The U.S. labor market in early 2026 looks steady on the surface — but beneath the headlines, employment momentum has slowed sharply and job growth has become unusually narrow. In our latest edition of BGO’s Chief Economist, we unpack what this divergence means for office, industrial, retail, apartments, and healthcare real estate, and introduce our new proprietary CRE employment index in The Good, The Bad, and The Ugly of the Current Labor Economy.