The U.S. economy added 315,000 nonfarm payrolls in August, according to the Bureau of Labor Statistics, and the unemployment rate ticked up to 3.7 percent. In addition, the employment totals for June and July were revised downward to 293,000 and 526,000, respectively.

By employment category, the biggest gains were in professional and business services, which added 68,000 jobs; healthcare, which increased by 48,000 jobs; and retail trade, which rose by 44,000 jobs. The leisure and hospitality sector increased by only 31,000 jobs — below its average monthly pace of 90,000 jobs in the previous seven months — and remains 7.2 percent below its pre-pandemic level.

Loretta Clodfelter is senior editor of Institutional Real Estate Americas.