Reply #17: Housing slowdown costing jobs [View All]

[UpInArms]

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BC7804D8B%2DEA7B%2D4875%2D8ECC%2D341AB3EF5E07%7D&symbol=

WASHINGTON (MarketWatch) - The U.S. housing slowdown is beginning to be felt in the job market.

The number of workers employed in residential construction dropped by 13,000 in September, while the total hours worked in construction plunged by 1.7%, the Labor Department reported Friday.

Softer hiring and hours worked were also seen in related industries, such as manufacturing of wood products, mineral products and furniture, the government said.

Total employment in construction rose by 8,000 as nonresidential builders added to their payrolls.

The rest of the jobs report was on the weak side. The number of new jobs created dropped to 51,000 in September, the lowest since last fall's hurricanes, and less than half of the expected 123,000.

The number of hours worked in the economy fell by 0.1% in September, including a 1% drop in hours worked in durable-goods manufacturing.

Of 278 industries, 51.4% were hiring in September, the slowest proportion since September 2005. In manufacturing, only 40.5% of 84 industries were hiring.

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