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Got A Minute? Here’s some recommended reading with key points from the content:
Payrolls in U.S. Cool in August as Jobless Rate Holds Steady (Bloomberg)
- Jobs rose 151,000 in August, a number suggesting moderating growth coming off a strong July where 275,000 jobs were added. August is typically a slow growth month due to the large amount of people that go on vacation.
- “Overall, it still looks like the job market is doing well . . . this probably takes a little bit away from the case for a September (Fed) move,” said Michael Feroli, chief U.S. economist at JPMorgan Securities LLC in New York.
- The unemployment rate held steady at 4.9% for the third consecutive month.
Economy Watch: ADP Report Points to Continued Job Growth (Multi-Housing News)
- The Bureau of Labor notable stats for August. The gains shown below are the monthly gains relative to July:
- Private sector employment (+177,000 jobs)
- Goods-producing employment (-6,000 jobs)
- Construction (-2,000 jobs)
- Manufacturing jobs (flat)
- Service-providing employment (+183,000 jobs)
- Professional business services (+53,000 jobs) – good for office demand
U.S. Manufacturing Hits Rough Spot in Possible Warning on Growth (Bloomberg)
- The Institute for Supply Management index, a survey that monitors employment, production, inventories, and new orders, fell by 3.2 points in August, the largest drop in over two years. It is unclear whether this is a blip or signs of things to come but something to monitor nonetheless.
- “It’s one month, and there have been signs of stabilization,” said Brett Ryan, a U.S. economist at Deutsche Bank Securities Inc. in New York. “But this confirms that we’re not in a manufacturing recovery yet. We’ve stabilized, but it’s not rebounding strongly by any means.”
Walmart Cuts 7,000 Back Office Jobs as the Firm Adapts to E-Commerce (Bisnow)
- Walmart is automating several back office jobs and plans to cut 7,000 workers across the nation. Analysts believe that this is a reaction to keep pace with Amazon as they make a continued investment into e-commerce.
Ventas Closes On $1.5B Wexford Buy (GlobeSt.)
- The deal is Ventas’ first entry into the life science business and includes a portfolio of 23 properties containing over 4.1M SF of medical real estate leased by “top universities, academic medical centers, and research companies.”