Local Market Monitor, a National REIA preferred vendor, recently released their National Economic Outlook for January, 2019 where they share their thoughts on developments taking place in the U.S. economy.
National Economic Outlook – January 2019
January 22, 2019
By Ingo WinzerThe economy is always changing, even though economists routinely pretend the data from one period can be directly compared with data from another. Some of the interesting changes can be seen by looking at the types of jobs the economy is creating.For example, in 2018, of the 2.7 million new jobs created, 130,000 were at management and computer consulting companies, 100,000 at temp agencies, 160,000 at warehouse and delivery companies, and 280,000 in manufacturing.
The manufacturing jobs probably reflect more production from highly-automated factories that can now compete with imports; the warehouse and delivery jobs reflect the rise of on-line shopping; the consulting jobs show that companies are trying to adapt to a new environment; and the temp jobs show that companies are more aware of fluctuating demand for their products.
Computerized manufacturing and shopping are with us to stay, we’ll see more of that. But temp and consulting jobs will be the first to go when the economy slows down, an instability built into the system.
In December, total jobs were up 1.8 percent from last year. Jobs were up 2.8 percent in business services, 2.3 percent in manufacturing, 2.3 percent in healthcare, 2.2 percent at restaurants, and 1.3 percent in finance. Unemployment increased slightly, to 3.9 percent.
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800.881.8653About the Author: Ingo Winzer is President of Local Market Monitor, and has analyzed real estate markets for more than 20 years. His views on real estate markets are often quoted in the national press and in 2005, he warned that many housing markets were dangerously over-priced. Previously, Ingo was a founder and Executive Vice President of First Research, an industry research company that was acquired by Dun and Bradstreet in March 2007. He is a graduate of MIT and holds an MBA in Finance from Boston University. He resides in Cambridge, Massachusetts.
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