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United States

Report | Economic insight for December 13, 2017

Summary

Gains in November exceeded expectations and the recent trend. However, the long-term trend shows job growth continues to decline over time as labor scarcity intensifies. Barring some unlikely surge in job creation in last few weeks of this year, job growth will decline for the third consecutive year in 2017. And wage growth has yet to materialize, stymied by weak productivity growth and low inflation. If both firm up as anticipated and the labor market tightens further, wage growth could accelerate in 2018 and finally break the 3 percent threshold for the first time since before the recession. Nothing in the employment report will not prevent the Fed from hiking interest rates this week, bringing the total number of rate hikes in 2017 to three despite tame inflation throughout most of the year. Meanwhile, Congress will work to reconcile the differing drafts of tax reform. But the ultimate bill should stimulate the economy in 2018. That is all good news for the major CRE property types. 

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