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Major indexes on Wall Street as well as Germany's DAX hit record highs at the beginning of May, when the U.S. Labor Department said employers added 165,000 workers in April. The figure was above forecasts and hiring in February and March was also stronger than previously estimated. The unemployment rate fell to 7.5 percent, the lowest level in FOUR years. Investors turned more cautious on Monday as some focused once again on the problems facing the global economy. Though growth in the U.S. is holding up well, it is slowing in China. The 17-country Eurozone remains in recession and unemployment there has been hitting a series of record highs. The job report counterbalanced weeks of mixed signals about manufacturing and corporate earnings and renewed hopes of a recovery in the world's largest economy. More jobs, means more money being spent, which is good news for business and the real estate business.
CONSTRUCTION REMAINS A NON-STARTER in U.S. Retail Market. The U.S. logged another historically low quarter for new retail supply to start 2013, with construction having little bearing on what is admittedly a glacial pace of recovery for the national retail market. Only 460 buildings comprising 7.87 million square feet of total retail space delivered in the first quarter of the year in select markets for which CoStar maintains historical statistics, according to the CoStar Retail Report for first-quarter 2013. That's even lower than the previous low of 445 buildings totaling 8 million square feet logged in the second quarter of 2012. As online sales continue to grow, more and more retailers need less and less store front space, bad news for retail owners but good news for industrial owners as retailers shift to simply storing their products for online sales.
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