{"id":26159,"date":"2024-08-17T08:00:03","date_gmt":"2024-08-17T12:00:03","guid":{"rendered":"https:\/\/www.construction.com\/?post_type=blog&#038;p=26159"},"modified":"2024-09-30T11:59:38","modified_gmt":"2024-09-30T15:59:38","slug":"construction-employment-continues-to-trend-up-in-july","status":"publish","type":"blog","link":"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/","title":{"rendered":"Construction Employment Continues to Trend Up in July"},"content":{"rendered":"<p><em>by Arsene Aka, Senior Economist at Dodge Construction Network<\/em><\/p>\n<p><span data-contrast=\"auto\">The latest data released by the Bureau of Labor Statistics (BLS) shows that the U.S. labor market deteriorated in July. Missing expectations, hiring slowed to 114,000 jobs last month, below the average monthly gain of 218,000 recorded over the prior six months. In addition, previously released jobs data for May and June were revised down by a combined 29,000. It is worth noting that the July payroll figure has been partially impacted by Hurricane Beryl, which made landfall in Texas on July 8. Meanwhile, the jobless rate jumped to 4.3%, its highest since October 2021, as more individuals entered the labor force. Growth in the average hourly earnings for all U.S. employees on private nonfarm payrolls eased to 3.6% year-over-year last month, from 3.8% in June and 4.0% in May.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Wage growth in the construction industry also eased, from 4.8% in June to 4.3% a month later, but remained above the nation because of persistent labor shortages. Unlike the nation, employment in the construction sector has increased since May, with new job gains standing at 20,000 in June and 25,000 in July. Construction employment has averaged 19,000 over the prior 6 months. In July, employment growth was broad-based across all construction categories, with the largest gain occurring in nonresidential specialty trade contractors (11,300), followed by residential specialty trade contractors (7,400) and heavy and civil engineering (2,900). The industry\u2019s jobless rate rose from 3.3% in June to 3.9% last month, remaining well below the rate of 7.0% recorded in February.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The softening in U.S. wage growth and weakness in the labor market, along with the unexpected rise in unemployment claims and a further weakening of the manufacturing sector, have renewed fears that the Federal Reserve may be waiting too long to start cutting interest rates. The latest employment report confirms <\/span><a href=\"http:\/\/www.construction.com\/\"><span data-contrast=\"none\">Dodge Construction Network<\/span><\/a><span data-contrast=\"auto\">\u2019s outlook that a rate cut is coming in September. Dodge also expects the Fed will deliver another rate cut in December and then in every quarter until the target rate reaches 3% in late 2026. Consequently, Dodge continues to expect robust construction employment growth rates over the next two years.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26160\" src=\"https:\/\/www.construction.com\/wp-content\/uploads\/2024\/08\/Constructiuon-Employment-July-300x174.png\" alt=\"Constructiuon Employment July\" width=\"809\" height=\"469\" srcset=\"https:\/\/www.construction.com\/wp-content\/uploads\/2024\/08\/Constructiuon-Employment-July-300x174.png 300w, https:\/\/www.construction.com\/wp-content\/uploads\/2024\/08\/Constructiuon-Employment-July.png 504w\" sizes=\"auto, (max-width: 809px) 100vw, 809px\" \/><\/p>\n","protected":false},"featured_media":26160,"template":"","class_list":["post-26159","blog","type-blog","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Construction Employment Continues to Trend Up in July | Dodge Construction Network<\/title>\n<meta name=\"description\" content=\"While the latest numbers show a meaningful slowdown in U.S. payroll employment last month, construction employment remained strong. Construction employment saw a steady upward trend in July. Discover the key drivers behind this growth and future predictions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Employment Continues to Trend Up in July | Dodge Construction Network\" \/>\n<meta property=\"og:description\" content=\"While the latest numbers show a meaningful slowdown in U.S. payroll employment last month, construction employment remained strong. Construction employment saw a steady upward trend in July. Discover the key drivers behind this growth and future predictions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/\" \/>\n<meta property=\"og:site_name\" content=\"Dodge Construction Network\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DodgeData\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-30T15:59:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.construction.com\/wp-content\/uploads\/2024\/08\/Constructiuon-Employment-July.png\" \/>\n\t<meta property=\"og:image:width\" content=\"504\" \/>\n\t<meta property=\"og:image:height\" content=\"292\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@DodgeData\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/\",\"url\":\"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/\",\"name\":\"Construction Employment Continues to Trend Up in July | Dodge Construction Network\",\"isPartOf\":{\"@id\":\"https:\/\/www.construction.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.construction.com\/blog\/construction-employment-continues-to-trend-up-in-july\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.construction.com\/wp-content\/uploads\/2024\/08\/Constructiuon-Employment-July.png\",\"datePublished\":\"2024-08-17T12:00:03+00:00\",\"dateModified\":\"2024-09-30T15:59:38+00:00\",\"description\":\"While the latest numbers show a meaningful slowdown in U.S. payroll employment last month, construction employment remained strong. 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Missing expectations, hiring slowed to 114,000 jobs last month, below the average monthly gain of 218,000 recorded over the prior six months. In addition, previously released...","_links":{"self":[{"href":"https:\/\/www.construction.com\/wp-json\/wp\/v2\/blog\/26159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.construction.com\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/www.construction.com\/wp-json\/wp\/v2\/types\/blog"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.construction.com\/wp-json\/wp\/v2\/media\/26160"}],"wp:attachment":[{"href":"https:\/\/www.construction.com\/wp-json\/wp\/v2\/media?parent=26159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}