Economic Outlook: Construction hints - UPI.com The U.S. recovery is still not worth a plug nickel for those still unemployed and there are mixed signals for the near-term future of the jobs market. The U.S. recovery is still not worth a plug nickel for those still unemployed and there are mixed signals on the near-term future of the jobs market. The Commerce Department said Tuesday building construction fell in February, down 1.1 percent from the previous month to a seasonally adjusted annual rate of 698,000 homes. The leading number on the report, however, is permits issued. This tells how many construction starts can be expected in the next month or two. Permits issued rose by 5.1 percent in February over January to a seasonally adjusted annual rate of 717,000, the highest level since 2008. One can assume construction jobs will pick up slightly if permits issued rise. But completed projects rose sharply, up 6.2 percent to a estimated annual rate of 568,000. Some of the workers who put in time on those projects are now scratching around for their next contract. Investors who make sideline bets on the situation will likely be disappointed. Neither permits issued nor construction starts came up to the expectations of economists, and those projections are often as not priced into the market before official data is made public. Some investors will pull back on companies related to the construction trades. Further, investors may find themselves over-committed to companies that fill homes with appliances and furnishings More bad news: A senior executive at BHP Billiton in London said iron-ore demand from China was slowing down. The ripple effect of that comment influenced investments in mining, construction, manufacturing and retail. Less demand for iron ore means less demand from automobile factories, those who build bridges, skyscrapers, apartment complexes and washing machines. Like a detective novel, follow the money. Stocks will react accordingly. In international markets Tuesday, the Nikkei 225 index in Japan rose 0.12 percent while the Shanghai composite index in China lost 1.38 percent. The Hang Seng index in Hong Kong gave up 1.08 percent while the Sensex in India rose 0.25 percent. The S&P/ASX 200 in Australia fell 0.37 percent. In midday trading in Europe, the FTSE 100 index in Britain slid 1.19 percent while the DAX 30 in Germany dropped 1.37 percent. The CAC 40 in France lost 1.24 percent while the Stoxx Europe 600 slid 1.1 percent.