Employment Research Brief

Job growth picture re-framed in July. Employers added a net total of 73,000 positions last month, led by the health care and social assistance sectors with the creation of 55,400 and 17,900 roles, respectively. July’s hiring was overshadowed, however, by large downward revisions to figures from May and June. Combined, 258,000 fewer jobs were added than previously thought, with headcounts failing to rise by more than 19,000 in either month. Historically, employment estimates are revised up on average. Unemployment has nevertheless been able to stay in the low-4 percent band during this subdued period, although that is largely due to the 794,000-person contraction in the labor force since April. The total number of unemployed people, 7.2 million, is fairly aligned with the most recent recording of job openings, which was 7.4 million. These metrics point to a labor market that is roughly balanced but clearly slowing — a dynamic reflected in varying commercial real estate property performance.