“What happens to claims and the labor market will also help determine whether the forthcoming ‘landing’ is soft or hard,” said Alex Pelle, U.S. economist at Mizuho Securities.

A soft landing is the ideal Fed policy goal after raising interest rates, a situation in which inflation slows but there are not enough job losses to trigger a recession.

Global equities surged on Friday following U.S. jobs data that showed a jump in the workforce and easing wage growth. This, along with data pointing to a U.S. service sector contraction, was interpreted by investors as an indication the Fed could become less hawkish.

On Wall Street, the Dow Jones Industrial Average fell 112.96 points, or 0.34%, to 33,517.65, the S&P 500 lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite added 66.36 points, or 0.63%, to 10,635.65.

MSCI’s gauge of stocks across the globe gained 0.71% after being up as much as 1.5% earlier in the day.

Additionally, sales levels were not materially dented by concerns over growing inflation, increasing interest costs, or slowing economic growth, the report says.

It also shows a significant uptick in the demand for office properties. India recorded a 36 per cent year-on-year increase in office leasing activities in 2022, with a gross total of 51.6 million sq. ft (516 lakh sq. ft) being leased out in the top office markets. 

This was second only to the record levels seen in 2019, the report added.

“Despite global headwinds weighing down on the domestic economy, India has continued to be the fastest-growing large economy globally. This is reflected in the robust office and residential demand, and even complemented by relatively strong price growth seen during 2022,” Shishir Baijal, chairman and managing director of Knight Frank India, said in the report.