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Employment Research Brief | August 2021

August 11, 2021 by Marcus & Millichap Research Services

Employers Sustained Aggressive Hiring in July as Delta Variant Overshadows Outlook

  • Unemployment steadily tightens. Job creation surpassed 900,000 new positions for the second consecutive month in July, lowering the unemployment rate 50 basis points month over month to 5.4 percent.
  • Retail and hotel fundamentals continue to improve. The leisure and hospitality sector again led hiring last month with the addition of 380,000 personnel.
  • Multifamily leasing resumes in force. Ongoing employment growth and the resumption of many normal routines bolstered household formation in the spring and summer, leading to a record number of apartments being absorbed in the second quarter.

Developing Trends:

  • COVID-19 variants complicate current outlook. The spread of the Delta variant raises concerns about economic growth in the second half of the year.
  • Higher wages, inflation may affect monetary policy. The number of unemployed fell to 8.7 million in July, below the 9.2 million jobs open in May.

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Filed Under: Research Brief, Employment

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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