A Commercial Real Estate Dissection of the October Employment Report

A Review of the Household Data Shows Fewer Lost Jobs but Few Opportunities for the Unemployed

wecan_smallThe Bureau of Labor Statistics (BLS) released the Employment Situation Report for October on Friday morning, November 6. According to the report’s preliminary estimates, employers cut payrolls for the twenty-second consecutive month in October, by 190,000 jobs. The consensus estimate had called for a net decline of 175,000 jobs. Disaggregating the headline, losses in construction and retail employment were both important contributors to the result. Non-residential specialty contract employment fell by 30,000 jobs, accounting for almost half of the net 62,000 jobs lost in construction activities across the country. A decline of 40,000 jobs in the retail sector reflects retailers’ modest expectations for the holiday shopping season.

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?

Dig Deeper

 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.