A new jobs report for May 2018 from the Bureau of Labor Statistics finds that the number of construction jobs increased by 25,000, surpassing the 21,000 new positions in April.
Additionally, the unemployment rate dropped to 3.8 percent in May, the lowest since May 2000. Over the past year, average hourly wage increased 2.7 percent last month, yet the BLS data show that earnings growth has fluctuated around the 2.6 percent-level since 2016, per the National Association of Home Builders. Per the NAHB, "the unemployment rate for construction workers decreased sharply to 5.0 percent on a seasonally adjusted basis, after a 6.5 percent in April." May's unemployment rate marks the lowest since 2001.
The Bureau of Labor Statistics (BLS) reported the Employment Situation for May 2018. Jobs increased by 223,000 and the unemployment rate edged down to 3.8 percent in May. The growth rate of average hourly earnings accelerated slightly to 2.7 percent, but growth has largely been flat since 2016 ... Over the month of May, total nonfarm payroll employment rose by 223,000 in May, faster than the increase of 159,000 jobs in April ... Job gains have averaged 207,000 a month this year, faster than the first five months’ averages of 172,000 in 2017 and 161,000 in 2016.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable
