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United States

Report | Economic insight for October 11, 2017

Summary

​Don't be fooled by the labor market data from last week. The hurricanes caused distortions in the labor market, resulting in a technical job loss in September. But the underlying trends remain strong. A lack of people to fill jobs remains a much bigger problem than an actual lack of jobs. Labor is becoming increasingly difficult to find and this is reflected across a variety of unemployment measures. It also appears as if labor scarcity could finally be pushing up wages in a more meaningful manner. Tight labor markets are good and bad for commercial real estate, though generally positive. With the prospect of tax cuts on the horizon and potentially faster economic growth, this issue could intensify in 2018.

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