Unemployment Rate Dips, But Big Job Losses Continue
Construction’s unemployment rate fell in August to its lowest level in eight months, but the rate remains much worse than it was a year ago, the Bureau of Labor Statistics reported on Sept. 4. Economists say the American Recovery and Reinvestment Act appears to be saving some jobs, at least in the highway sector, but they also say the industry is still hurting.
Although construction’s 16.5% August jobless rate was better than July’s 18.2%, it remained more than double the August 2008 mark of 8.2%. Rates are not seasonally adjusted. Construction’s jobless rate also was far above the 9.6% overall U.S. level for August, on the same scale.