Last week the Labor Department reported that 321,000 jobs were added to the economy in November, driving down the unemployment rate to 5.8%. By itself, that's very impressive news on the recovery. But the more impressive news was that the robust gains were led by the professional and business services sector that fueled 86,000 new jobs.
This is an uber-positive signal for us real estate types. We rely on professionals to occupy our offices, rent our high-end apartments, and purchase at premium brands.
However, while we love the exec-types, more important is the news that rank-and-file wages are on the rise. Coupled with plummeting gas prices, I suspect consumer spending is going to spike, big-time, online, and at the "mall."
Happy Holidays!
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