Construction and manufacturing rebound while historical data sheds light on how June’s hiring slowdown impacted architecture, engineering, and construction.
Building on momentum gained from June’s rebound, the U.S. economy added 255,000 nonfarm payroll positions in July, according to the latest monthly employment report from the Bureau of Labor Statistics (BLS), released this morning. July’s seasonally adjusted figure—still a modest drop from June’s upward-revised addition of 292,000 jobs—comes in ahead of analyst expectations. The national unemployment rate was unchanged at 4.9 percent in July, while the labor-force participation rate changed little at 62.8 percent for the month. Average hourly wages for private, nonfarm workers continued to rise to $25.69 in July, an 8-cent gain month-over-month.
“Labor demand is holding up pretty well,” JPMorgan Chase economist Jesse Edgerton told Bloomberg. “The labor market is firming up. Wages are starting to pick up. It’s a positive for consumer spending. This will reinforce the Fed’s view that improvement in the labor market is likely to continue.”
Read the Full Story HERE >>>> Source: Architect Magazine AEC Hiring Picks Up in July