August 11, 2008
Total non-farm employment peaked in December 2007, capping an increase of 5.5% over the 73-month period since the economy hit its most recent trough in November 2001. The fact that job growth was slower than in the prior two expansions suggests that layoffs may be muted now that the economy is softening, as noted in last week's Market Update. However, a final comparison won't be possible until the Bureau of Labor Statistics benchmarks its 2008 data early next year, which is expected to reveal a greater loss than the -463,000 reported year-to-date through July.
Source: U.S. Bureau of Labor Statistics, Grubb & Ellis Company
Robert Bach currently serves as senior vice president of research & client services at Grubb & Ellis Company in Chicago, Illinois and he can be contacted at (312) 698-6754. For more information about Grubb & Ellis Co., go to www.grubb-ellis.com.