COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

US employers shed 23,000 jobs in July, missing consensus forecasts of a gain of 80,000 to 95,000 and the first monthly job loss since October 2025.

Thursday's GDP arrives just one day after the FOMC's July meeting, where policymakers voted 9-3 to hold rates steady, marking the most dissents at a single meeting in nearly a decade. Today's data sharpens the debate without resolving it.

With futures markets now pricing a greater-than-even chance of a Fed hike before year-end, rate relief is off the table for the foreseeable future.

After months of gradual cooling, CPI’s shelter index nearly doubled its monthly pace in April.