With nonfarm employment up by 428,000 jobs in April, most economists and business leaders were delighted with Friday's April jobs report from the Bureau of Labor Statistics. But those in commercial real estate need to read past the top-line numbers to understand what the new data might be saying to the industry.

There were "subliminal messages," according to commentary by Jeffrey Roach, Chief Economist for LPL Financial sent by email.

"One subliminal message for the markets comes from the Leisure and Hospitality industry," Roach wrote. "Monthly job gains in this category slowed for the last five consecutive months. Excluding the volatility from the Omicron variant, the downward trend started last summer. The other message is within the Construction sector. Excluding the health-related distortion in January, monthly job gains in construction cooled from six months ago."