December Jobs Report Shows a Slowing Market, Despite Low Unemployment

The Bureau of Labor Statistics’ December jobs report, released on Friday, Jan. 10, shows a slowing job market at the end of 2019, says Calvin Schnure, Nareit’s senior vice president of research and economic analysis. Nonfarm payroll employment increased by 145,000 in December, compared to an average increase of 200,000 over the prior three months. Monthly job growth averaged 176,000 in 2019, the lowest since 2011. Wage growth also eased, with average hourly earnings in December 2.9% above 12 months ago, a notable deceleration from the 3.4% growth earlier in the year.

Unemployment remains low, however, and the overall job market remains healthy. Rising employment and income growth, while moderate, appear likely to support the economic activity that generates demand for real estate and REITs in 2020.

(Contact: Jane Dollinger at

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