Research Brief: Employment – January 2022

In rare feat, unemployment drops below 4 percent. Employers added 199,000 personnel to payrolls in December, below the 2021 monthly average of 537,000 jobs, while the unemployment rate fell 30 basis points to 3.9 percent. Of the past 22 years, fewer than three have been spent with sub-4 percent unemployment. The tight labor market is also reflected in the surplus of job openings, last counted at 10.6 million, compared to 6.3 million people activity seeking work. Closing that gap will take time and may impede the recovery of certain commercial property types, as many retailers, hoteliers and medical practices look for staff. At the same time, more people earning incomes fosters household formation, benefiting apartment demand.

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