Hardware Retailing The Industry's Source for Insights and Information
The number of open, unfilled positions in the construction industry was relatively unchanged in October, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey.
The current level of open jobs is down from two years ago due to declines in construction activity, specifically in housing. The number of open jobs for the overall economy was effectively unchanged at 7.67 million in October, up from 7.66 million in September.
The number of open jobs had to fall below 8 million on a sustained basis for the Federal Reserve to move forward on interest rate reductions, according to an analysis from the NAHB.
The number of open construction sector jobs decreased from 231,000 in September to 213,000 in October, remaining relatively stable compared to last year’s 249,000. The construction job openings rate declined to 2.5% in October, lower than the 2.9% rate estimated one year ago. The layoff rate in construction decreased to 1.8% and the quits rate lowered to 1.4% in October.
