Construction Outlook Murky, Says Chief Economist in Presentation to AGC
As for the broader economy, consider these recent indicators. At 10 a.m. this morning, the Census Bureau reported that new orders for manufactured goods (excluding semiconductor manufacturing) rose by a seasonally adjusted 2.2% in March to their highest level since May 2001.
Yet at 8:30 today, the Bureau of Labor Statistics (BLS) reported that the national unemployment rate, seasonally adjusted, moved up in April to 6% from 5.8% in March. Commissioner Kathleen Utgoff commented, "The modest decrease of 48,000 in payroll employment (-80,000 in the private sector) follows steep declines in February and March that totaled nearly half a million jobs. Manufacturing had its largest job loss in 15 months. Travel-related industries, such as air transportation, hotels and lodging places, and amusement and recreation services, also were weak in April."