U.S. employment rate continues to improve, positioning all sectors of commercial real estate for recovery

The employment situation in May developed roughly in line with our expectations. The net increase in jobs was 559,000. The unemployment rate fell 30 basis points (bps) to 5.8%, while the employment rate fell 10 bps to 61.6%. Average hourly wages rose a robust 50 basis points over the month. This means a certain dynamic in the labor market after a mild April, although the revisions pushed job growth up slightly in April. Most of the job growth occurred in industries that suffered …

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