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Job growth in August slowed as the unemployment rate rose to the highest level in four years, signaling a continued cooling in the U.S. labor market, according to the National Association of Home Builders’ (NAHB) Eye on Housing report.
The Bureau of Labor Statistics (BLS) Employment Situation Summary reported 22,000 new jobs added in August, showing little growth. The summary also reported a revision of June’s job growth down by 27,000, down from an initial estimate of +14,000 to -13,000, marking the first negative monthly job growth since 2010.
In the construction sector, overall employment declined by 7,000 jobs in August, with residential construction losing 6,100 jobs and non-residential construction losing 1,200. The unemployment rate for construction workers rose 3.9% in August on a seasonally adjusted basis. The overall August unemployment rate rose to 4.3%
