Dismal Unemployment Rates Show Glimmer of Hope

Construction’s unemployment rate showed another year-over-year improvement in November, dipping to 18.8% from November 2009’s level of 19.4% but worse than this October’s 17.3%. The U.S. Bureau of Labor Statistics’ latest monthly employment report shows that construction lost 5,000 jobs in November, on a seasonally adjusted basis, after gaining 3,000 in October. Looking at industry segments, BLS reported that the 6,800 jobs lost in specialty-trade contractors last month more than offset gains in the buildings and heavy-civil construction sectors. November was the second consecutive month in which the construction jobless rate was lower than in the same month of last year.