Rise in us commercial property sales predicted on job growth

Better-than-expected hiring by U.S. private employers in April could blunt some of the negative sentiment that had been building, a good sign for the commercial real estate markets, says Bob Bach, chief economist for Grubb & Ellis.

The U.S. Labor Department reported Friday that the number of nonfarm payroll jobs rose by 244,000 in April, the largest increase in 11 months. Economists had expected a gain of approximately 185,000.

Led by gains in the retail sector, the private sector generated 268,000 new jobs, the best showing since February 2006. Government payrolls shrank by 24,000.

“The report of better-than-expected hiring last month comes at a time when other indicators suggest the economy might be losing steam,” says Bach.

Source: NUWireInvestor.com