Employment Report Bodes Well for U.S. Office Market
4 Dec, 2009, New York
The latest employment report by the U.S. Labor Department shows the U.S. economy is finally signaling a recovery, according to Ken McCarthy, Managing Director of Research Services for global commercial real estate services firm Cushman & Wakefield.
"Most critically for the office property market, employment in office-using industries - including financial, professional business services and information - increased by 59,000 jobs in November, the third consecutive monthly increase following upward revisions in September and October," said Mr. McCarthy. "There is a general consensus that the recovery will see weak job growth, in line with what the economy experienced in 1991 and 2002, but there is also a strong argument for healthy job growth tied to the need for businesses that cut employment levels significantly to now hire more quickly to meet rising demand."