Economy Showing Resiliance as Hiring Improves; Politics and Fiscal Cliff Remain Risk Factors
As Election Day unfolds throughout the nation, Marcus & Millichap’s Managing Director of Research Services, Hessam Nadji, reviews October employment numbers in light of pending election results, the looming fiscal cliff, and the anticipated economic impact of Sandy.
- Hiring accelerated last month, though the rate of job creation remains modest relative to past recovery periods
- Althought today’s election will bring clarity for many employers, risk of the looming fiscal cliff will continue to raise employer caution
- Private sector employers added 184,000 jobs, while 13,000 government jobs were cut, generating a net job growth of 171,000 jobs
- US manufacturers expanded payrolls in October
- Construction employment grew for the fourth consecutive month, the longest streak since 2006
- National apartment vacancy dropped to 4.6% in the third quarter; however, nearly all metros will record much greater supply growth in 2013, limiting future vacancy tightening
For the complete report, visit Marcus & Millicap’s Research Brief Blog.