CSBJ Daily

In response to a Bureau of Labor Statistics report that showed construction lost 35,000 jobs last month, economists with the Associated General Contractors of America said lawmakers must move quickly to save the nation’s remaining construction jobs.

“Unless Congress adopts a rescue plan immediately, the October report, which is due out just after Election Day will be much uglier,” Chief Economist Ken Simonson said.

Simonson said the problem could already be worse than the number indicate because they only reflect payrolls as of Sept. 12, before the takeover of Fannie Mae and Freddie Mac triggered the current freeze in bank lending.

The bad news on employment comes on the heels of a report from the Census Bureau on Wednesday that private nonresidential construction spending fell by nearly 1 percent during both July and August.