According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Detroit stood at ~2.0 million payrolls, representing an annualized increase of 49,400 jobs or 2.6 percent.
According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Detroit stood at ~2.0 million payrolls, representing an annualized increase of 45,200 jobs or 2.4 percent. Meanwhile, unemployment decreased 2.7 percentage points year-over-year to 6.2 percent.
According to the most recent estimates from the BLS, total nonfarm employment in Cincinnati stood at ~1.07 million payrolls, representing an annualized increase of 28,400 jobs or 2.7 percent.
According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Cleveland increased by 17,700 jobs or 1.7 percent year-over-year. Meanwhile, unemployment decreased 20 basis points year-over-year to 6.4 percent.
Minneapolis–St. Paul Employment Update | October 2016Carolyn Bates
Minneapolis-St. Paul has the fifth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,300 jobs have been added in the industry year-over-year (Y-O-Y).
While office-using sectors were responsible for 31% of growth this month, educational and health services continue to drive regional employment gains and currently account for 39% of Y-O-Y job growth.
Nationwide, unemployment rose by 10bp to 5.0% in September on the back of rising labor force participation, which also saw a bump to 62.9%. At the same time, initial unemployment claims continue to fall, with the moving average resting near a cyclical low of 250,000 per week.
U.S. job openings have jumped by 3.9% over the year even as employment is only up 1.7%. This signals strong demand by employers but lagging labor force growth that is failing to keep up with demand.
U.S. employers added 148,000 workers in September, while the unemployment rate fell to 7.2%. Average hourly earnings rose 2.1% over the previous year. The job growth was lower than expected and the report signals mixed economic data, as unemployment declined slowly but employer confidence in hiring remains lacking.
Minneapolis-St. Paul employment update | December 2016Carolyn Bates
•Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
•Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y).
•While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth.
•Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent.
•With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.
U.S. employment update and outlook: November 2014JLL
October records another month of 200,000+ job gains
The U.S. economy saw the addition of 214,000 net new jobs in October. With revisions of earlier months’ data, this makes October the eighth consecutive month with gains surpassing 200,000 jobs.
This steady expansion has helped to push down unemployment, which fell by 10 basis points to 5.8 percent. Total unemployment—which includes detached workers—dropped by 30 basis points to a recovery low of 11.5 percent, also below the long-term average.
See more economic, office and real estate research at http://bit.ly/1wCNyXQ
Since 2010 St. Louis nonfarm payrolls have grown by 4.5 percent. Two office-occupying sectors are near the top, both growing by more than 9 percent. However, the region still has some work to do. Across the nation nonfarm payrolls have increased 8.8 percent since 2010.
According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Detroit stood at ~2.0 million payrolls, representing an annualized increase of 45,200 jobs or 2.4 percent. Meanwhile, unemployment decreased 2.7 percentage points year-over-year to 6.2 percent.
According to the most recent estimates from the BLS, total nonfarm employment in Cincinnati stood at ~1.07 million payrolls, representing an annualized increase of 28,400 jobs or 2.7 percent.
According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Cleveland increased by 17,700 jobs or 1.7 percent year-over-year. Meanwhile, unemployment decreased 20 basis points year-over-year to 6.4 percent.
Minneapolis–St. Paul Employment Update | October 2016Carolyn Bates
Minneapolis-St. Paul has the fifth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,300 jobs have been added in the industry year-over-year (Y-O-Y).
While office-using sectors were responsible for 31% of growth this month, educational and health services continue to drive regional employment gains and currently account for 39% of Y-O-Y job growth.
Nationwide, unemployment rose by 10bp to 5.0% in September on the back of rising labor force participation, which also saw a bump to 62.9%. At the same time, initial unemployment claims continue to fall, with the moving average resting near a cyclical low of 250,000 per week.
U.S. job openings have jumped by 3.9% over the year even as employment is only up 1.7%. This signals strong demand by employers but lagging labor force growth that is failing to keep up with demand.
U.S. employers added 148,000 workers in September, while the unemployment rate fell to 7.2%. Average hourly earnings rose 2.1% over the previous year. The job growth was lower than expected and the report signals mixed economic data, as unemployment declined slowly but employer confidence in hiring remains lacking.
Minneapolis-St. Paul employment update | December 2016Carolyn Bates
•Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
•Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y).
•While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth.
•Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent.
•With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.
U.S. employment update and outlook: November 2014JLL
October records another month of 200,000+ job gains
The U.S. economy saw the addition of 214,000 net new jobs in October. With revisions of earlier months’ data, this makes October the eighth consecutive month with gains surpassing 200,000 jobs.
This steady expansion has helped to push down unemployment, which fell by 10 basis points to 5.8 percent. Total unemployment—which includes detached workers—dropped by 30 basis points to a recovery low of 11.5 percent, also below the long-term average.
See more economic, office and real estate research at http://bit.ly/1wCNyXQ
Since 2010 St. Louis nonfarm payrolls have grown by 4.5 percent. Two office-occupying sectors are near the top, both growing by more than 9 percent. However, the region still has some work to do. Across the nation nonfarm payrolls have increased 8.8 percent since 2010.
Minneapolis–St. Paul Employment Update | September 2016Carolyn Bates
Minneapolis-St. Paul has the second-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Financial services has reached its largest-ever employment count in MSP. The sector has seen steady gains since 2010 and even surpassed pre-Recession highs earlier this year. And once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. Nearly 6,000 jobs have been added in the industry year-over-year.
Nationwide, 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two months. Although still at average levels of growth, August demonstrated the continued volatility of the labor market in 2016. Unemployment remained stable at 4.9 percent as growth in the workforce has aligned with employment gains. The Federal Reserve is likely to hold off on the next rate hike due to inconsistent monthly additions and weaker-than-expected wage growth.
The following slides provide the background data and information that have informed the future trends identified under the economy and infrastructure theme. This presentation should be viewed alongside those for the other themes in order for the wider picture to be understood.
U.S. employers added 113,000 jobs in January 2014, below expectations. The unemployment rate fell to 6.6% while average hourly earnings rose 1.9% year-over-year. Although the unemployment picture improved, recent months have seen lackluster job creation renewing concerns about the strength of the labor market and economy going forward. Over 10 million Americans remain unemployed, with many long-term unemployed facing challenges finding new opportunities.
The document summarizes the February 2014 jobs report. It states that 175,000 new jobs were added in February, less than the average in 2013 but more than December and January. The unemployment rate rose slightly to 6.7% as more people entered the labor force. Gains were led by professional and business services adding 79,000 jobs. The report provides an overview of job growth over previous months and shows that while growth is positive, conditions remain cool with expectations of warming in coming months.
October 2015 U.S. employment update and outlookJLL
September’s jobs figures were below expectations, with only 142,000 jobs added and August downwardly revised to 136,000. Although some of this may be attributed to seasonality, strong external fundamentals signal that slower figures may be the result of an impending talent crunch.
Employment increased by 23,000 jobs so the expanding labor force only increased the overall unemployment rate by 30 basis points to 6.3 percent. This is the second consecutive month when unemployment increased.
Total nonfarm payroll employment increased by 128,000 jobs in October. Job growth has averaged 167,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018. Employment declined in motor vehicles and parts manufacturing due to strike activity. Federal government employment was also down, reflecting a drop in the number of temporary jobs for the 2020 Census.
The following slides provide the background data and information that have informed the future trends identified under the society and culture theme. This presentation should be viewed alongside those for the other themes in order for the wider picture to be understood.
U.S. employers added only 74,000 jobs in December, the weakest monthly gain since 2011. While the unemployment rate fell to 6.7%, nearly 350,000 workers left the labor force, accounting for most of the decline. Overall job growth in 2013 averaged 182,000 per month, similar to 2012 but below expectations of stronger growth. The disappointing December figures may suggest the economy and labor market remain fragile.
The following slides provide the background data and information that have informed the future trends identified under the health theme. This presentation should be viewed alongside those for the other themes in order for the wider picture to be understood.
December 2015 U.S. employment update and outlookJLL
Employers added 211,000 net new jobs in November, but the unemployment rate remained at 5 percent. The Federal Reserve's anticipated interest rate hike is now very likely.
Minneapolis–St. Paul Employment Update | July 2016Carolyn Bates
This year has been filled with milestones for the Minneapolis-St. Paul economy, and once again the metro has achieved its largest ever employment count and labor force: 1.91 million and 1.97 million, respectively.
Additionally, this month marked Minneapolis-St. Paul’s peak employment in professional and business services, a fundamental component to the metro’s economic growth. Over 4 thousand jobs have been added month-over-month, an impressive gain after an addition of 8,500 jobs last month.
At the national level, June saw 287,000 net new jobs added to the U.S. labor market, a return to healthy growth after a weak May that saw gains revised downward to just 11,000 jobs. This is the highest monthly figure in eight months and will be reassuring to decision makers such as the Federal Reserve.
High-performing markets across the U.S. have seen and expect further slowdowns in the rate of job growth as employers run up against talent shortages–a challenge that is especially pertinent to Minneapolis-St. Paul.
Detroit’s economy added 46,900 net new jobs over the last year, representing a 2.5 percent increase. With steady employment gains across the metro, look for further improvement in Detroit’s office and industrial property sectors.
Tom Stinson, MN State Economist and Tom Gillaspy, MN State Demographer, delivered a powerful presentation at a Minnesota High Tech Association CEO Briefing last summer.
This document provides an analysis of economic trends from 2010-2015 based on an Esri white paper. It finds that while some measures of economic recovery are present, such as stabilizing home values and population growth resuming in some areas, other indicators continue to decline, including ongoing job losses. Recovery has been uneven, with metropolitan areas generally faring worse than rural areas in terms of income declines and continued job losses. The economic outlook remains uncertain, with concerns about a potential double-dip recession.
IAR Public Policy Meetings, January 26, 2011.
Presented by Geoffrey J.D. Hewings, Director, Regional Economics Applications Laboratory - University of Illinois Institute of Government and Public Affairs
This document summarizes demographic, economic, and housing market data for Lake Elsinore, California. It discusses trends seen from 2015-2019, including population and economic growth. Housing metrics like sales history, median home prices, and average home values from 2018-2019 are presented. The document also discusses broader CA and national trends in GDP, consumption, inflation, and job growth. It notes challenges around housing affordability and the need to build more housing statewide. In the end, it briefly touches on relevant national and state political issues and policies.
The document summarizes statistics about Austin, Texas that show the city has experienced significant population and job growth over the past decade and a half. However, it also notes that most of the new jobs created require only a high school diploma or less and do not pay enough to afford median rents in Austin. Additionally, there are disparities in educational attainment between racial/ethnic groups that are limiting access to well-paying jobs for many Austin residents. Unless these gaps are addressed, socioeconomic segregation is likely to increase as the cost of living rises.
U.S. employment update and outlook: January 2015 JLL
The U.S. labor market added 252,000 net new jobs in December, bringing total job gains in 2014 to 3.0 million. The unemployment rate declined to 5.6% as consistent job growth outpaced labor force growth. Several industries like construction, education, health and leisure saw strong job additions that offset slower growth in the office-using sector. Overall the report indicates the labor market recovery continued in December with widespread job gains across most states and metropolitan areas.
U.S. employment update and outlook: October 2014JLL
Unemployment dips to 5.9 percent in September—its first time below 6.0 percent during the recovery.
The U.S. economy got back on track in September, bouncing back from a sluggish August with 248,000 net new jobs. Growth occurred across sectors and geographies, with office-using industries in particular benefiting from improved corporate confidence leading to permanent hiring.
Total unemployment, which includes discouraged and marginally detached workers, also declined slightly to 11.8 percent, bringing it below the 10-year average.
With numerous other employment metrics all pointing up—including job openings, voluntary quits and CEO confidence—sentiment will only become more optimistic over the coming months.
See more real estate and economic research at: http://bit.ly/1vIGt6m
Minneapolis–St. Paul Employment Update | September 2016Carolyn Bates
Minneapolis-St. Paul has the second-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Financial services has reached its largest-ever employment count in MSP. The sector has seen steady gains since 2010 and even surpassed pre-Recession highs earlier this year. And once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. Nearly 6,000 jobs have been added in the industry year-over-year.
Nationwide, 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two months. Although still at average levels of growth, August demonstrated the continued volatility of the labor market in 2016. Unemployment remained stable at 4.9 percent as growth in the workforce has aligned with employment gains. The Federal Reserve is likely to hold off on the next rate hike due to inconsistent monthly additions and weaker-than-expected wage growth.
The following slides provide the background data and information that have informed the future trends identified under the economy and infrastructure theme. This presentation should be viewed alongside those for the other themes in order for the wider picture to be understood.
U.S. employers added 113,000 jobs in January 2014, below expectations. The unemployment rate fell to 6.6% while average hourly earnings rose 1.9% year-over-year. Although the unemployment picture improved, recent months have seen lackluster job creation renewing concerns about the strength of the labor market and economy going forward. Over 10 million Americans remain unemployed, with many long-term unemployed facing challenges finding new opportunities.
The document summarizes the February 2014 jobs report. It states that 175,000 new jobs were added in February, less than the average in 2013 but more than December and January. The unemployment rate rose slightly to 6.7% as more people entered the labor force. Gains were led by professional and business services adding 79,000 jobs. The report provides an overview of job growth over previous months and shows that while growth is positive, conditions remain cool with expectations of warming in coming months.
October 2015 U.S. employment update and outlookJLL
September’s jobs figures were below expectations, with only 142,000 jobs added and August downwardly revised to 136,000. Although some of this may be attributed to seasonality, strong external fundamentals signal that slower figures may be the result of an impending talent crunch.
Employment increased by 23,000 jobs so the expanding labor force only increased the overall unemployment rate by 30 basis points to 6.3 percent. This is the second consecutive month when unemployment increased.
Total nonfarm payroll employment increased by 128,000 jobs in October. Job growth has averaged 167,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018. Employment declined in motor vehicles and parts manufacturing due to strike activity. Federal government employment was also down, reflecting a drop in the number of temporary jobs for the 2020 Census.
The following slides provide the background data and information that have informed the future trends identified under the society and culture theme. This presentation should be viewed alongside those for the other themes in order for the wider picture to be understood.
U.S. employers added only 74,000 jobs in December, the weakest monthly gain since 2011. While the unemployment rate fell to 6.7%, nearly 350,000 workers left the labor force, accounting for most of the decline. Overall job growth in 2013 averaged 182,000 per month, similar to 2012 but below expectations of stronger growth. The disappointing December figures may suggest the economy and labor market remain fragile.
The following slides provide the background data and information that have informed the future trends identified under the health theme. This presentation should be viewed alongside those for the other themes in order for the wider picture to be understood.
December 2015 U.S. employment update and outlookJLL
Employers added 211,000 net new jobs in November, but the unemployment rate remained at 5 percent. The Federal Reserve's anticipated interest rate hike is now very likely.
Minneapolis–St. Paul Employment Update | July 2016Carolyn Bates
This year has been filled with milestones for the Minneapolis-St. Paul economy, and once again the metro has achieved its largest ever employment count and labor force: 1.91 million and 1.97 million, respectively.
Additionally, this month marked Minneapolis-St. Paul’s peak employment in professional and business services, a fundamental component to the metro’s economic growth. Over 4 thousand jobs have been added month-over-month, an impressive gain after an addition of 8,500 jobs last month.
At the national level, June saw 287,000 net new jobs added to the U.S. labor market, a return to healthy growth after a weak May that saw gains revised downward to just 11,000 jobs. This is the highest monthly figure in eight months and will be reassuring to decision makers such as the Federal Reserve.
High-performing markets across the U.S. have seen and expect further slowdowns in the rate of job growth as employers run up against talent shortages–a challenge that is especially pertinent to Minneapolis-St. Paul.
Detroit’s economy added 46,900 net new jobs over the last year, representing a 2.5 percent increase. With steady employment gains across the metro, look for further improvement in Detroit’s office and industrial property sectors.
Tom Stinson, MN State Economist and Tom Gillaspy, MN State Demographer, delivered a powerful presentation at a Minnesota High Tech Association CEO Briefing last summer.
This document provides an analysis of economic trends from 2010-2015 based on an Esri white paper. It finds that while some measures of economic recovery are present, such as stabilizing home values and population growth resuming in some areas, other indicators continue to decline, including ongoing job losses. Recovery has been uneven, with metropolitan areas generally faring worse than rural areas in terms of income declines and continued job losses. The economic outlook remains uncertain, with concerns about a potential double-dip recession.
IAR Public Policy Meetings, January 26, 2011.
Presented by Geoffrey J.D. Hewings, Director, Regional Economics Applications Laboratory - University of Illinois Institute of Government and Public Affairs
This document summarizes demographic, economic, and housing market data for Lake Elsinore, California. It discusses trends seen from 2015-2019, including population and economic growth. Housing metrics like sales history, median home prices, and average home values from 2018-2019 are presented. The document also discusses broader CA and national trends in GDP, consumption, inflation, and job growth. It notes challenges around housing affordability and the need to build more housing statewide. In the end, it briefly touches on relevant national and state political issues and policies.
The document summarizes statistics about Austin, Texas that show the city has experienced significant population and job growth over the past decade and a half. However, it also notes that most of the new jobs created require only a high school diploma or less and do not pay enough to afford median rents in Austin. Additionally, there are disparities in educational attainment between racial/ethnic groups that are limiting access to well-paying jobs for many Austin residents. Unless these gaps are addressed, socioeconomic segregation is likely to increase as the cost of living rises.
U.S. employment update and outlook: January 2015 JLL
The U.S. labor market added 252,000 net new jobs in December, bringing total job gains in 2014 to 3.0 million. The unemployment rate declined to 5.6% as consistent job growth outpaced labor force growth. Several industries like construction, education, health and leisure saw strong job additions that offset slower growth in the office-using sector. Overall the report indicates the labor market recovery continued in December with widespread job gains across most states and metropolitan areas.
U.S. employment update and outlook: October 2014JLL
Unemployment dips to 5.9 percent in September—its first time below 6.0 percent during the recovery.
The U.S. economy got back on track in September, bouncing back from a sluggish August with 248,000 net new jobs. Growth occurred across sectors and geographies, with office-using industries in particular benefiting from improved corporate confidence leading to permanent hiring.
Total unemployment, which includes discouraged and marginally detached workers, also declined slightly to 11.8 percent, bringing it below the 10-year average.
With numerous other employment metrics all pointing up—including job openings, voluntary quits and CEO confidence—sentiment will only become more optimistic over the coming months.
See more real estate and economic research at: http://bit.ly/1vIGt6m
Minneapolis–St. Paul Employment Update | August 2016Carolyn Bates
According to the most recent BLS estimates, Minneapolis-St. Paul’s unemployment has ticked up from last month’s 3.1%, yet still sits comfortably below the 4 percent mark. Having the second-lowest unemployment rate in the nation among all large metros offers its own challenges as employers prepare for a potentially looming talent shortage.
Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. Approximately 6,000 jobs have been added in the industry year-over-year.
The U.S. economy saw the addition of 255,000 net new jobs in July, the second consecutive month of healthy additions after a volatile first quarter and next to no growth in May.
Nationally, average weekly wages continue to rise at an annual clip of 2.6 percent, more than double inflation at 1.0 percent. This will boost disposable income and, in turn, personal consumption that drives GDP.
U.S. employment showed a healthy return to growth in February with 242,000 net new jobs. Unemployment remained at 4.9 percent, but total unemployment dropped to just 9.7 percent—the lowest rate since before the recession.
February 2016 U.S. employment update and outlook JLL
The labor market recorded a soft opening to 2016, adding only 151,000 new jobs, although unemployment fell below 5.0 percent for the first time since 2008.
November 2015 U.S. employment update and outlookJLL
October saw the labor market return to form after a two-month slowdown, adding 271,000 net new jobs across industries, in turn bringing down unemployment to 5 percent, the lowest rate seen during the recovery so far.
Notable over the past few months has been a rise in wages in an otherwise low-inflation environment, which will boost the personal expenditures component of GDP in the coming quarters.
U.S. employment update and outlook: December 2014JLL
November gain of 321,000 jobs confirms the strength of the recovery
The U.S. economy saw the growth of an additional 321,000 net new jobs in November. With revisions of earlier months' data, makes November the ninth consecutive month with gains surpassing 200,000 jobs.
Unemployment remained steady from the previous month at 5.8 percent. Total unemployment—which includes detached workers—dropped by 10 basis points to a recovery low of 11.4 percent, as the number of marginally detached workers slowly declines.
See more economic, office and real estate research at http://bit.ly/1s2tk4M
Minneapolis–St. Employment Update | December 2015Carolyn Bates
The local unemployment rate of 2.9% has hit its lowest point since 2001. Coupled with year-over-year labor force growth of 34.2 thousand jobs, Minneapolis-St. Paul currently has one of the strongest economies of any major metro in the United States.
As is typically the case, MSP’s office-using sectors dominated hiring by taking 48.0 percent of the 12-month total employment growth, while the industrial sectors experienced a loss of 1.8 percent.
At the national level, monthly growth of 211,000 jobs over the course of November represented the second consecutive month of rebound after a slowdown in mid-2015. At the current rate of growth, a mid-to-late-2016 timeframe seems likely for the first stage of tightening.
Minneapolis–St. Paul Employment Update | January 2016Carolyn Bates
The local unemployment rate of 2.7% has once again hit its lowest point since 2001. Coupled with a monthly labor force growth of 10.3 thousand jobs, Minneapolis-St. Paul currently has one of the strongest economies of any major metro in the United States.
As is typically the case, MSP’s office-using sectors dominated hiring by taking 34.9 percent of the 12-month total employment growth, while the industrial sectors experienced a gain of 8.1 percent.
At the national level, 2015 ended on a very high note, with December gaining 292,000 net new jobs and revisions in October and November resulting in a three-month increase of 851,000 jobs.
The national rise in hourly earnings by 2.5 percent is significantly more meaningful, which will likely lead to accelerated GDP growth from the end of 2015 and into 2016 as consumer spending elsewhere pushes up the largest component of output: personal consumption expenditures.
Following 12 consecutive months of employment growth surpassing 200,000 jobs per month, the U.S. labor market slowed down in March, adding just 126,000 net new jobs. In turn, unemployment stayed stable at 5.5 percent, while total unemployment dropped by an additional 10 basis points to 10.9 percent.
Because external indicators, jobless claims and other labor market measures continue to trend in a positive direction, we believe March may have been an aberrant month, and expect further growth ahead.
The national labor market continues to add jobs and maintain the momentum gained over the past few quarters, with 295,000 jobs added in February alone. Year-to-date, the economy has already seen 534,000 new jobs and is poised to sustain this level of growth over the next 12 to 18 months as other macroeconomic indicators—from consumer spending to bond issuance to business investment—continue their upward trajectory.
Unemployment dropped by 20 basis points to 5.5 percent, also enabling the 30-basis-point drop in total unemployment—which includes those not actively seeking work—to 11.0 percent, down from 11.3.
U.S. employment rate data and trends: August 2014 JLL
After months of job creation greater than 200,000, August posted the slowest addition in eight months as sectors across the board registered a summer slowdown of sorts.
This may look discouraging, but improved consumer confidence, job openings that match pre-recession peaks, slowly-but-surely growing quits and a host of other indicators are all pointing in an upward direction—signaling that this is likely an aberration rather than a new normal.
See more real estate and economic research at http://bit.ly/1qHcQQR
Minneapolis–St. Employment Update | May 2016Carolyn Bates
The Minneapolis-St. Paul metro area saw a slight increase in unemployment to 4.0% while losing nearly 3,000 total jobs. Educational and health services added the most jobs over 12 months at 11,300. Industrial sectors outperformed office sectors in job growth. Nationally, employment growth slowed in April with the fewest jobs added since 2015, though job openings reached a record high as companies sought to expand.
US employment rate data and trends – December 2016 JLL
A muted December capped off a slower, more inconsistent 2016. Job creation over the course of 2016 totaled nearly 2.2 million jobs, a 21.4-percent lower figure than the more than 2.7 million jobs created in 2015. Monthly gains averaged 180,000 vs. the 229,000 in 2015, largely as a result of talent shortages in major markets.
Minneapolis-St. Paul JLL employment update January 2017Carolyn Bates
Minneapolis-St. Paul maintains it’s fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
New workforce highs were achieved in Education and Health Services and Government while professional and Business services have seen a slight pullback from its recent run in growth. Y-O-Y Education and Health Services claims the top spot creating 9,700 jobs over the trailing 12 month period.
Among office using sectors, all have seen a month to month contraction in growth except information which maintains still a negative overall growth rate, losing 300 jobs Y-O-Y.
Nationwide, unemployment dropped by 30bp over the year to 4.7 percent. Declines in unemployment came as a result of a steadily increasing workforce, marginally boosting participation, and job growth outperforming the rate of expansion in the workforce.
Wage growth continues to outpace inflation, reaching highest rate of increase this cycle.
U.S. employment rate data and trends: March 2014JLL
The U.S. economy added 192,000 jobs in March, a reversal from three months of slowing growth. Unemployment remained stable at 6.7 percent, but improved confidence increased the number of people looking for work. Total unemployment remains above historic norms at 12.7 percent, but 95 percent of jobs have been recovered since the recession. Positive signs include March growth being evenly distributed across industries and spreading more geographically. We expect continued positive momentum throughout 2014.
See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
The unemployment rate dropped yet again in June, to 6.1 percent. However, total unemployment, which dropped only 10 basis points in June to 12.1 percent, is still double that official rate.
Total non-farm employment increased by 288,000 jobs, making June the fifth consecutive month of growth over 200,000 net new jobs. And, this growth was diverse, with the top three industry markets contributing only one-half of new jobs, and all but two subsectors showing net growth.
See more employment data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
Additional office market research at: http://bit.ly/1znn4KF
Minneapolis–St. Employment Update | March 2016Carolyn Bates
Minneapolis-St. Paul’s unemployment rose to 3.9 percent, according to the most recent estimates available from the BLS. Although still 100 basis points lower than the national rate, this month is the first time since July 2015 that the metro unemployment rate is higher than the state of Minnesota’s.
Industrial sectors were responsible for 26.7 percent of the 12-month total employment growth, outperforming office-using sectors which saw 19.6 percent of total growth. Trade, transportation, and utilities added 3,200 jobs year-over-year and drove the bulk of industrial growth throughout 2015.
Although national year-to-date figures are down compared to 2015, January saw significant upward revisions to 172,000 jobs, improving the year’s initial performance. Despite global tensions and economic shifts, the U.S. economy seems to be holding its own, although certain sectors such as energy and trade could be impacted by fluctuations in domestic and international demand.
Minneapolis–St. Employment Update | November 2015Carolyn Bates
The local labor force has declined slightly since July’s peak, but year-over-year numbers show an increase of over 35,000 non-farm jobs since September 2014.
As is typically the case, MSP’s office-using sectors dominated the hiring by taking 45.9 percent of the 12-month total employment growth while the industrial sectors accounted for 2.3 percent of the annual growth.
Minneapolis-St. Paul Employment Update | February13, 2016Carolyn Bates
Minneapolis-St. Paul unemployment gained 60 basis points and fell four spots nationally into an eight place tie with the Indianapolis metro. New workforce highs were achieved in Professional and Business Services and Other Services while Education and Health services saw a slight pullback from its recent run in growth. Y-O-Y Education and Health Services maintained the top spot creating 13,000 jobs over the trailing 12 month period. In contrast, the Leisure and Hospitality sector lost 5,300 jobs in 2016.
Among office using sectors, all have seen a month-to-month contraction in growth except Professional and Business Services which has finished 2016 net positive 12,700 jobs.
Nationwide, unemployment rose for the second consecutive month and now sits at 4.8 percent, boosted by an increase in the labor force participation rate to 62.9 percent. However, the expansion of the civilian labor force is not keeping up with job growth, which will keep slack minimal in the near-term.
Wage growth continues but at a slower pace than December.
Similar to JLL Detroit Employment Update August 2015 (20)
The Indy industrial market continued to grow this quarter. Net absorption has already surpassed last year’s total and completed construction is closing in on last year’s total.
Finance and insurance driving expansions and relocations in the market
As of third quarter, metro employment in the finance and insurance industries finally approached pre-recession levels.
The office market saw substantial leasing activity from firms like Ally Financial which recently relocated 150 employees to the Shoreview Corporate Center with plans to add another 250 jobs by 2017.
Other firms like One Beacon Insurance Group, Securian Financial Group, Travelers Companies, and General Casualty Company have either invested in new space or absorbed existing space in all corners of the Minneapolis-St. Paul market.
Grand Action, a non-profit organization of wealthy benefactors in Grand Rapids, led development of three major projects in the 1990s that transformed downtown - Van Andel Arena, DeVos Place Convention Center, and the Grand Rapids Downtown Market. These large-scale projects increased rents, occupancy, and attracted new investment across the region. With high demand, low vacancy, and low interest rates, new construction of industrial and Class A office space is beginning. Rental rates have risen as office building sales and leasing activity increase due to the expanding market and lack of quality office properties. Limited availability is forcing owners to get creative with multipurpose buildings to attract tenants and compete in the increasingly urban market, where two types
Minneapolis CBD leads in large leasing deals
Vacancy rates in Minneapolis CBD continue their trend of shrinking every quarter. Vacancy at IDS Center declined 250 basis points since 2014 and the building now has its lowest quarterly vacancy in recent years. The demand for premium downtown office space is substantial and even co-working firms are getting in on the craze. Recently, two shared-space companies out of Chicago, Industrious and Assemble, leased a collective 36,000 sf with plans to rent out collaborative workspace to entrepreneurs and small firms by end of year.
Leasing activity and tenant demand in Cleveland looks quite strong. Office employment sectors have recorded sustained jobs growth over the last three years, which is translating into increased tenant demand.
Corporate consolidations over the next three years will place upward pressure on vacancy rates across the Pittsburgh metro office market. Rents have appreciated 3.3% year-over-year on average across all classes and submarkets as landlords maintained leverage amid tightening fundamentals. Office construction remains robust with nearly 1 million square feet under construction and 500,000 square feet scheduled to break ground next year.
The document reports on employment trends in Indianapolis from 2010 to 2015. It shows that non-farm employment reached its highest level ever in August 2015 at 1,030,100 jobs. The unemployment rate declined to 4.2% for Indianapolis and 4.6% for Indiana. Several sectors experienced strong growth over the past year, including trade/transportation/utilities which grew by 6.1%, manufacturing by 2.2%, and leisure/hospitality by 4%.
In Q3 2015, office leasing activity in Detroit totaled 1.7 million square feet across 54 transactions. The largest lease signed was for nearly 89,000 square feet in the Growing submarket. Most leases were for new tenants entering the market or renewals by current occupants. Leasing activity was strongest in the Birmingham, Dearborn, and Northern I-275 Corridor submarkets and focused in the healthcare, technology, and professional services industries.
Downtown Detroit office fundamentals are improving, with increasing rents, decreasing vacancy rates, and more refinancing activity for commercial properties. Over 300,000 square feet of new office space was delivered in 2015, marking an increase in construction beyond just rehabbing existing buildings. Urban office submarkets continue to outperform suburban areas, with rents in the city up 5.1% compared to a 3.8% increase in the suburbs. Vacancy rates have also decreased more substantially in the urban core over the past year. Recent large commercial mortgage loans on downtown Detroit buildings indicate growing creditworthiness and investment in the central business district.
After increasing in July, the local labor market contracted by 2,000 workers in August. Along with that employment held flat, still near a historic high. As a result, unemployment edged down 40 basis points to 3.3 percent.
The size of the local labor force declined by 32,000 workers in August. That contraction caused the unemployment rate to decline 40 basis points to 5.7 percent.
Total net absorption across the metro equaled 322,977 square feet in the third quarter, a welcome change from the negative absorption posted in each of the previous two quarters.
Health tech firms are growing rapidly in the Minneapolis-St. Paul area, with 34 companies moving or expanding operations there in the last four years, according to a LifeScience Alley report. On average, these health tech company moves or expansions involved 79,619 square feet of new space and 86 added jobs, larger than most other industries. Some of the companies expanding include Upsher-Smith Laboratories, Smiths Medical, National Marrow Donor Program, and St. Jude Medical.
The document discusses employment growth in different sectors in the Indianapolis market. It notes that the professional & business services and trade, transportation & utilities sectors have shown the highest continual growth since 2010, adding over 20,000 jobs over the past year. While mining & logging has consistently had limited growth, there is no clear trend for the sector with the least growth, though information and government have also shown little growth in recent years.
Manufactured goods constitute 90 percent of Illinois exports and roughly half of the state’s manufacturing output. Last year Chicago area companies accounted for over two thirds of the $68.3 billion worth of exports that originated in Illinois. Metro exports have exhibited steady improvement over the past five years growing by an average of $3.8 billion annually as manufacturing user demand followed suit.
Roughly 60 percent of Chicago’s exports were sent to countries with existing free trade agreements in place. According to the Department of Commerce members of the proposed Trans-Pacific Partnership imported $28.7 billion worth of products from Chicagoland last year. Should TPP move forward escalating trade volumes are likely to impact the local industrial market.
- Indianapolis unemployment rate decreased slightly to 4.4% while total employment reached a new historical high of 981,713 jobs.
- U.S. job growth in August was lower than expected at 173,000 jobs, below the recent range of 200,000-250,000. The U.S. unemployment rate fell to 5.1%.
- Indianapolis saw growth across many sectors such as trade, transportation, and utilities (6.0%), professional and business services (5.1%), and manufacturing (2.1%).
The local labor force remained flat in July as the influx of college graduates leveled off. That, coupled with a growth in employment caused the unemployment rate to decline 20 basis points to 6.1 percent.
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