CONSTRUCTION CONTRACTION

Construction job openings fell from 249,000 on 9/30/25 to 213,000 on 10/31/25, pushing the job openings rate from 2.9% to 2.5%, the lowest October level since 2015. Similarly, hires slipped from 323,000 on 9/30/25 to 313,000 on 10/31/25, pushing the hiring rate from 3.9% to 3.8%, the lowest October rate in the 25-year series history. The quit rate slipped from 1.6% to 1.4%. Contractors have very limited need for workers.