The U.S. office vacancy rate is 14.1%, which is near a record high, according to real-estate data firm CoStar. Of the 12 largest markets the firm tracks, five are at their highest levels in 25 years and the others are just below. Those stubbornly high vacancies reflect a crucial difference between the current slump and previous ones: This one isn’t cyclical; it’s the result of structural changes in the workplace, namely the staying power of remote and hybrid work. https://buff.ly/3ugVSaw
Mass layoffs by US companies jumped to one of the highest levels on record in October, according to Cleveland Fed data, signaling a weakening in the jobs market. https://buff.ly/eApeIgQ More crucial evidence will come on Thursday, when the Bureau of Labor Statistics releases the September jobs report, which was delayed by the government shutdown. https://buff.ly/tIj6Orh
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