COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

According to the Bureau of Labor Statistics' (BLS) November jobs data, US employers added 64,0000 jobs in November, slightly beating expectations but reflecting a significant slowdown in payroll growth. The unemployment rate rose to 4.6%, its highest since September 2021.

The protracted government shutdown squeezes housing programs, 'data fog' creates a conundrum for the Fed, and a US-China trade truce offers cautious optimism to developers.

The Administration considers a national housing emergency as residential markets send mixed signals.

Tariffs face legal uncertainty, lumber and furniture tariffs may introduce fresh headwinds for housing, and the Fed prepares to cut rates.