Executive Watch

Last week, the US Labor Department reported that the economy added 110,000 jobs in September and roughly 90,000 in both July and August. This stands in sharp contrast to fears that the sub-prime debacle was going to spread across the economy and precipitate a recession. While the new data suggests that economic growth has, indeed, slowed this year, it seems that the storm has passed for now, the economy is holding its own and recessionary fears have subsided. However, on the real estate front, the finance side of the business is still reeling from sub-prime aftershocks, and recruiting activity that virtually stopped in August will remain on hold until the credit markets regroup. My expectation is that confidence will rebuild in the financial sector servicing real estate during the first quarter, and the hiring trend for financial types will rebound, somewhat. The better news is that real estate, overall, while experiencing a modest correction, (a positive, considering how over-heated the markets had become), will continue to enjoy job growth.

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