Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy

in sign of recovery, unemployment rate drops by 4 percent

6/8/2020

0 Comments

 
Picture
More than 2.5 million new jobs were created in May, offering evidence of a COVID-19 economic recovery, according to statistics just released by the Department of Labor.

Those 2.5 million new jobs make up the largest increase in the history of the Labor Department’s record-keeping dating to the late 1940s.

The jobless rate tacked up to 14.7 percent in April, which was also a Department of Labor record-breaker, following the initial weeks of the national economic shutdown in response to the COVID-19 outbreak.

New jobs in May were particularly visible in construction, which saw more than 464,000 workers added to the industry’s payrolls, a trend at variance with earlier forecasts predicting increased job losses in the industry.

The significant uptick in construction work follows a decline of 995,000 in April, on top of a loss of another 65,000 the month before.

The current total industry workforce is now at 7.0 million, down from more than 11.2 million in 2018. 

Overall, more than 22.1 million jobs nationally were lost in all employment segments in April and May.

Analysts contend that the better-than-expected increase in jobs in May most likely means that the decline is over, with more new jobs expected to be seen in June and July.

In a statement accompanying the new jobs report, Labor Secretary Eugene Scalia said the re-opening of the nation’s economy in May proved “earlier, and more robust, than predicted.”

“Millions of Americans are still out of work,” Scalia continued, noting that the Labor Department remained committed to helping the states deliver unemployment benefits to those who need them.
​
“However,” Scalia added, “it appears the worst of the coronavirus’s impact on the nation’s job markets is behind us.”

​By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy