By Peter Beland
Dolan Media Newswires
Looks like I can’t brag to my brother anymore.
In the virtual stock market game we are playing, my once-decent 12 percent return rate was shaved down to 2.2 percent thanks in part to the more than 500 point plummet the Dow experienced Thursday.
Though Thursday’s plunge was the latest drop to signal what many are calling indications of a double-dip recession, at least the July jobs report has some bittersweet news for the beleaguered construction sector.
According to the Financial Times, 8,000 jobs were added to the construction sector in July, versus the 9,000 that were lost in June. So we’re at minus 1,000 jobs in the past two months. The unemployment rate fell to 9.1 percent! But it fell from a 9.2 rate of unemployment, so we’re coming back at a painfully slow pace.
In the last week, the Dow has lost all gains it made since the beginning of the year.
Though national construction spending in the June rose .02 percent, unemployment in the sector is at 20 percent.
As the construction industry putters along in the wake of the debt ceiling compromise, the country’s infrastructure crumbles. Maybe a move to put people to work in public infrastructure might kill two birds with one stone?
Oops, I forgot. The disfigured document produced from the unholy union of opposing political forces in Washington slashed billions from public infrastructure jobs.
Oh well.[polldaddy poll=”5372805″]