Although GDP and job growth are slowing, unemployment remains near its cyclical low and consumer spending is showing resilience. While the economy remains healthy and broadly supportive of property market fundamentals, absorption of real estate will likely slow through 2020.
June jobs report: Rebound from a weak May; Fed stays on course for rate cuts
The U.S. economy added 224,000 jobs in June, well up from May's 72,000. Unemployment and labor force participation each ticked up 10 bps—to 3.7% and 62.8%, respectively. The June report marks 104 consecutive months of U.S. job growth—the longest stretch ever.
May jobs report: Weak performance increases odds of Fed cut
The U.S. economy added 75,000 jobs in May—far fewer than the expected 175,000. Unemployment was flat at 3.6%, as was labor force participation at 62.8%. The May report marks the longest ever stretch of U.S. job growth: 104 consecutive months.