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WASHINGTON, DC-The Bureau of Labor Statistics reported Friday morning that the U.S. economy added 115,000 nonfarm jobs in the month of April and the unemployment rate was little changed, at a rate of 8.1%. Employment rose in the professional and business services, retail trade, and health care sectors. By contrast, transportation and warehousing lost jobs in April. The BLS also upwardly revised February and March figures by a total 53,000.

Without a doubt, the new numbers are uninspiring, Kevin Thorpe, chief economist with Cassidy Turley, tells GlobeSt.com. However, he takes issue with the growing theme in some quarters that 2012 is following the same pattern of 2011: that is, a strong start, which then peters out to lackluster growth.

“I can see why people would think that, but there are a number of key differences between now and 2011," he says. “We are a million miles away from April’s numbers being a ‘bad report.’”  

Consumer confidence, namely, is higher, says Thorpe, “and the 93% of people who are employed are more willing to spend this year than last.”  Also, the warm winter in 2012 caused firms to start hiring sooner than they would have, which has led to the impression that the economy is now slumping, he adds.  

“The reality is, the economy has been adding jobs at a healthy rate since December,” he says. Cassidy Turley’s projections for the rest of the year call for the addition of 125,000 to 150,000 jobs per month. “That is a reasonably healthy clip and enough to drop commercial real estate vacancies by 50 to 100 basis points in most sectors,” Thorpe says. “Throw in the fact that there is little new supply, and it should be enough to keep the industry humming.”

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.