IMF Revises Growth Forecast; Construction Unemployment Lowest Since 2000

Another major financial institution cut its global growth forecast yesterday and US construction unemployment reached a new milestone.

IMF Cuts Growth Forecast

The International Monetary Fund cut its global growth forecasts for a second time this year on Tuesday, citing weak commodity prices and a slowdown in China and warned that policies aimed at increasing demand were needed.

The IMF, whose annual meeting started in Peru this week, forecast that the world economy would grow at 3.1% this year and by 3.6% in 2016.

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Both new forecasts are 0.2 percentage point below its July forecast and are 0.4 percentage point and 0.2 percentage point below its April outlook, respectively.

AGC: Construction Unemployment Lowest in 15 Years

The number of unemployed workers with construction experience dropped to the lowest total for September since 2000, as hiring continued to slow despite robust demand for construction, according to an analysis by the Associated General Contractors of America.

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Association officials cautioned that the hiring slowdown most likely reflects a lack of available workers that could lead to project delays unless more students and workers join the construction sector.