The Associated Builders and Contractors report a large increase in nonresidential construction jobs
According to the Associated Builders and Contractors, the construction industry gained 36,000 jobs during the month of May. 19,400 of those jobs were nonresidential construction, with its three subsectors of heavy and civil engineering, nonresidential specialty trade contractors, and nonresidential building all growing. The current employment rate implies that consumer spending power will not rapidly increase in the near future, which will slow growth economically, but also slow inflation. "If we look at a single data point, it appears that the nation is entering a period of slower job growth," said ABC Chief Economist Anirban Basu. The ABC is hopeful that this positive outlook will prove to be true, as it will result in a number of beneficial outcomes for contractors and builders.