Global health crisis causes shock to labor market. Restrictions on personal mobility due to the spread of COVID-19 have forced many businesses to temporarily close, contributing to 701,000 lost jobs in March. These same events forced consumers to shift spending more toward online storefronts and necessity retailers. Facing more demand, companies in these industries are hiring, which will help offset contractions in other sectors. Recently enacted fiscal stimulus will provide further aid.
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Coronavirus pandemic brings job creation to a halt. A record 3.28 million workers filed for jobless benefits in the week ending March 21 as the impact of COVID-19 hit the U.S. economy, putting an end to the nation’s historic run of employment gains. Applications for unemployment insurance last week surged to nearly five times the previous record as millions of companies have issued layoffs or furloughs. Many service businesses like hotels, restaurants, barber shops, gyms… Read More
Employment growth remains strong. Employers added 273,000 positions in February, the strongest pace of job creation since May 2018. Figures from December and January were also revised up by a combined 85,000 jobs, producing an average monthly gain of 243,300 roles over the past three months. Hiring averaged 177,800 personnel per month last year. February’s robust recruiting metrics were sufficient to keep the unemployment rate unchanged at 3.5 percent, a 49-year low. Joblessness has remained below… Read More
Better-than-expected job additions do not sway forecasts. Employers added 225,000 positions to payrolls in the first month of 2020, starting the year off on a strong foot after an average of 176,000 roles were created per month in 2019. Investors should not assume, however, that January’s more positive figures will herald accelerated growth in 2020. Both 2018 and 2019 began with elevated job creation, only for the pace of employment growth to moderate as time… Read More
December job additions affirm steady growth for 2019. Employers expanded payrolls by 145,000 positions in December, bringing the total number of jobs created in 2019 to 2.1 million. That is below the total for 2018 but close to the number of roles added in 2017. The moderate but steady pace of employment growth sustained the 49-year low unemployment rate of 3.5 percent in December.
Fox Business Features Marcus & Millichap’s President and CEO Hessam Nadji.
Yahoo! Finance Features Marcus & Millichap’s President and CEO Hessam Nadji.
Evolving shopping behavior drives spending to record high. Sales growth for Black Friday and Cyber Monday neared 20 percent as consumers sustained robust spending patterns. Digital channels delivered strong growth during the four-day weekend, with online sales on Black Friday hitting a record-high $7.4 billion and Cyber Monday posting the largest online shopping day in the nation’s history with spending reaching $9.4 billion. Though internet sales captured headlines, retailers’ strengthening blend of physical and online… Read More
Job creation soars in November. The U.S. economy added 266,000 positions in November, the largest monthly gain since January. The surge in hiring was lifted by the resolution of the General Motors-United Auto Workers Union strike, returning 41,000 auto workers to payrolls. However, even omitting these positions, an above-average 225,000 personnel were still added. The month’s robust hiring lowered the unemployment rate 10 basis points to 3.5 percent, matching the historical low. Healthcare hiring driving… Read More
Fox Business Features Marcus & Millichap’s President and CEO Hessam Nadji: Interest Rates, The Housing Market, Retail Reinvention