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.

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Erik Sherman

 

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