Employers added 215,000 net new payroll jobs last month, just shy of the 225,000 jobs forecasted in Bloomberg’s survey of economists, according to the Bureau of Labor Statistics’ July employment report, which Bob Bach, Director of Research - Americas for Newmark Grubb Knight Frank called “a status quo kind of report.”
“Employers continue to add enough jobs to support commercial property leasing, absorption and rent growth. However, job growth has decelerated this year, averaging 211,000 per month compared with 260,000 per month in 2014. The long-anticipated break to the upside, featuring a surge in job creation and GDP growth, has not materialized.
“Despite weak wage growth, today’s report erects no additional roadblocks to dissuade the Federal Reserve from raising short-term interest rates as early as next month, which could send a shiver across the capital markets.”