The job market was stronger than expected in September, but that could mean bad news for commercial real estate pros hoping that interest rates drop quickly.The U.S. added 254,000 nonfarm payroll jobs in September, and unemployment decreased by 0.1% from August, per the latest jobs report from the Bureau of Labor Statistics. But that could spell discontent for CRE if the strong employment data takes away incentives for another interest rate cut.
The leisure and hospitality, healthcare, and social assistance and government sectors — all sectors that occupy office buildings — saw the most job growth during the quarter, CNBC reported. But manufacturing and warehouse industries saw jobs shrink amid a sluggish year for industrial leasing...
RSK: Sort of misleading since most of those jobs were government and hospitality.
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- - Volume: 24 - WEEK: 42 Date: 10/15/2024 11:41:19 AM -