WASHINGTON, D.C. — A total of 376,000 Americans filed for first-time unemployment insurance assistance for the week that ended June 5, the U.S. Department of Labor reported Thursday. These claims were a decrease of 9,000 from the previous week’s unrevised unemployment claims of 385,000. Still, the claims were higher than the Dow Jones economists’ estimates of 370,000, according to CNBC. The most recent nonfarm payroll employment report showed the economy added 559,000 jobs in May, which was lower than what economists expected. With enhanced unemployment assistance in most states still available until September, some officials are worried about inflation. The U.S. Department of Labor reported that consumer prices in May increased at a faster pace than at any point since August 2008. Compared to one year ago, the consumer price index (CPI), which tracks the movement in prices for food, groceries, housing costs, energy and other commodities, increased 5 percent. The CPI was higher than the 4.7 percent prediction from Dow Jones economists, according to CNBC. The news outlet also says that inflation has not been a huge problem for the U.S. economy since the early 1980s, and that central bank officials are hopeful that the current inflationary pressures are …
WASHINGTON, D.C. — The U.S. economy added 559,000 jobs in May, the Bureau of Labor Statistics (BLS) reported Friday. This figure is lower than predicted, as economists surveyed by Dow Jones had expected the report to show a gain of 671,000 jobs, according to the CNBC. The BLS also revised the April job gains to increase from 266,000 to 278,000. Meanwhile, the unemployment rate declined from 6.1 percent in April to 5.8 percent in May, which was better than estimates of 5.9 percent. The BLS report for May showed notable job gains in the leisure and hospitality sector, which added 292,000 jobs, as pandemic restrictions on businesses eased last month. For May, nearly two-thirds of the jobs increase were in the food and drinking industry. Jobs in recreation, gambling and amusements also increased by 58,000. Compared to February 2020, jobs in leisure and hospitality are still down by 15 percent or 2.5 million jobs. Last month, 16.6 percent of people still worked remotely. As people go back to working in an office or in-person schooling, jobs in the private and public education increased. In local government education, jobs increased by 53,000. In state government education, there was an increase by …
WASHINGTON, D.C. — A total of 385,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 29, the U.S. Department of Labor reported Thursday. These claims were a decrease of 20,000 from the previous week’s revised unemployment claims of 405,000 and were lower than Dow Jones economists’ estimates of 425,000. This week’s claims were again the lowest number of claims since March 14, 2020, which saw 225,500 claims. The May employment report comes out on Friday, June 4. Economists predict that the report will show that 671,000 jobs have been added to the economy in the month of May, according to the Wall Street Journal. The news outlet also reports that economists expect to see the unemployment rate has decreased to 5.9 percent last month from 6.1 percent in April.
WASHINGTON, D.C. — A total of 406,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 22, the U.S. Department of Labor reported Thursday. These claims were a decrease of 38,000 from last week’s unrevised unemployment claims of 444,000 and were lower than Dow Jones economists’ estimates of 425,000. This week’s claims were the lowest claims since March 14, 2020, which had 256,000 claims. Continuing claims, data of which lags a week, decreased by 96,000 to 3.64 million, according to CNBC. Some states are recovering better than others during the pandemic-induced recession, according to the Department of Labor. For the week ending in May 15, there were large increases in initial claims in New Jersey, Washington, West Virginia and Rhode Island. For the same week, there were large decreases in initial claims in Georgia, Kentucky, Texas, Michigan and Florida.
WASHINGTON, D.C. — EagleBank, a community bank in the Washington, D.C., area, has provided $26 million in acquisition financing for the revitalization of Mazza Gallerie, a landmark retail space in D.C.’s Friendship Heights neighborhood. The borrower, Tishman Speyer, a real estate developer and owner based in New York City, will use the loan to fund both the purchase of the property and the ground-up construction of approximately 350 apartments and 26,000 square feet of ground-floor retail at the site. Barb Mackin, Sameera Rizvi and Jeniffer Mejia of EagleBank originated the loan, the terms of which were not disclosed. Mazza Gallerie is situated on the Wisconsin Avenue retail corridor and is adjacent to the Friendship Heights Metro rail station. The property has access to walkable outdoor amenities and 440,000 square feet of shops and restaurants.
WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …
WASHINGTON, D.C. — A total of 444,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 15, the U.S. Department of Labor reported Thursday. These claims were a decrease of 34,000 from last week’s revised unemployment claims of 478,000 and were the fewest that have been registered since the beginning of the COVID-19 pandemic. On March 14, 2020, claims totaled 225,500. This week’s claims were slightly better than the Dow Jones estimate of 452,000, according to CNBC. Continuing claims, which lags a week, increased by 111,000 to 3.75 million. Approximately 1.8 million people a day receive the COVID-19 vaccine, and less people are getting pandemic-related governmental assistance. Governmental assistance packages related to the pandemic are scheduled to expire in September, according to CNBC.
WASHINGTON, D.C. — U.S. retail sales overall remained static in April, following a 10.7 percent increase in March, according to the Department of Commerce. The monthly data fell below expectations, as economists polled by Reuters had projected a 1 percent increase in retail sales. Some sectors of the economy did experience a substantial increase in spending, however. The Wall Street Journal reported that a tracker of credit- and debit-card spending from Bank of America revealed that outlays on airlines rose 23 percent, and that spending at restaurants and lodging also increased. Conversely, spending at department stores fell a seasonally adjusted 28 percent from March to April, while outlays on clothing and furniture also fell. Economists expect that pent-up consumer demand coupled with a buildup in personal savings will lead to more spending during the next couple of months, especially as states across the country are lifting pandemic restrictions on businesses. Many economists are hoping that consumers will feel more at ease as the COVID-19 vaccines roll out and millions of Americans become fully vaccinated. On Thursday, the Centers for Disease Control and Prevention released a statement stating that there’s no longer a need for people who are fully vaccinated against …
WASHINGTON, D.C. — A total of 473,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 8, the U.S. Department of Labor reported Thursday. These claims were a decrease of 34,000 from last week’s revised unemployment claims of 507,000 and were the lowest level the claims have been since the beginning of the COVID-19 pandemic. The claims are still double than what they were before the pandemic started. Following government stimulus checks and expanded unemployment benefits, some employers have decided to pay their workers more, in order to incentivize them to stay working. By the end of June, Chipotle Mexican Grill says it plans to raise its hourly wages to $15 an hour, as well as a $200 employee referral bonus for current employees. McDonald’s has also announced it is raising the hourly wages for its U.S. company-owned restaurants by an average of 10 percent. The Wall Street Journal reports that in the week that ended April 17, 16.2 million Americans were receiving unemployment benefits. The newspaper also reports that average hourly earnings have risen by 21 cents to $30.17 in April for private-sector employees.
WASHINGTON, D.C. — The U.S. economy added 266,000 jobs in April, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of approximately 1 million jobs. The BLS also revised the March job gains downward from 916,000 to 770,000. Meanwhile, the unemployment rate increased 10 basis points to 6.1 percent in April, which was the first time the unemployment rate has increased since March 2020. The BLS report for April showed notable job gains in the leisure and hospitality sector, which added 331,000 jobs as a result of several states easing up their pandemic-related restrictions on stores, bars and restaurants. States such as Georgia, Texas, Alabama, Arizona, Mississippi and Florida rolled back their pandemic restrictions significantly after millions of Americans received the COVID-19 vaccine. However, some employment sectors posted a decrease in job growth in April. For example, the temporary help services sector recorded a decrease of 111,000 jobs, manufacturing saw a decrease of 18,000 jobs and retail trade posted a decrease of 15,000 jobs. The BLS also reported the local government education sector posted an increase in 31,000 jobs in April, while many other sectors were relatively unchanged, …