This is a narration of our weekly Rent and Operating Trends Report. The employment market may finally be catching up with the rest of the economic slowdown, as the September jobs report missed estimates. While 263,000 new jobs were added to the economy, estimates called for 275,000. The unemployment rate dropped to 3.5% but the decline was due to a lower labor force participation rate, another sign of potential weakness in the job market. Employment remains the strongest aspect of the economy, but it may be losing its shine, which would align with the weakness seen across the broader market. The tech-heavy NASDAQ hit a two year low on Monday, and other major equity indices continue to trade lower. Interestingly enough, softer job growth could indicate to the Fed that their monetary tightening is working and may lead to slower interest rate increases down the road. The more significant indicator however will be the September CPI number, set to be released on Thursday. Tune in to find out more information on multifamily dynamics during the week of October 9th.
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