October 6, 2014
By Sean McGarvey, President of North America's Building Trades Unions
North America's Building Trades Unions Urge Tempered Enthusiasm for September Jobs Report
Washington, DC — "While the news that the national unemployment rate has dipped below six percent for the first time since 2008 is certainly welcome, a deeper analysis of our national economic picture would suggest a more cautious and tempered response.
For instance, the US Commerce Department reported this week that construction spending fell for the second time in the past three months, driven by declines in the residential and non-residential categories for both public and private construction.
What this means is that one of the major barometers of American economic strength – the U.S. construction industry – is showing considerable weakness long after the “official” end of the Great Recession.
The September jobs reports is indeed, good news. But, it must be mitigated by the fact that other significant economic data indicate that the U.S. economy remains mired in a lukewarm and drawn out economic recovery."