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The October review.

This issue opens with a three-piece review of recent trends in the construction industry and its relationship to the broader economy. John P. Mullins documents the differences in the responses to the business cycle that have marked construction employment in recent recessions and recoveries. In the most recent cycle, the residential and nonresidential construction components have had very different employment trends.

Christopher Manning and Mullins document the methods used to develop measures of employment for the residential and nonresidential components of construction. The most significant challenges came in the specialty trade industries, such as electrical or plumbing contractors. Manning and Mullins find that such work is specialized by residential work versus commercial or other nonresidential as well as by trade.

Matthew Miller's visual essay puts employment growth in construction during the recent recovery in the broader economic context, especially considering the demand generated by trends in the housing market.

In other articles, Abraham Mosisa and Steven Hipple examine current trends in labor force participation.

Michael L. Dolfman, Solidelle F. Wasser, and Kevin Skelly analyze the changing role of the global sector as Manhattan's economy recovers from the 9/11 terrorist attack.

Elliot Williams discusses the motivation for calculating and publishing consumer price indexes at finer levels of reported precision. In 2007, the Bureau of Labor Statistics is planning to begin publishing Consumer Price Index levels to three decimal places rather than one (for example, 203.189 rather than 203.2). This proposal is designed to improve the precision of the percent changes reported each month as calculated from the index levels. Percent changes based on three-decimal-place index levels are more precise than, and about 25 percent of the time they are different from, percent changes based on one-decimal-place index levels (the current practice).
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Title Annotation:construction employment trends and forecast
Publication:Monthly Labor Review
Article Type:Brief article
Geographic Code:1USA
Date:Oct 1, 2006
Previous Article:Notes on current labor statistics.
Next Article:Job tenure.

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