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AGC: Construction payrolls shrink; October spending goes up

Post Time:Nov 10,2008Classify:Industry NewsView:192

Seasonally adjusted nonfarm payroll employment fell by 240,000 in October, and the unemployment rate rose from 6.1 percentto 6.5 percent, the Bureau of Labor Statistics reported today, according to a Nov. 7 Data DIGest report. Worse, 179,000 more jobs vanished in August and September than was estimated last month. In the past year, payroll employment has decreased by 1,078,000 (-0.8 percent). Construction accounted for nearly half of those losses-508,000 (6.7 percentof the October 2007 construction job total), including 49,000 in October. Construction workers had the highest unemployment rate (10.8 percent, not seasonally adjusted) of any industry in October, and the largest increase (from 6.1 percent) over 12 months. Average hourly earnings in construction in October rose to $22.14, up 5.1 percentfrom October 2007, vs. a 3.5 percentgain (to $18.21) for all private production and nonsupervisory workers.

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