Apr 5, 201302:33 PMBlog
Construction hiring up, most others not
The construction industry added 18,000 new construction jobs in March -- 20 percent of the total monthly gain in new jobs nationally. The sector’s unemployment rate fall to 14.7 percent in March, according to today’s employment report by the U.S. Department of Labor.
Associated Builders & Contractors “has been warning for several months that growing fiscal headwinds emerging from Washington, D.C., would eventually interrupt the momentum of the U.S. economic recovery,” said ABC Chief Economist Anirban Basu. “That time may have come.”
Even as his particular construction sector is coming on stronger, Basu said, “The hope is that the March employment data represent a one-month blip–a statistical aberration in the wake of several surprisingly good employment reports in prior months.”
International Franchise Association President & CEO Steve Caldeira was less generous in his evaluation of the weak jobs report, and where the blame for it resides.
“Today’s jobs report demonstrates once again that that the current economic policies of this country are doing little to put the private sector on a path toward long-term, sustainable growth,” said a statement issued by IFA. It also noted the national labor participation rate dropped to its lowest level since 1979, which is largely why there was a drop in unemployment rate.