The Quikrete Industry Dashboard

The latest jobs report is the first major metric on the Quikrete Industry Dashboard in 2024.

Total nonfarm payroll increased by 216,000 in December and the unemployment report remained unchanged at 3.7%, according to the latest Employment Situation Summary released by the Bureau of Labor Statistics.

But the monthly change in total nonfarm payroll employment for November was revised downward by 26,000, from +199,000 to +173,000, while October was also revised downward by 45,000 from +150,000 to +105,000. Combined, the revisions took the original estimates down by 71,000.

Construction employment continued to trend up (+17,000). Employment in nonresidential building construction increased by 8,000. Construction added an average of 16,000 jobs per month in 2023 compared to the 2022 average monthly gain of 22,000.

Residential construction employment now stands at 3.3 million in December, broken down into 936,000 builders and 2.4 million residential specialty trade contractors, according to the National Association of Home Builders.

Retail trade employment increased by 17,000 in December. Over the month, employment increased in warehouse clubs, supercenters, and other general merchandise retailers. Employment at building material and garden equipment and supplies dealers rose by 8,000 jobs for the month.

As employment in transportation and warehousing declined by 23,000 in December, prices at gas pumps continue to contract. 

The latest national average for a gallon of regular gasoline stood at $3.09 as of Dec. 4, according to AAA. This compares to average prices of $3.24 per gallon one month ago and $3.26 per gallon for the same period a year ago.