Job growth accelerated in July amid higher inflation and growing economic pressures. Total nonfarm payroll employment increased by 528,000 and the unemployment rate edged down to 3.5% in July.
Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In July, residential construction gained 14,100 jobs and nonresidential construction added 18,300 jobs. Residential construction employment currently exceeds its level in February 2020, while 83% of nonresidential construction jobs lost in March and April have now been recovered.