{"id":1004202905,"date":"2018-01-09T03:58:00","date_gmt":"2018-01-09T11:58:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004202905"},"modified":"2022-12-09T00:58:52","modified_gmt":"2022-12-09T08:58:52","slug":"how-did-office-employment-perform-in-2017","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-did-office-employment-perform-in-2017\/","title":{"rendered":"How Did Office Employment Perform in 2017?"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"Heidi<\/a>

Heidi Learner<\/p><\/div>\n

December\u2019s payrolls report \u201cshowed a modest deceleration in employment, as total private sector job growth at the establishment level rose by 146,000<\/em>,\u201d which was well below the 239,000 upwardly revised gain in November, according to a new report from Savills Studley. More specifically, office employment grew by 32,000 in December, which the report calls \u201ca disappointment<\/em>,\u201d given monthly growth averaging 53,000 over the past year.<\/p>\n

During 2017, office employment<\/a> grew by 621,000, versus 710,000 in 2016. A major issue for the year just starting, the report says, is \u201cwhether companies are looking to slow their headcount growth<\/em>\u201d or whether the shortfall reflects their inability to find qualified workers in a tight labor market.<\/p>\n

\u201cDecember\u2019s payroll gains showed a definite slowing, raising more doubt as to whether the Fed will be ready to embark on another rate hike come March<\/em>,\u201d the report\u2019s author, Heidi Learner, Chief Economist for Savills Studley, said in a prepared statement.<\/p>\n

As the unemployment rate hovers just above 4 percent, a key question is whether and when this tightness in the labor market will translate into wage growth, possibly putting upward pressure on inflation. There are about the same number of non\u2013labor force participants who would like a job today as in 2007, and more jobs available today than in early 2007, the report notes, \u201cyet wage growth is running a full percentage point below the rate of wage gains observed a decade ago<\/em>.\u201d<\/p>\n

Wages and the Fed<\/h2>\n

Without a sustained rise in wages, it\u2019s difficult to see the outgoing Fed chair\u2019s expectations for a rebound in inflation materializing, according to the report.<\/p>\n

And though 18 states raised their minimum wages as of the new year, none of them has a minimum wage above $11.50, which is well short of the $15.66 average hourly wage of leisure and hospitality workers, the sector with the lowest average hourly pay.<\/p>\n

\u201cWith minimum wage increases unlikely to boost overall wage inflation, expect a Fed that holds off on a rate hike in Q1 2018 unless wage growth accelerates dramatically over the next few months<\/em>,\u201d the report predicts.<\/p>\n

Photo courtesy of\u00a0Savills Studley<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There are about the same number of non-labor force participants today as in 2007. The good news is, there are more jobs available today.<\/p>\n","protected":false},"author":882,"featured_media":1004202925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21747],"tags":[38798,32775],"class_list":["post-1004202905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-office","tag-heidi-learner","tag-savills-studley"],"acf":[],"yoast_head":"\nHow Did Office Employment Perform in 2017? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/how-did-office-employment-perform-in-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Did Office Employment Perform in 2017?\" \/>\n<meta property=\"og:description\" content=\"There are about the same number of non-labor force participants today as in 2007. 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