The jobs numbers were good. At 199,000, not the much higher numbers from early in the year, but plenty of satisfying news from the view of a recession. However, if the question is how soon the Fed will knock down interest rates, CRE investors, owners, and developers might like to take some aspirin for the headache of a resulting logical conclusion.

First, the good news. The economy is doing better than many thought.

"The November employment report showed that across all key metrics – nonfarm payrolls, wages, the unemployment rate, the participation rate, and even the workweek – activity exceeded consensus expectations," said Nationwide Chief Economist Kathy Bostjancic in an emailed note.

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