US employment ends year on strongest note since 2009

Improving fundamentals bode well for real estate

TRD New York /
Jan.January 06, 2017 01:30 PM

(Credit: festivusweb via Flickr)

Good news for the real estate industry: U.S. employment grew for the 75th straight month in December and wage growth was the strongest since 2009.

The unemployment rate inched up to a seasonally adjusted 4.7 percent, from 4.6 percent in November, because more Americans are joining the workforce. 

The U.S. economy added a net 156,000 jobs last month, according to the labor department. Average hourly pay for private-sector employees rose by 10 cents to $26.

Sluggish wage growth in recent years has been holding back apartment rents and retail spending, so the latest uptick should benefit the real estate industry. In an October interview, Blackstone Group’s TRData LogoTINY real estate head Jonathan Gray said improving economic fundamentals such as employment and wages could more than offset the effects of rising interest rates.

The U.S. unemployment rate hit a peak of 10 percent in 2010 and has been falling steadily since. [WSJ]Konrad Putzier


Related Articles

arrow_forward_ios
The (social) science behind jobs and NYC office leasing

The (social) science behind jobs and NYC office leasing

Occupational hazards: A close-up on NYC’s real estate labor force

Occupational hazards: A close-up on NYC’s real estate labor force

Placeholder image

NYC construction job losses cancel real estate’s gains

Placeholder image

Nearly one-third of city job gains come from real estate

NYC office vacancies up in first quarter despite best jobs figures since 2000: report

NYC office vacancies up in first quarter despite best jobs figures since 2000: report

Placeholder image

Brokers continue to flee industry in 2010

Placeholder image

Weak U.S. employment spells bad news for housing market

Placeholder image

City, real estate sector post January job gains

arrow_forward_ios