Goods-Producing Job Growth
U.S. Manufacturing And Construction Job Openings Rise Amid Stronger Labor Demand
Anonymous
U.S. job openings data are in focus as economists look for signs that labor demand is strengthening. Recent growth has been concentrated in goods-producing industries, including construction, manufacturing and trade, with greater policy certainty and demand for AI infrastructure cited as contributing factors. That demand is also supporting wage gains in construction, while wage growth in services has cooled. Economists say strength in goods-producing sectors is helping sustain consumer spending and could support faster economic growth in the third quarter.
Key Points
1
In July, U.S. job openings per unemployed person reached their highest level since January 2025, a closely watched measure of labor demand for the Federal Reserve.
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The job-openings report is part of a busy week of labor and economic releases: the Labor Department’s monthly hiring report is due Friday, while the Bureau of Economic Analysis is set to report August personal income on Wednesday.
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Wells Fargo economist Nicole Cervi said goods-producing employers had held back on hiring last year as tariffs slowed demand, leaving some firms with “pent-up demand for labor” as they try to right-size their workforces.
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Nationwide’s Kathy Bostjancic said service-sector average hourly earnings growth slowed from 3.7% at the end of 2025 to 2.9% recently.
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