Jobless recovery set to become redundant.Jobless recovery A jobless recovery or jobless growth is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States, to describe the economic recovery at the end of could soon be a redundant term following news of a 400,000-job boost that some experts predict heralds an end to the recession. On Friday, the Bush administration announced the creation of about 380,000 new jobs, most of them in the healthcare, social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales and construction sectors. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mark Golovan, senior regional economist with JP Morgan Chase, all indicators now point to a speedy recovery in 2004. "All of the [380,000] jobs are service-provider jobs, jobs that take up office space, and together with the sharp upward revisions to the January and February markets, the numbers suggest that the jobless recovery is over," he said. "Nationally, job creation is moving in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with all of the other good economic news and it also appears that the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. jobs market is brightening as well. A variety of service-providing industries were hiring in the second half of 2003 and 25,000 private sector jobs were created in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State. By the autumn of 2004, we will be feeling the affects, assuming, of course, that the job growth is sustained and not derailed by some unexpected development." Whether 2004 will prove to be a turning point in the real estate cycle or just another lackluster year will depend on whether Manhattan businesses will hire enough people to require additional office space. Until last week's announcement, most industry insiders were keeping a cautious outlook. "I would say that the key word for us is caution," said Spencer Garfield, managing director with Hudson Realty Capital. "I would say that we expect job growth to pick up, but not in the immediate future. We would not expect a noticeable rebound until 18 months from now." The more optimistic brokers, however, tend to view even a modest rebound in leasing activity as a good sign. They believe the city reached the bottom of the market in late 2003 and will continue on an upward climb throughout the rest of the year. "In 2004, we will continue to see an increase in activity, modest rental growth and a tightening of concessions," said Frank Doyle, director of midtown leasing with Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. . "But I think it will be a slow, steady reenvery. There is nothing to suggest any rapid growth." According to Gregory Knoop, first vice president of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , "You still have to be careful, there is a fair amount of concern about a number of factors, but for the most part, people are feeling quite good. "We are in a recovery and there is a certain correlation between output productivity and consumption of office space. "As long as we have an economy that is performing and companies that need to re-engineer their output, tenants will continue to take space." |
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