Total nonfarm payroll employment increased by 162,000 in July, and the unemployment rate edged down to 7.4 percent from 7.6 percent in June, the US Bureau of Labor Statistics reported Friday. The unemployment rate in July was the lowest level since December 2008.
The unemployment rate for construction workers fell to the lowest July level in five years last month, even though employment has stagnated in the past four months, according to an analysis of new government data by the Associated General Contractors of America.
"Although the unemployment rate for experienced construction workers came down to 9.1 percent in July, many of those workers have left the industry for other jobs, school or training programs, or retirement," said Ken Simonson, the association's chief economist. "While the industry has added workers in the past year, employment growth has been negligible recently."
The unemployment rate for workers who last worked in construction declined to 9.1 percent from 12.3 percent in July 2012, not seasonally adjusted, and the number of unemployed construction workers dropped by 227,000 to 767,000. The number of unemployed workers with prior construction experience was the lowest July total since July 2007, while the unemployment rate was the lowest July rate since 2008, Simonson noted.