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.

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