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Special Report

Employment Research Brief

May 2023

April’s Jobs Report a Positive for Real
Estate, but Signs for Caution Ahead

Labor market continued to grow in April. Employers created 253,000 positions in April, up from the 165,000 jobs added in March but below the year-to-date monthly average of 285,000. Hiring last month spanned most sectors, ranging from technical health care and professional services roles to hourly restaurant positions. April’s employment growth, paired with a reduction in the labor force, was enough to dip the unemployment rate back down to a historical low of 3.4 percent. Unemployment has held under 4 percent since January 2022, the longest such stretch in five decades. These metrics underscore the near-term demand for labor, bolstering current real estate performance.

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