Pivotal Decisions
- Ahead of a pivotal week of consequential decisions, U.S. equity markets posted a second-straight week of declines as investors parsed a relatively disappointing slate of employment and inflation data.
- The pivotal Nonfarm Payrolls report showed that the U.S. economy added just 12k jobs in October - the weakest month since 2020 - with notably weaker trends under the surface.
- Private employment declined by 28k during the month, fueled by the largest plunge in manufacturing employment since the pandemic shutdown, alongside job declines in retail, transportation, and hospitality.
- Posting its worst week since early September, the S&P 500 dipped 1.4% on the week, further weighed down by a downbeat slate of earnings results from several tech heavyweights.
- Real estate equities lagged this week, as renewed rate-related headwinds offset another relatively solid slate of REIT earnings reports showing particular strength in the retail and healthcare property sectors.
Matteo Colombo
Real Estate Weekly Outlook
Ahead of a pivotal week of consequential decisions, U.S. equity markets posted a second-straight week of declines while benchmark interest rates surged to nearly four-month highs as investors parsed a relatively disappointing slate of employment
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