Quikrete Industry Dashboard features job numbers

The U.S. Bureau of Labor Statistics Friday morning reported jobs grew a higher-than-expected 263,000 in November, as the national unemployment rate held steady at 3.7 percent.

In the construction sector, the Bureau reported that employment continued to trend up – plus 20,000 — with nonresidential building adding 8,000 jobs. Construction has added an average of 19,000 jobs per month thus far this year, similar to the 2021 average of 16,000 per month.

Elsewhere on the Dashboard, the Consumer Confidence Index decreased in November after also losing ground in October. The Index now stands at 100.2 (1985=100), down from 102.2 in October.

Lynn Franco, Senior Director of Economic Indicators at The Conference Board, offered a pessimistic take: “Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits. Intentions to purchase homes, automobiles, and big-ticket appliances all cooled,” Franco said. “The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023.”

Elsewhere on the Dashboard, the National Association of Realtors reported that existing home sales declined for the ninth month in a row to a seasonally adjusted annual rate of 4.43 million. Sales were down 5.9 percent from September and down 28.4. percent from the same month a year ago.

The NAR supplied additional color to the housing market: the median existing-home price for all housing types in October was $379,100, a gain of 6.6% from October 2021 ($355,700), as prices rose in all regions. This marks 128 consecutive months of year-over-year increases, the longest-running streak on record.

Meanwhile, the residential construction charts show starts in retreat. Total housing starts declined 4.2 percent to a seasonally adjusted annual rate of 1.425 million. Single-family starts fell harder, down 6.1 percent on a month-to-month basis.

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Next up: Advance Monthly Retail Sales will be released by the U.S. Census Bureau on Dec. 15.