Courtesy of Mish.
Construction spending and construction employment look quite weak.
- Commercial construction spending was down 3.6% in April.
- Today’s horrendous job report (see Fed Hiking Not: Payroll Jobs +38K, Employed +26K, Labor Force -458K, Revisions -59K) shows back-to-back declines in construction employment.
Construction Employment
Retail Hiring Slowdown Coming Up
On June 1, I reported Retail Hiring Slowdown Coming Up: Construction Spending Plunges 1.8%.
That was an educated guess, but I did not mean today!
Year-Over Year Numbers