WASHINGTON, DC—So much for the theory that the lackluster growthseen at the beginning of the year was due to the terrible weather.This morning the US Labor Department reported thatthe economy created 142,000 jobs in August andunemployment dropped to 6.1% from 6.2%.Economists, however, had been expecting 225,000jobs to be created for the month.

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In addition, downward revisions to the prior two months pushedthe average monthly gain over the last three months down to 207,000from 245,000.

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"The results were discouraging considering the US economy gainedso much momentum in the early part of the year," ScottHoma, Mid-Atlantic research director forJLL, tells GlobeSt.com.

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Indeed, the mantra from most economists has been that the US ishaving a good year and that lackluster growth seen at the beginningof the year was due to the extraordinarily bad weather. Certainly,other economic indicators have bolstered this theory, not the leastof which was the recent GDP figures. Just weeks ago the CommerceDepartment revised its calculation of US gross domestic productgrowth for the second quarter to 4.2%. Earlier it had reported GPDclocked in at 4%, but in the revised figures noted that businessesspent more on capital goods and research and development thanpreviously estimated. More than likely, this theory of solid, ifnot inspiring, economic growth for the year is an accurate one.There is something about unexpectedly poor job numbers – comparedto, say, durable goods orders -- that is especially jarring to saynothing of headline making.

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A look at the broader context of job creation for the year showsthat employment gains have averaged 215,000 jobs per month, Homasays. "That is the strongest level in over a decade and thetrajectory of the overall labor market remains favorable."

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Also, the other indicators are not to be discounted,Doug Duncan, Chief Economist of FannieMae, says in a prepared statement.

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Initial jobless claims, job openings, and purchasing managers'surveys have all portrayed improving labor market conditions, hesays. "Thus, our view of the underlying trend of the jobs markethas not changed…"

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Even the broader macroeconomic indicators of consumerconfidence, corporate profits and stock market performance bodewell for the long run, Homa says. – "They all suggest that theeconomy is still enjoying a relatively robust recovery andcontinued job gains should materialize in the second half of theyear."

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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.