Office-Using Employment Continues to Expand
The domestic economy showed little evidence of the rapid deterioration that has plagued other markets as the national unemployment rate fell to 3.5% in September. Leading and coincident economic indicators point to sustained, though moderated, growth levels. U.S. payrolls continued to expand monthly at the strongest pace since the 1990s, although skilled and service employment is expanding faster than in most other sectors.
New Jersey’s unemployment rate continues to drop, falling to 3.2% in August, the third straight month a record low was recorded. The office market continued to benefit from job growth in the professional and business services and financial sectors. Businesses in New Jersey’s leading industries, such as pharmaceutical and financial services, continue to target locations where they can take advantage of the state’s highly skilled labor force.
Concerns remain for some companies about increased labor costs, including the minimum wage increase.