Nonfarm payroll
employment increased 132,000 in June, seasonally adjusted, in
line with the gain of 2,008,000 (1.5%)
from June 2006 to June 2007, the Bureau of Labor Statistics (BLS) reported. The
unemployment rate remained steady at
4.5%.
Construction services/contractors were the only commodity reported in short supply in June by nonmanufacturing purchasing executives
replying to the monthly survey of the Institute for Supply Management (ISM) that
was released recently. Among inputs
that are significant to construction,
building materials, copper wire, diesel fuel and fuel surcharges, and roofing were
listed as up in price; diesel was
also listed as down in price in
June. Construction was listed first among 14 industries reporting growth in June but was also among five
industries reporting contraction of new
orders and among six reporting lower
backlog of orders. On Monday, ISM reported that its survey of manufacturing
purchasing executives reported the following construction inputs up in price in
June: aluminum (also reported down in price), copper-based products, steel and
stainless steel. Commodities prices posted
mixed messages. Crude oil hit a 10-month high in early July, and copper closed
up for the fifth straight day. But scrap steel prices, which rose sharply early
this year, have been flat for three months. Nickel, used to make stainless,
retreated from record levels a month ago.