April Jobs Report Shows Bulk of Losses in Front-Line Sectors
Nareit's REIT Report Podcast
English - May 11, 2020 00:00 - 4 minutes - 6.82 MB - ★★★★ - 34 ratingsInvesting Business commercial real estate cre Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Nareit Senior Economist Calvin Schnure said that while the April jobs report was “clearly a shock to the economy,” the bulk of job losses were confined to a few sectors facing complete shutdowns.
In the May 11 edition of the REIT Report, Schnure noted that the April report showed a record decline in employment while the unemployment rate jumped to 14.7%, the highest level since the Great Depression. However, the data are “less alarming than we might have expected,“ Schnure said. He noted that 60% of the job losses were in sectors such as restaurants, doctors’ offices, and retail—which may be in a position to rehire at a later date.