CALABASAS, CA—Friday's Labor Department report that private-sector job growth for the previous month was the weakest in more than a year had some experts pointing to an economic slowdown and others taking a longer-term view. In the latter category are Marcus & Millichap's Hessam Nadji and Colliers International's Andrew Nelson, with Nadji writing in an MMI Research Brief this week that March's “modest pace” is consistent with “slower economic growth in the first quarter that partly reflects a strong US dollar, harsh winter weather and the shutdown of West Coast ports.”

Chief strategy officer at MMI, Nadji writes that other economic trends indicate that “the slowdown in hiring will be only a temporary setback and the economy will regain momentum over the remainder of 2015.” He adds that the March jobs report—126,000 non-farm positions added, less than half the downwardly revised figure of 264,000 in February—“will also ease pressure on the Federal Reserve to raise its benchmark lending rate in the immediate term.”

At a press briefing in New York City on Tuesday, Colliers' chief economist also cited a rough winter and the strike at West Coast ports in characterizing the March jobs numbers as a hiccup. “Every time you see one anomalous figure, the Chicken Littles say 'oh, it's over,'” Nelson said.

He noted that in nine of the 36 months of the previous recovery, from 2004 to 2006, job growth was actually less than in it was in March. “And nobody was talking about the economy stalling,” said Nelson. In his view, the current recovery potentially can continue for “quite a bit longer.”

Nelson used the term “Goldilocks economy” to describe the current environment, yet he made it clear that it's far from ideal. “I'm not saying this is a perfect economy, because it's not,” he told reporters. “But for commercial real estate, it's about as good as it gets.”

By that he meant that it's good enough to drive improvements in property fundamentals, but not so vigorous to pose the risk of overheating—or overbuilding. Aside from multifamily, new supply in most sectors is at a fraction of long-term norms, and even apartment construction is no more than those norms would dictate. As for demand, Nelson said it's picking up, but “the best years are yet to come.”

With regard to demand drivers, Nadji notes that professional and business services employment accounted for nearly one-third of the March total, with employers adding 40,000 workers in these office-using sectors last month. “All told, primary office-using employment sectors including professional and business services added 871,000 positions over the past year, contributing to an increase in occupied space in the US office sector,” he writes. “Minimal construction will divert additional rises in space demand to existing properties this year, underpinning net absorption of 107 million square feet and slicing vacancy 80 basis points to 14.5%.”

And while the pace of hiring “slackened” in March, Nadji points out that more than 3.1 million jobs were created over the past year and average hourly earnings also increased. Meanwhile, inflation-adjusted disposable income, “a broader measure of purchasing power,” has also increased 3% year over year, “providing a substantial lift to households that will translate to greater spending and near-term economic growth.”

Among the recent indicators of growing consumer confidence, Nadji observes, is a rise in pending sales of single-family homes. “Sales of single-family homes often lead to greater spending as homeowners purchase new furniture and appliances,” he writes. “Consumers also continue to buy other long-lasting goods in greater numbers.” He adds that additional shopping trips “will continue to support a strong retail property market and contribute to steady hiring in retail trade.”