CALABASAS, CA—The disappointing national employment numbers are likely to give the nation's central bank pause as it contemplates increasing interest rates, says Marcus & Millichap's Hessam Nadji in the latest Research Brief blog. At the same time, Nadji cites the continued progress that the US economy is making.

A senior EVP at MMI and GlobeSt.com Thought Leader, Nadji points to “international turbulence and economic weakening” as factors that drained some of the confidence of US employers last month. Add sliding exports in the face of a stronger dollar to the mix, and the result was hiring numbers that came in below expectations.

“A silver lining of the slower labor market will be increased caution by the Federal Reserve as it contemplates a rate hike,” Nadji writes. “The central bank will digest the payroll numbers at its October meeting, while also considering other employment metrics, inflation, and global and domestic economic trends before reaching a decision on how to manage the federal funds rate.”

In the face of the slowdown in hiring last month, Nadji observes, the economy has made great strides in recovering from the downturn. “Full-time employment has recovered to its pre-recession levels while part-time employment has also expanded,” he writes. “Individuals purposely selecting part-time work for lifestyle reasons remain the principal driver of growth in part-time employment.”

Over the long term, part-time employment has increased steadily “as the US shifted from a manufacturing-based economy to a higher dependence on service businesses over the past 50 years,” according to Nadji. “The greater availability of jobs working limited hours in fields that include call centers, hospitality and retail has lifted the percentage of employment in part-time positions to more than 18% as of September, near an all-time high.”

And while both manufacturing and energy businesses shed jobs last month, results were positive in both the professional and business services sector and in food and hospitality. In particular, Nadji writes, “The hotel industry is recording its most significant construction since the recession, and additional hiring will occur in the near term as properties come on line this year and in 2016.”

The transportation and warehousing sector was another gainer in September, albeit a nominal one. Accordingly, industry vacancy dipped to 6.9% nationwide in the first half of the year, according to Nadji. “A combination of restrained completions and growing demand will slice the rate to 6.5% this year and support a 5.3% climb in the average rent.”