Monthly jobs numbers are critical in CRE to understand the economy and their impact on interest rates, transactions, valuations, and rents. But this gets tangled because details come from multiple directions and over time.

The number of jobs in May, 272,000, burst through the median expectations of 190,000 as compiled by Dow Jones. And yet, the expectations of a 3.9% unemployment rate were slightly too low, as unemployment inched up to 4.0%. Historically, not a bad number for those who remember unemployment in the low-to-mid 5s was considered good, but still a surprise.

"The May jobs report sent conflicting messages," wrote Bill Adams, Chief Economist for Comerica Bank, in an email note. "Payrolls rose solidly and wage growth picked up, signs the labor market is still running hot. On the other hand, the unemployment rate rose, recent job growth has been concentrated in part-time jobs, and temp jobs fell, signs the labor market is cooling."