SAN JOSE – There’s a popular term buzzing around the San Francisco Bay Area construction industry as the books close on a strong 2016 and we look at what’s in store for the year ahead.Cautiously optimistic.
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The newspapers and politicians had a lot to say over the weekend about the disappointing hiring report for May. Only 69,000 jobs were created in May causing the unemployment rate to increase to 8.2% from 8.1%. The unemployment rate also went up because 642,000 Americans resumed their job search. The unemployment data confirms a downshift in hiring that began in May. A net of just 69,000 jobs added in May falls well short of what is required to support a self-sustaining recovery. Both the March and April job reports were weak.
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The U. S. Economy added 243,000 jobs in January – the fastest rate since April, 2011. The increase appears to be a solid one based on economic information collected in government surveys. The official government unemployment rate declined from 8.5% to 8.3%. Manufacturing added 50,000 jobs and 21,000 new jobs were added to construction. In a separate household survey, a huge 847,000 increase in employment for January was found. It takes some months for employment data to shake-out but all point to a continued recovery with lowered danger of a double-dip recession. A better job outlook may encourage disappointed job seekers to return to the job market pushing up the unemployment rate.
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Economists were pleased with the report that the Gross Domestic Product (GDP) rose 2.5% in the Third Quarter. The report allayed at least for now concerns that the economy is sliding toward recession. The economy grew a paltry 0.4% in the First Quarter and 1.3% in the Second Quarter.
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MORE ON THE ECONOMY...
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