Turning the calendar over to a new year, the Colliers Index has remained at an 8 thanks in part to a record-low unemployment rate for Atlanta, national job growth, and positive market fundamentals to close out Q4 of 2019. The U.S. added 145,000 jobs in December, which brings the national streak of positive job gains to 111 consecutive months.
Jobs - Atlanta
Atlanta reached a jobless rate of just 2.6% in November, which is as low as it has been since the government began tracking that statistic in 1976, matching the previous all-time low set in late 2000. Atlanta added 61,200 jobs over the past 12 months, and 652,000 since the end of the recession in 2010, making 10 consecutive years of job growth.
Five months ago in August, the U.S. yield curve was inverted, leading to fears of an imminent recession. Now it is signaling optimism for 2020 and beyond. A yield curve inversion is when the yield of a long-term bond dips below the value of a short-term bond (in this case, the U.S. 10-year Treasury and the and 2-year Treasury). At its worst in August, the difference between those two yields was minus-five basis points. Fears of a looming recession have been assuaged with that difference bouncing back to a 33 basis point margin in December. The Federal Reserve has successfully steered the economy through this scare, and has stated to have no plans of interest rate changes in 2020.