent in just one month.  (“Unemployed persons” also fell 1.0 million to a total of 12.6 million per the government count). The “labor force participation” rate slide down to 61.4 percent. [NOTE: The “labor force participation” rate “typically” works inversely to the overall unemployment figures. Meaning: as it deteriorates/gets worse or smaller, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer viewed/counted as unemployed by the DOL)].  However, the “employment to population ratio” rose 0.1 points to 56.6 percent.  Average hourly earnings for employees was reported constant at $24.79, fairly high due mostly to the fact lower wage earners remain out of work in market segments still in partial shutdowns by government orders. 

SEE Workforce Statistics Chart

Construction Industry Round Table (CIRT)  ·  8115 Old Dominion Dr., Suite 210  McLean, VA  22102-2325  · (202) 466.6777  ·  cirt@cirt.org  · Legal Notices
Copyright 2018 · All Rights Reserved.

Powered by Wild Apricot Membership Software