The Associated Builders and Contractors (ABC) analysis of the U.S. Bureau of Labor Statistics report showed that the construction industry failed to add jobs in June, the third straight month with no gains. This news came despite June seeing a broader labor market rebound.
ABC Chief Economist Anirban Basu explains that the construction industry's unemployment fell from 5.2% to 4.6% in June although not for the correct reasons:
“The overall national unemployment rate rose in June as labor force participation edged higher. However, the size of the construction industry labor force shrank. This may be an indication that as other segments of the U.S. economy continue to add jobs, a growing number of construction workers and construction jobseekers are shifting to other industries.