Surprise to the Upside April Jobs Report Is Good News for CRE
National Real Estate Investor reports:
Better-than-expected hiring by U.S. private employers in April could blunt some of the negative sentiment that had been building, a good sign for the commercial real estate markets, says Bob Bach, chief economist for Grubb & Ellis.
The U.S. Labor Department reported Friday that the number of nonfarm payroll jobs rose by 244,000 in April, the largest increase in 11 months. Economists had expected a gain of approximately 185,000.
Led by gains in the retail sector, the private sector generated 268,000 new jobs, the best showing since February 2006. Government payrolls shrank by 24,000.