Report | United States Employment Update - October 2014
The U.S. economy got back on track in September, bouncing back from a sluggish August with 248,000 net new jobs. Growth occurred across sectors and geographies, with office-using industries in particular benefiting from improved corporate confidence leading to permanent hiring. However, growth remains increasingly diversified: information, financial activities, construction, trade and manufacturing are all contributing to the broader economic recovery. In turn, unemployment continues its slow-but-steady downward trend, hitting dipping below 6.0 percent for the first time during the recovery and now stands at 5.9 percent. Total unemployment, which includes discouraged and marginally detached workers, also declined slightly to 11.8 percent, bringing it below the 10-year average. With numerous other employment metrics all pointing up, from job openings to voluntary quits to CEO confidence, sentiment will only become more optimistic over the coming months. This will translate into even more improved conditions for the office market, which is already posting greater amounts of expansionary leasing activity.
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