US companies shed 2,500 jobs per week on average in the four weeks ended Nov. 1, according to data released Tuesday by ADP Research. Separate data posted by the Trump administration on the Labor Department website showed initial applications for jobless benefits totaled 232,000 in the week ended Oct. 18—roughly in line with the level of claims in mid-September.
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
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