Ken Simonson

The Bureau of Labor Statistics (BLS) reported the unemployment rate moved up to 6.1% in May from 6% in April.

New construction contracts, seasonally adjusted, were essentially unchanged from March to April, McGraw-Hill Construction Dodge reported .

"Numerous reports today tell a tale of two industries-housing and nonresidential construction-heading in opposite directions," said Kenneth D. Simonson, chief economist for the Associated General Contractors of America.

Housing starts slid 7 percent, seasonally adjusted, from March to April but remained 3 percent higher than in April 2002, the government reported recently.

Congress recently passed the "Jobs and Growth Tax Relief Reconciliation Act of 2003," which contains immediate reductions in individual tax rates, depreciation, dividends and capital gains, and also sends $10 billion to states and local governments.

"A remarkably buoyant residential market kept construction afloat again in March," said Kenneth D. Simonson, chief economist for the Associated General Contractors of America

February's job loss was revised upward from an already huge 308,000 to 357,000.

Construction Put in Place Nearly Matches Prior Month and Year-Ago Levels

PPI jumps again but not for construction.

Summary plus Real Estate and Construction-Related Excerpts from the Fed's Jan. 15 "Beige Book"