September’s employment growth was below the average for 2023 thus far, recording 0.4% 3m/3m across our 30 covered metros once seasonally-adjusted. Meanwhile, office-based jobs remained unchanged on average, which is the first time office jobs have failed to grow on a 3m/3m basis in over three years. Our view remains that metros with high exposure to tech, such as those in the West, as well as some major markets, will continue to face headwinds in the coming months.
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