NOVEMBER 26, 2025 Economic Update

1. ANNUAL CRE PRICE GROWTH CLIMBS According to the MSCI-RCA Commercial Property Price Index, which measures repeat-sales transaction pricing, CRE prices are up 4.2% year-over-year through October, its largest annual increase in three years. Commercial property prices rose 0.8% on the month, bringing the annualized rate to 10.7%. Notably, however, deal volume fell 22% in …

OCTOBER 16, 2025 Economic Update

1. OCTOBER EMPLOYMENT UPDATE In lieu of the usual monthly employment report from the Bureau of Labor Statistics, recent private jobs data illustrate persisting labor market weakness during September. The ADP National Employment report, which tracks private payrolls, showed a decline of -32,000 jobs during September and follows a reported decline of 3,000 jobs in …

SEPTEMBER 11, 2025 Economic Update

1. CONSUMER PRICE INDEX According to the Bureau of Labor Statistics, the consumer price index rose 0.4% month-over-month and 2.9% year-over-year in August, roughly in line with market estimates. While both the monthly and annual CPI rates were higher than in July, the marginal acceleration in inflation pressures is unlikely to dissuade the FOMC from …