A solid labor market could lift the commercial real estate market as 2024 comes to an end. Hiring reached a six-month high in November as job creation rebounded from disruptions related to weather and labor relations in October, according to a report from Institutional Property Advisors.
The economy added 227,000 new jobs in November, on its way to an expected year-end total of more than two million new employment opportunities, the report said. Although this figure beat expectations, the unemployment rate ticked up 10 basis points to 4.2%.
During the second half, an average of 131,500 positions per month were added, which is below the average of 191,000 from the first nine months of the year and from what was typical in the pre-pandemic period.
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