November was yet another healthier-than-expected month for jobs creation. The 263,000 additional nonfarm payroll jobs were well below the 12-month average of 408,000 and the 24-month average of 456,000, but it was also significantly above the 200,000 that economists had expected. The unemployment rate remained at 3.7% and has been in the 3.5-to-3.7% range since March.

Before anything else someone in CRE might consider, it means more fuel for the Federal Reserve to keep pressing interest rates upward, making financing costs even more expensive than they have been. And they’ve already been high enough to begin the conditions for a new distressed market.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erik Sherman


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.