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Posts Tagged ‘jobs’

Monitoring the Cost of 3 of Life’s Essentials: Gasoline, Rent and Coffee

Tuesday, May 29th, 2018

Article source: ConstructConnect

Aficionados of horror movies know there are certain things – e.g., the proximity of Frankenstein’s monster – that will cause ‘the villagers’ to pick up their pitchforks and charge into the woods for a confrontation. It’s widely understood that the ‘villagers’ are you and me.

Such works may be escapist fiction, but while basic safety and security will always be a primary concern in real life, there are other terrors in non-fiction that are equally likely to incite our concern and ire and they’re mainly economic – e.g., a scarcity of jobs or sky-high prices.

With respect to inflation and rapidly increasing price levels, this article looks at three products that for many people are essentials – rent, gasoline and coffee.

Charts 1 through 6 show the year-over-year percentage changes of the rent, gasoline and coffee sub-indices within the broader Consumer Price Index (CPI) data produced by the U.S. Bureau of Labor Statistics (BLS) and Statistics Canada.

In the U.S., media headlines immediately prior to Memorial Day Weekend carried the message that travelers taking to the roads were about to discover that a fill-up at the gas pump would cost them nearly one-third more than a year ago.

The stronger U.S. economy has been contributing to more demand for gasoline. According to the website, www.gasbuddy.com/charts, the average price of gasoline in America is now $3.00 USD per gallon. Last year at the same time, it was $2.40. The increase has been +25%.

Rent Prices USA
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Austin, San Jose and Orlando Lead U.S. Large City Labor Markets

Friday, May 25th, 2018

Article source: ConstructConnect

Tables 1 and 2 accompanying this article set out the latest (March 2018) year-over-year jobs growth and unemployment rate rankings for the 51 largest (by population) U.S. metropolitan statistical areas (MSAs). The raw data comes from the Bureau of Labor Statistics (BLS).

The objective for any city is that its jobs growth be faster rather than slower and that its unemployment rate be lower rather than higher. The total U.S. pace of employment gain has most recently been +1.5% year over year, while the national jobless rate has dropped to 3.9%.

The three U.S. cities with the best combined results from Tables 1 and 2 are: Austin, TX; San Jose, CA; and Orlando, FL. In March of this year, Austin was first for jobs growth (+3.6%) and tied for sixth with respect to unemployment rate (3.1%). Orlando was second for jobs growth (+3.5%) and tied for ninth with respect to unemployment rate (3.3%). San Jose was ninth for jobs growth (+2.7%), but tied for first with respect to unemployment rate (2.7%).
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An Eye-Popping 3.9% Unemployment Rate in April’s U.S. Jobs Report

Friday, May 4th, 2018

Article source: ConstructConnect

April’s Employment Situation report from the Bureau of Labor Statistics (BLS) highlights a month-to-month increase in total U.S. jobs of +164,000. But that figure understates the employment improvement, since March’s level was revised upwards by +30,000.

U.S. April Jobs Report Graphic

Therefore, the accumulated gain in April was +194,000 jobs.

The average monthly increase in total U.S. employment through the first one-third of this year has been +200,000. In 2017, during the same January-to-April time frame, the average monthly climb was +117,000. The year-over-year increase in the monthly average is +13.0%.

The number that really pops out from the latest data release on the U.S. labor market, however, is the unemployment rate. Prior to April, it had been sitting at 4.1% for six months in a row.

In April, it finally dropped below 4.0% to stand at 3.9%. A 3.9% jobless figure is the lowest since December 2000, almost two decades ago.

Furthermore, there is another measure of the unemployment rate calculated by the BLS that is broader in scope and habitually higher. Its official title is U-6 and it includes individuals only marginally attached to the labor force, plus those who are engaged part-time but would prefer to be occupied full-time.

 

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11 Mid-April Economic Nuggets

Monday, April 16th, 2018

Article source: ConstructConnect

Despite U.S. construction continuing to record a total activity level below potential, the sector should be receiving more bouquets for the bigger role it is playing in the economy overall.

11 Mid-April Economic Nuggets Graphic

Historical data from the Bureau of Labor Statistics (BLS) records that in the year 2000, the number of manufacturing jobs in America’s economy was 17.3 million. The same source records that the number of construction jobs at the turn of the century was 6.8 million.

In 2017 versus 2000, the number of manufacturing jobs in the U.S. was down by 28% to 12.4 million, while the number of construction jobs was ahead by 3%, to 7.0 million.

The clearest way to illustrate the rising importance of construction relative to manufacturing, at least from an employment standpoint, is to express their relationship in terms of a ratio. In 2000, there were four jobs in construction for every ten jobs in manufacturing. Now, there almost six on-site jobs for every ten production-line positions.

More dramatic still has been the shift in favor of construction work in Canada. In 2000, there were 2.2 million Canadian manufacturing jobs compared with 800,000 in construction. By 2017, manufacturing employment had retreated by -23%, to 1.7 million, while construction employment had surged by +75%, to 1.4 million.
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3 Maps Showing 2017 versus 2016 Housing Starts in American States

Tuesday, March 13th, 2018

The three maps in this infographic focus attention on the 2017-over-2016 percentage changes in homebuilding activity in America’s states. The Census Bureau does not publish home starts statistics at the state level, but it does compile and release residential permits numbers.

3 Maps Showing 2017 versus 2016 Housing Starts in American States Graphic

Therefore, the shadings in the maps are based on permits data (in units). The words ‘permits’ and ‘starts’ will be used interchangeably in the following commentary.

The total number of new home permits in the U.S. in 2017 was +6% compared with 2016. As the ‘legend-key’ sets out, individual states with percentage increases over +6% are shaded in green − for warmth.

As the shading moves from lighter green to darker green, the percentage increases move higher.

States shaded in blue − for chillier − had year-over-year increases that were +6% or less. The darkest shades of blue are reserved for states where there were significant 2017-over-2016 declines.

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Total Employment Increase in U.S. and Canada in November +300,000

Friday, December 15th, 2017

Article source: ConstructConnect

November’s Employment Situation report from the Bureau of Labor Statistics (BLS) records a net gain in U.S. total jobs during the month of +228,000.

U.S. Wage Gains: Construction versus other Major Industrial Sectors

Friday, January 22nd, 2016

Article source: CMDGroup

At the end of 2010, the unemployment rate in the United States was 9.3%.

Five years later, as of December 2015, the national jobless figure has been cut nearly in half, to stand at 5.0%.

There’s a common lament being heard that the tightening in U.S. labor markets has been overstated because a large bloc of potential workers has given up hunting for a job.

Furthermore, so the argument goes, whatever employment improvement has happened isn’t yet leading to better wages and salaries and the economy won’t really build up a head of steam until workers are being paid more, so they can spend more.

This Economy at a Glance will look at the percentage changes of year-over-year average hourly earnings for both production and supervisory workers in the private sector as a whole, and for major industrial sectors. Historical data can be readily downloaded from the web site of the Bureau of Labor Statistics (BLS).

In the hopes of finding trend lines, the analysis in this EAAG will be limited to the past five years.

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Non-residential Construction Starts Trend Graphs – December 2015

Tuesday, January 19th, 2016

Article source: CMDGroup

Clichés are often true and it is the case that a picture can be worth a thousand words.

Below are six graphs recording 12-month moving averages of CMD ’s non-residential construction starts.

When the value of the current month is higher than for the same month a year ago, the line will turn up; when lower, it will dip.

String a couple of similar positive or negative directional changes together over several months and one has a trend.
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Top 10 largest construction project starts in the U.S. – December 2015

Monday, January 18th, 2016

Article source: CMDGroup

The accompanying table records the 10 largest construction project starts in the U.S. in December 2015.

There are several reasons for highlighting upcoming large projects. Such jobs have often received a fair amount of media coverage. Therefore, people in the industry are on the lookout for when job-site work actually gets underway. And, as showcase projects, they highlight geographically where major construction projects are proceeding.

Also, total construction activity is comprised of many small and medium-sized projects and a limited number of large developments. But the largest projects, simply by their nature, can dramatically affect total dollar and square footage volumes. In other words, the timing and size of these projects have an exaggerated influence on market forecasts.
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A Baker’s Dozen Mid-January Economic Nuggets

Friday, January 15th, 2016

Article source: CMDGroup

In the early going of 2016, the headline story has been the heightened level of anxiety displayed by stock market investors. Versus 2015’s year-end closings, both the Dow Jones Industrials index and the S&P 500 are -6.0%; NASDAQ is -7.8%; and the Toronto Stock Exchange, -5.2%.

 

Compared with their most recent highs, the DJI is -10.7%; the S&P 500, -10.0%; NASDAQ, -11.8%; and the Toronto Stock Exchange (TSX), -20.5%. The TSX has given its passengers a particularly bumpy ride. It has fallen into ‘bear’ territory (i.e., a decline of 20% or more.)

 

The main widely-cited reason for the sell-offs has been an expectation of weaker growth in China. There are two highly-charged ways in which such a pull-back has unfortunate repercussions for the U.S. and Canadian economies. First, the value of the yuan is being lowered, to make the price of Chinese exports more competitive in world markets.

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