Job Market Update

The U.S. Department of Labor – Bureau of Labor Statistics publishes a “Monthly Jobs Report” following the beginning of each month. This report describes the previous month’s employment statistics, based on data such as the number of jobs that were added to the economy, the unemployment rate, and other factors.

The US economy saw an increase of 223,000 jobs last month and the unemployment rate dropped to 3.8%, the lowest its been in eighteen years- since April 2000. This is according to the May report.

Wages have risen slightly, although the increase has been relatively modest. Per Business Insider, average hourly earnings rose .3% from the previous month and 2.7% from the previous year. Companies are also having to pay more to retain talent.

Labor Updates for the Architecture, Engineering & Construction (AEC) Industry

The BLS showed an increase of 25,000 jobs within the construction industry. A recent Architect Magazine article indicated that the architecture, engineering and construction (AEC) industry as a whole spiked.

• Architectural and engineering services increased by 800 jobs
• Heavy and civil engineering increased by 5,000 jobs
• Specialty trade contractors increased by 20,500 jobs