Construction Facing Tough Times

Nonfarm payroll employment fell for the sixth straight month in June, by 62,000 jobs, seasonally adjusted, the Bureau of Labor Statistics said.  Construction spending fell 0.4% in May, seasonally adjusted, and 6.0% from May 2007. 

Despite continued strength in office construction, “Companies are taking less office space across the nation, driving down rents in most markets and causing pain for real estate landlords,” The Wall Street Journal said.  Executives for manufacturers also listed steel as being in short supply.