The depressed housing market and growing weakness in the nonresidential and public works sectors is starting to have a major impact on labor markets. In November, the U.S. Bureau of Labor Statistics announced that construction’s unemployment rate had soared to 12.7%. This marks a steady climb from 8.0% in July through 10.8% in October. The November 2008 unemployment rate is more than double last year’s rate and is way above the low of 4.5% record in November 2006. The current 12.7% unemployment rate means that in November 1.237 million blue- and white-collar workers were out of work. The unemployment rate traditionally goes up further in December.
Unemployment Doubles Since 2007, Hitting 12.7%
December 17, 2008