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What a difference a month makes when it comes to U.S. job growth and the near-term economic outlook. After the Bureau of Labor Statistics (BLS) released a disappointing nonfarm payroll employment report for May, showing a net gain of only 38,000 jobs — a figure that was later revised downward to 11,000 — June rebounded in a big way. Employers added 287,000 net new payroll jobs in June, blowing past the 180,000 jobs forecasted by Bloomberg based on its survey of economists. In a research note titled “Employment Whiplash,” Robert Bach, director of research for the Americas at real estate services firm Newmark Grubb Knight Frank, wrote that both the May and June job growth data are “outliers” in his view. Noise in the Numbers Bach pointed out that a strike by Verizon workers subtracted about 35,000 jobs from the information sector in May, but when that crisis passed those jobs were subsequently added to the BLS report for June. Bach believes those events exaggerated the volatility over the past two months. “The three-month average of 147,000 is a better indication of the underlying strength of the labor market. Although growth declined in the first half of 2016, it remains …

Traditionally, a commercial real estate owner would retain several law firms, each with its own area of expertise. One firm might handle development, construction, acquisition and leasing issues, while another firm would oversee contract disputes and litigation. Although it may have become conventional, this service model is losing its appeal. Law firms with mutual clients often fail to communicate with each other, sending mixed signals to the client and leading to inconsistent advice. As owners become more astute and the market for legal services grows increasingly competitive, owners can now demand that law firms seeking their business distinguish themselves from the competition. One-stop shop One of those distinguishing attributes is the ability of the firm or its real estate practice group to address an owner’s overall real estate needs, not just a specific function. This approach better enables the law firm or practice group to demonstrate their understanding of the owner’s business and commitment to achieving the owner’s goals. Some service-oriented law firms recognize this and have learned to provide value in practice areas beyond those for which they were hired. They are now looking to bring in additional professionals to ensure that their client-service teams have the expertise to …