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Employment Research Brief | September 2021

September 7, 2021 by Marcus & Millichap Research Services

Delta Variant Stalls Service-Related Hiring; Rising Wages Pose New Challenges

  • Health concerns slowed hiring last month. Job creation declined substantially in August as 235,000 positions were added, down from the 1.05 million personnel brought on in July.
  • Hotels add fewer jobs as summer comes to a close. Up 16 percent so far this year, the leisure and hospitality sector did not grow in August.
  • Industrial sector labor needs reflect current economic state. The addition of 40,000 messenger and warehousing jobs along with 11,000 air transportation positions have lifted the transportation and warehousing sector staff count to above the pre-pandemic level.

Developing Trends:

  • Wage pressures mount in August. While the employment base remains 3.5 percent below the pre-pandemic level, elevated job openings signal a persistent labor shortage.
  • Less hiring, higher pay complicate Fed outlook. The slowdown in hiring may prompt the Federal Reserve to delay updates to its current policies.

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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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