Weekly Market Insight • Monthly Job Change; Seasonally Adjusted • 11/07/11

Having trouble viewing this email? View it as a web page.
clear.gif clear.gif clear.gif clear.gif
Monthly Job Change
Seasonally Adjusted
November 07, 2011
Sources: U.S. Bureau of Labor Statistics, Grubb & Ellis
The October employment situation report from the Bureau of Labor Statistics paints a middling picture of the labor market. The report is consistent with other recent indicators – retail sales, the ISM indexes and GDP – showing that the economy has not fallen into recession, but there is little to suggest that it is about to accelerate enough to begin absorbing the 5.9 million long-term unemployed (27 weeks and over). The report is based on two surveys. The establishment survey indicated that employers added 80,000 net new payroll jobs – 104,000 in the private sector offset by a loss of 24,000 government jobs. The gains were broad-based. Professional and business services led with 32,000 including 15,000 temporary positions, often viewed as a prelude to full-time hiring. Education and health services, always a stalwart, added 28,000. Leisure and hospitality gained 22,000 while retail trade increased by 17,800, a sign of retailer optimism as the holiday season approaches. Weekly hours worked was unchanged at 34.3, and average hourly earnings rose by a modest 0.2 percent. The household survey revealed that unemployment ticked lower from 9.1 to 9.0 percent. Based on a different methodology, the household survey measured an employment gain of 277,000 last month. The number of employed in the household survey has increased sharply in the last three months by an average of 335,000. The household survey is based on a smaller sample and therefore more volatile than the establishment survey. Nevertheless, it could suggest the expansion of start-up businesses, which the establishment survey does not attempt to count. Overall, the outlook for slow economic growth remains intact, suggesting that interest rates will stay low indefinitely. For commercial real estate, this implies continued strong demand from investors but only a slow improvement in leasing market fundamentals.
Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional experience in real estate market research, consulting and city planning. His commentary on the real estate markets is provided here on a weekly basis.

Need more information? Contact:

Robert Bach
Senior Vice President, Chief Economist

To unsubscribe from this email select "Reply" and type "Unsubscribe me" in the subject field.
© 2011 Grubb & Ellis, all rights reserved.

About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s