{"id":594764,"date":"2023-01-06T11:52:03","date_gmt":"2023-01-06T17:52:03","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/06\/good-news-is-bad-news-in-latest-labor-report\/"},"modified":"2023-01-06T11:52:03","modified_gmt":"2023-01-06T17:52:03","slug":"good-news-is-bad-news-in-latest-labor-report","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/06\/good-news-is-bad-news-in-latest-labor-report\/","title":{"rendered":"\u2018Good news is bad news\u2019 in latest labor report"},"content":{"rendered":"<div>\n<h3><span><span><span><span><span><span>Dive Brief:<\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n<ul>\n<li><span><span><span><span><span><span>Construction\u2019s job openings were largely flat in November compared to the month before, according to new Bureau of Labor Statistics data.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>The amount of unfilled positions for which contractors are actively recruiting declined by 2,000 to 388,000, according to analysis from <\/span><\/span><\/span><\/span><\/span><\/span><a href=\"https:\/\/www.abc.org\/News-Media\/News-Releases\/entryid\/19736\/abc-construction-job-openings-flat-in-november\"><span><span><span><span><span><span><span><span>Associated Builders and Contractors<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span>.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>That small drop \u2014 down less than 1% from October and 6% from a year before \u2014 signaled a continued trend in the industry: Construction needs more workers.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n<h3><span><span><span><span><span><span>Dive Insight:<\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n<p><span><span><span><span><span><span>\u201cOnce again, good news is bad news,\u201d ABC Chief Economist Anirban Basu said in the report, calling the bad news obvious.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cDespite raising interest rates during the last 10 months, the Federal Reserve is still grappling with an excessively tight labor market associated with rapid compensation cost increases,\u201d he said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>In order for the Federal Reserve to reel in inflation, it needs a labor market with fewer open jobs, more unemployment and slower compensation growth. As interest rates continue to rise, they will impact financing costs \u2014 including wages \u2014 and potentially set up sharp declines in private construction activity, Basu said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<figure>\n<div>\n<p><img decoding=\"async\" alt=\"A chart showing the rate of construction job openings and quit rates.\" data-imagemodel=\"126158\" src=\"http:\/\/www.constructiondive.com\/imgproxy\/hxtQZoaCro7k7IrdmVHCgrd8jlDJxrYn8c464zHoq4g\/g:ce\/rs:fill:748:435:0\/bG9jYWw6Ly8vZGl2ZWltYWdlL1NjcmVlbnNob3RfMjAyMy0wMS0wNV85LjQ2LjExX0FNLnBuZw.png\"><\/p>\n<\/div><figcaption>\n<p>Optional Caption<\/p>\n<p>Courtesy of ABC<\/p>\n<\/figcaption><\/figure>\n<p><span><span><span><span><span><span>Inflation has also <\/span><\/span><\/span><\/span><\/span><\/span><a href=\"https:\/\/www.constructiondive.com\/news\/inflation-saps-infrastructure-act-iija-buying-power\/639518\/\"><span><span><span><span><span><span><span><span>soured the excitement of the Infrastructure Investment and Jobs Act<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span>, as the law\u2019s massive funding could be undercut by the increased costs of labor and materials.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Across all industries the number of open jobs remained high, at 10.5 million. The labor market is still \u201cred-hot,\u201d Basu said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/www.constructiondive.com\/news\/good-news-is-bad-news-latest-labor-report\/639701\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Zachary Phillips<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dive Brief: Construction\u2019s job openings were largely flat in November compared to the month before, according to new Bureau of Labor Statistics data. The amount of unfilled positions for which contractors are actively recruiting declined by 2,000 to 388,000, according to analysis from Associated Builders and Contractors.\u00a0 That small drop \u2014 down less than 1%<\/p>\n","protected":false},"author":1,"featured_media":594765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22014,3775],"tags":[],"class_list":{"0":"post-594764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-good","8":"category-news"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/594764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=594764"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/594764\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/594765"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=594764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=594764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=594764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}