The number of job openings in construction collapsed in January, a sign that the Federal Reserve’s campaign to raise interest rates is finally beginning to tear through the industry.
The construction industry reported just 248,000 job openings in January. That is a decrease of a whopping 240,000 jobs from the month before and represents a 37.4% decline from a year ago, according to data released on Wednesday by the Bureau of Labor Statistics. The plunge shows that construction jobs are evaporating as old projects come to a close and aren’t being replaced by new ones, while soaring mortgage rates have led to a dramatic pullback in home sales.
“Today’s construction job openings number was simply shocking,” said Anirban Basu, chief economist for Associated Builders and Contractors.
“Yesterday’s commentary by Federal Reserve Chair Jerome Powell suggests that interest rates are set to go higher and stay elevated for longer than many had previously thought, which means that it may be a long time before construction job openings return to their previous highs,” Basu added.
ALL on O’Biden !!!!!
Is there anything else that Obiden can do to destroy America? He keeps trying to come up with new ways to finish us off. He is without a doubt the worst thing that ever happened to our country. And I thought Obama was the worst but I think Joey might even have him beat.
Trump = Best President EVER
Biden = Worse Traitor EVER & First Fake President (Not Elected )