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The Employment Market and Wage Inflation

May 15, 2023 by Marcus & Millichap Research Services

What Emerging Workforce Trends Mean for Investors

Labor Market Still Showing Signs of Strength

  • The unemployment rate in April fell back to 3.4 percent, while the labor shortage fell to 3.7 million
  • A decrease in immigration and of older workers in the labor force are helping sustain the shortage

Diminishing Wage Pressure To Aid Inflation Fight

  • Despite the shortage of workers, wage growth has fallen off recent highs to 4.3% annually
  • Construction wages are 15.3% higher than before the pandemic, creating additional delays in construction

What This Means For Investors

  • As wage growth is a major concern of the Fed, a slowdown may signal that it is time to pause rate hikes
  • Certainty in the interest rate climate would help investors, developers and lenders achieve stable financing outcomes on projects and plans

*Through April; job openings through March
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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