Job gains slow in December

Home News Job gains slow in December

job gainsWashington D.C— Job gains slowed sharply for the second straight month in December as the omicron variant began to spread, according to the National Association of Home Builders (NAHB). Construction industry employment (both residential and non-residential) totaled 7.6 million, with 22,000 construction jobs added in December. After seven consecutive monthly increases, residential construction lost 4,100 jobs in December, while non-residential construction employment rose by 27,000 jobs.

The NAHB said residential construction employment now exceeds its pre-pandemic level in February 2020, while 74% of non-residential construction jobs lost in March and April 2020 have now been recovered. Residential construction employment now stands at 3.1 million in December, broken down as 886,000 builders and 2.2 million residential specialty trade contractors.

The six-month moving average of job gains for residential construction was 4,783/month. Over the last 12 months, home builders and remodelers added 74,700 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,080,300 positions, according to the NAHB.

Total non-farm payroll employment increased by 199,000 in December, following a gain of 249,000 in November, as reported in the Employment Situation Summary. It is the smallest monthly gain since January 2021, according to the NAHB.

Meanwhile, the unemployment rate fell by 0.3 percentage points to 3.9% in December, the lowest rate since the pandemic. It was 10.8 percentage points lower than its recent high of 14.7% in April 2020 and 0.4 percentage points higher than the rate in February 2020. The December decrease in the unemployment rate reflected a decrease in the number of persons unemployed (483,000) and an increase in the number of persons employed (651,000).

The labor force participation rate—the proportion of the population either looking for a job or already with a job—remained unchanged at 61.9% in December. The NAHB said it is the highest level since March 2020.

In December, the unemployment rate for construction workers declined by 1 percentage point to 4.7% on a seasonally adjusted basis. It is the lowest rate since February 2020, according to the NAHB. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020, because of the housing demand impact of the COVID-19 pandemic.

Must Read

Accessories: Moldings, trim provide the finishing touches

Moldings and accessories are a crucial part of the flooring journey and are not just a “one-size-fits-all” solution. Different kinds of floors and room...

Housing affordability falls to lowest level since Great Recession

Washington, D.C.—Rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to housing affordability falling to its lowest point since the...

AFA dissolves, donates $135,000 to GNTC

Dalton—Due to pandemic-related revenue shortfalls and event cancellations, the American Floorcovering Association (AFA) board of directors voted to dissolve the advocacy organization, according to...

Cali launches Cali Rugs collection

San Diego—Cali is launching Cali Rugs, a new collection of area rugs designed to complement the omni-channel company’s flooring and decking. Customers looking to...

Crossville recognized as eco-leader

Crossville, Tenn.— Crossville was recently recognized as an eco-leader by Green Builder Media. Crossville said its commitment to sustainability is the standard bearer for...

How to better leverage Instagram in business

In the realm of social media, Instagram remains one of the staple platforms alongside Facebook, Twitter and the newest member—TikTok. Since its launch in...
Some text some message..
X