TAG Industrial Watch: November 4, 2023

The monthly jobs numbers that the Bureau of Labor Statistics publishes are just as much of a guestimation by the BLS as an estimation based on a survey of employers (known as the Establishment Survey). This is why the jobs numbers have been revised significantly lower each month this year in later reports. For example, the BLS just reported that during August, 62,000 fewer jobs (seasonally adjusted) were created than they initially reported, representing a 27% difference than the headline number. In addition, these jobs aren’t accounting for people who already have jobs, but are picking up extra work due to reasons such as the increase in the cost of living.

This is why it’s important to pay attention to the Household Survey that reflects how many people are employed each month. For October, only about 7,000 more people were employed than the month before. Given that employment is usually heightened this time of the year for holiday shopping, on a seasonally adjusted basis, the figure is much worse, dropping by 348,000. Consequently, the unemployment rate rose to 3.9 percent to the highest level since January 2022. Ironically, just when all the “experts” began to take recession off the table this past week, the economic environment is beginning to quickly deteriorate. For industrial owner-users, the window of opportunity to prepare for a recession is closing fast. The time is now to consider a sale-leaseback that will allow you to raise capital to maintain or even expand your operations.

I N D U S T R I A L   N E W S

U.S. Payrolls Increased By 150,000 In October, Less Than Expected
CNBC – November 3, 2023
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What’s Behind The Big-Box Industrial Cooldown
GlobeSt.com – October 24, 2023
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Fissures Form For Big-Box Industrial As
Tenants Delay Big-Money Moves
Bisnow – October 29, 2023
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US Industrial Tenant Demand Slows Further In Third Quarter
CoStar – October 25, 2023
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“Hearing A Lot More ‘I Cannot Afford This'” – Sinking Dallas
Fed Survey Signals “The Economy Is Slowing”
Zerohedge – October 30, 2023
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R E G I O N A L   N E W S

Dart Warehouse, 99 Cents Only Stores
Complete $190M Sale-Leaseback
Connect CRE – October 16, 2023
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Dallas Holds No. 1 Spot For CRE Investment
Despite Deal Volume Falling 64% Annually
Bisnow – October 11, 2023
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Truck Terminal Deals In Atlanta, Dallas, Miami Show
Why These Low-Profile Buildings Are In Demand
CoStar – October 19, 2023
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US Crude Production Breaks Records As Shale Drives
All Growth In Global Oil Supply Over Past Decade
ZeroHedge – October 31, 2023
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Chicago Industrial Deliveries At Highest Level
In Over 2 Decades, But Signs Of Trouble Loom
Bisnow – October 25, 2023
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