REIT Macro Check-Up: Employment Situation (June 2026)

Research evidence excerpt

REIT Macro Check-Up: Employment Situation (June 2026)

USA | REITs EquityJulyResearch2, 2026

Exhibit 2 - Office-Using MoM GrowthREIT Macro Check-Up: Employment Situation

(June 2026) 1.5%0.5%

June NFP (+57K vs cons +113K) saw the smallest monthly increase of the -0.5% Information Financial Business Srvs

year, aside from the decline in February. May NFP was revised down to +129k -1.5% Info 20 yr avg Fins 20yr avg Business Srvs 20yr avg

from +172k, and unemployment came down to 4.2%. JEF economist Tom .Source: BLS, Jefferies

Simons notes that although June's numbers were below expectations, the 3-

Exhibit 3 - Warehousing & Truck Transport

month average of +111k (down from +188k pre-release) is more consistent MoM Growth

with the pace of job growth we'd expect given the current economic growth and 1.5%

demographic trends. 0.5%

-0.5%

Truck Transportation Warehousing

Observations and Takeaways -1.5% Trk Transport 20 yr avg Warehousing 20yr avg

.

Commercial construction jobs increased +0.5% MoM (+2.2% YoY), and Residential Source: BLS, Jefferies•

construction was down -0.3% MoM (-1.5% YoY).

Exhibit 4 - Retail & Food Service MoM Growth

Dr. Office & Outpatient was flat MoM (+1.6% YoY), and Nursing & Residential Care increased 1.5%•

by +0.1% MoM (+2.2% YoY). Hospital increased +0.2% MoM (+2.1% YoY).

Office-using employment was up +0.1% MoM and down -0.3% YoY. Information was down 0.5%• -0.5%

MoM (-0.3%) and YoY (-3.1%), Financial Services was flat MoM (-1.1% YoY) and Business Retail (ex Autos) Food Service

Services was up +0.2% (+0.4% YoY). Office-using jobs remain above pre-pandemic levels, but -1.5% Retail 20 yr avg Food Service 20yr avg

the structural disconnect between headcount and physical demand persists, with AI-driven .

Source: BLS, Jefferies