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Is a Strong Jobs Report Bad News for CRE

February 13, 2023 by Marcus & Millichap Research Services

What Does January’s Surprising Jobs Report Mean For CRE?

January Employment Data Blows Past Expectation

  • The first jobs report of 2023 recorded 517,000 additional jobs in the economy, roughly double the predictions
  • This is just the second time in more than 20 years hiring has exceeded 500,000 new positions, other than the pandemic recovery

What This Means For The Federal Reserve

  • The media ran two directions with the report, first, that the labor market gains suggests economic strength, and second that too much labor market growth will induce stronger Fed action in the months to come
  • Chairman Powell appeared to take a more dovish tone during the last press conference, but the jobs report could shift the Fed’s approach during the next meetings

How will this Impact CRE Investors

  • Despite fears of more intense rate hikes, strong employment growth has powered CRE space demand historically, especially within the core property types
  • In the long-run, employment growth is a positive for CRE investors, even if financial markets need time to calibrate in the near-term

*Through January 2023
Sources: Marcus & Millichap Research Services, BLS

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Filed Under: Research Brief

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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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