A Silver Lining for the Office Market?
Today’s jobs report from the Bureau of Labor Statistics is yet another reminder that what is happening in the labor market can barely be called a recovery. The U.S. economy added 80,000 jobs in October fewer than the consensus estimate from leading economists.
“Some” Good News for the Office Market
The service sector led growth in the month, continuing the nation’s shift to a service-heavy economy. Retail trade grew by 17,800 jobs and transportation and warehousing added 9,400. Professional and business services gained 32,000 positions in October and has added 562,000 over the past 12 months. Educational and health services added 28,000 in October. While the sluggish job growth is not enough to move the needle on the unemployment rate, job growth in office using employment is at least stabilizing office market fundamentals.