Construction Labor Market Stable

The count of open, unfilled positions in the construction industry was relatively unchanged in October, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from two years ago due to declines in construction activity, particularly in housing.

The number of open jobs for the overall economy was effectively unchanged, increasing from 7.66 million in September to 7.67 million in October. The October reading was was relatively unchanged from the 7.62 million estimate from a year ago.

The number of open construction sector jobs decreased from 231,000 in September to 213,000 in October. This total is relatively stable compared to a year ago (249,000), although the reading is notably lower than two years ago.

The construction job openings rate declined to 2.5% in October, lower than the 2.9% rate estimated a year ago.

The layoff rate in construction declined to 1.8% in October. The quits rate edged lower to 1.4% in October.

NAHB Chief Economist Dr. Robert Dietz explains how this data may affect the Federal Reserve's decision to reduce interest rates in this Eye on Housing post.