Ken Simonson

Employment rose 166,000 in October and 1.6 million over 12 months, the Bureau of Labor Statistics reported today. The unemployment rate held steady at 4.7%.

The three principal privately compiled reports on future construction activity-from McGraw-Hill Construction, Reed Construction Data and the American Institute of Architects-were all negative this month.

The producer price index (PPI) for finished goods climbed 1.1% in September, seasonally adjusted, and 4.4% over the past 12 months, the Bureau of Labor Statistics (BLS) reported on Friday.

Nonfarm payroll employment rose 110,000 in September, seasonally adjusted, the Bureau of Labor Statistics reported.

Construction employment increased over the month in 20 states, fell in 16 and was unchanged (or within 100 of July levels) in 15 plus DC.

The Federal Reserve’s Federal Open Market Committee voted unanimously today to lower its target for the federal funds rate 50 basis points (0.5 percentage points) to 4.75%.

Employment gains reported earlier for June and July were revised down. Nevertheless, the 12-month gain in employment, 180,000 or 1.3%, was close to earlier periods.

Construction spending sank 0.4% in July, seasonally adjusted, to $1.169 trillion, the Census Bureau reported today.

Three private indicators of construction activity remained generally positive regarding nonresidential construction despite continued bad news from housing and credit markets.

The PPI for materials and components for construction climbed 0.2% and 1.9%, respectively.