There were 71,000 fewer job openings in the construction industry, a 17.5% drop from May, as rising debt costs and an economic slowdown increasingly crimp demand.
"Demand for workers is clearly fading due to rising borrowing costs, increasingly pervasive pessimism and growing risk of recession," said Anirban Basu, chief economist for Associated Builders and Contractors (ABC), in an analysis of new data from the Bureau of Labor Statistics.
According to the BLS monthly Job Opening and Labor Turnover Survey (JOLTS), there were 334,000 open jobs across the construction industry in June. Down from 405K in May.
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