{"id":1871991,"date":"2023-03-08T15:42:52","date_gmt":"2023-03-08T20:42:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shocking-plunge-in-construction-job-openings-as-fed-rate-hikes-begin-to-sting\/"},"modified":"2023-03-08T15:46:07","modified_gmt":"2023-03-08T20:46:07","slug":"shocking-plunge-in-construction-job-openings-as-fed-rate-hikes-begin-to-sting","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shocking-plunge-in-construction-job-openings-as-fed-rate-hikes-begin-to-sting\/","title":{"rendered":"&#8216;Shocking&#8217; plunge in construction job openings as Fed rate hikes begin to sting"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fshocking-plunge-in-construction-job-openings-as-fed-rate-hikes-begin-to-sting%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1871991&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_78203728\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">                <meta itemprop=\"name\" content=\"Biden administration found to have silently forgiven billions in student debt\">               <meta itemprop=\"description\" content=\"While public attention has swirled around Supreme Court holdups over the Biden administration's ambitious student debt forgiveness plan, billions of dollars in debt have already been forgiven quietly. Over 770,000 students have applied for debt forgiveness through an Education Department program that allows borrowers to assert a defense to repayment if it can be proven that their school misled them or broke state law, according to the Los Angeles Times. The program began toward the end of the Obama administration but has gained significant traction in the Biden administration.\">               <meta itemprop=\"duration\" content=\"PT1M43S\">               <meta itemprop=\"uploadDate\" content=\"2023-03-07 15:41:05\">               <meta itemprop=\"thumbnailURL\" content=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/1256916_th_1678203719.jpg\">               <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1256916.mp4\">              <\/div>\n<p>               <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_78203728\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1256916\"} }); <\/script>               <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>              <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">T<\/span>The number of jobs available in <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/construction\">construction<\/a> The Federal Reserve campaign&#8217;s January election failed to produce a collapsed market. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/powell-odds-rate-hike-testifies\">to raise interest rates<\/a> Industry is beginning to see a shift. <\/p>\n<p>In January, the construction industry had just 248,000 open jobs. It is actually a decline of 240,000 <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/jobs\">jobs<\/a> According to the Bureau of Labor Statistics data, the decline in construction jobs is 37.4% from one year ago. This plunge shows how construction jobs are disappearing as older projects are finished and not being replaced with newer ones. Meanwhile, soaring mortgage rates are leading to dramatic falls in home sales. <\/p>\n<p>&#8220;Today&#8217;s construction job openings number was simply shocking,&#8221; Anirban Basu is chief economist at Associated Builders and Contractors. <\/p>\n<p>&#8220;Yesterday&#8217;s commentary by Federal Reserve Chair Jerome Powell suggests that interest rates are set to go higher and stay elevated for longer than many had previously thought, which means that it may be a long time before construction job openings return to their previous highs,&#8221; Basu added. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/construction-employment-rises-housing-market\">WHY CONSTRUCTION JOBS ARE UP DESPITE HOUSING \u2018RECESSION&#8217;\u2014AND WHY IT WON&#8217;T LAST<\/a><\/b> <\/p>\n<p>These declines are due to the central bank&#8217;s attempts to reduce inflation by raising rates. This has caused mortgage rates and housing to soar, which the National Association of Home Builders described as &#8220;a downward spiral&#8221;. &#8220;housing recession.&#8221; <\/p>\n<p>The number of existing and new homes sold has fallen rapidly over the past year due to a lack of demand. In addition, starts for new construction have dropped steeply. The construction sector has remained strong despite recent declines. <\/p>\n<p>One r<\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read more from <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/construction-job-openings-fall-interest-rates\">&#8216;Shocking&#8217; plunge in construction job openings as Fed rate hikes begin to sting<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TThe number of jobs available in construction The Federal Reserve campaign&#8217;s January election failed to produce a collapsed market. to raise interest rates Industry is beginning to see a shift. In January, the construction industry had just 248,000 open jobs. It is actually a decline of 240,000 jobs According to the Bureau of Labor Statistics &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1896761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[5919,7498,6367,7819,13387,4889,6366,5587,16716],"class_list":["post-1871991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-construction","tag-fed","tag-hikes","tag-job","tag-openings","tag-plunge","tag-rate","tag-shocking","tag-sting"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1871991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1871991"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1871991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896761"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1871991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1871991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1871991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}