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Office Users Drive July Jobs Gains

WASHINGTON, DC—July’s total of 255,000 new positions nationwide surpassed economists’ expectations. A weak spot, though, was in residential construction, which barely grew from the previous month.

Labor Department headquarters Labor Department headquarters in Washington, DC.

WASHINGTON, DC—A stronger-than-expected monthly jobs report contains especially good news for office landlords. The professional and business services sector added 70,000 positions in July, its best showing since last October, according to Labor Department statistics released Friday.

The sector accounted for more than one quarter of the 255,000 nonfarm jobs added during the month. That compares to 38,000 professional and business services jobs added in June, although June’s adjusted tally of 292,000 was higher overall. Economists polled by Bloomberg Business had projected a median increase of 180,000 positions for July.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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