WASHINGTON, D.C. — Retail sales increased 1.9 percent month-over-month in September, the U.S. Commerce Department reports. The most recent figure is 70 basis points higher than what economists surveyed by MarketWatch had forecast. Total sales reached $549.3 billion in September, which marked the fifth consecutive month of retail sales growth amid the coronavirus pandemic. In February, the total monthly spending reached $527 billion. According to the National Retail Federation (NRF), the sectors with the largest gains were clothing and accessories (11 percent), sporting goods stores (5.7 percent) and general merchandise stores (1.8 percent). Electronics and appliance store sales declined 1.6 percent month-over-month. “Retail sales are continuing to build on the momentum we’ve seen through the summer and have been boosted by an improving labor market, a rebound in consumer confidence and elevated savings,” says Jack Kleinhenz, NRF’s chief economist. “A significant number of people remain unemployed, but more are going back to work, and that makes them confident about spending.” Matthew Shay, NRF president and CEO, says he is optimistic spending will be strong this holiday season. “While it’s been a challenging year for everyone, there’s been an enormous amount of innovation within the retail industry, and retailers have demonstrated …
WASHINGTON, D.C. — More than 6 million households missed a mortgage or rent payment in September, according to the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA). The number of homeowners who missed a payment last month stood at 3.4 million, or 7.1 percent of all U.S. homeowning households. The number of renters who missed, delayed or made a reduced payment was 2.8 million, or 8.5 percent of U.S. renters. Additionally, the number of renters receiving unemployment insurance rose from 3 percent in April to 7 percent at the end of September. For mortgagors, the figure was unchanged at 3 percent over the same time period. “Rent and mortgage payment collections improved over the summer as more people went back to work, but high unemployment continues to place hardships on millions of U.S. households,” says Gary Engelhardt, professor of economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University. “There is growing concern that absent a slowdown in the number of coronavirus cases and another round of much-needed federal aid, millions of households in the coming months face the prospect of falling further behind.” Furthermore, the RIHA found that 26 million individuals missed a student …
WASHINGTON, D.C. — First-time unemployment claims totaled 898,000 for the week ending Oct. 10, according to the U.S. Department of Labor. Economists surveyed by Dow Jones expected the weekly figure to come in at 830,000 claims. The most recent figure is an increase of 53,000 claims from the previous week’s revised total of 845,000. The four-week moving average increased by 8,000 to 866,250. Continuing claims, for which data is a week behind, fell by 1.2 million to 10 million for the week ending Oct. 3. The rise in claims comes on the heels of some companies reporting layoffs, including Cineworld laying off 40,000 employees at Regal and Disney laying off 28,000 employees.
The U.S. commercial real estate industry is currently balancing a host of market disruptors, and the good news is that those forces are no longer shrouded in mystery like they were at the onset of the COVID-19 pandemic. Speaking at the annual ULI Fall Meeting, real estate professionals outlined social inequity in the industry, teleworking, and the population and investment exodus from gateway markets as the main issues that the industry will face in 2021. The Urban Land Institute (ULI) hosted the discussion at its annual meeting Oct. 14 to a broad spectrum of the commercial real estate industry. Originally scheduled to take place in San Francisco, ULI made the decision to host the event virtually, symbolizing the change that the Washington, D.C.-based organization tackled in greater detail during the panel and in the 111-page Emerging Trends in Real Estate 2021 report. The annual conference concluded Oct. 15. The theme for Emerging Trends 2021, a joint production between ULI and PricewaterhouseCoopers (PwC), is “Dealing with Certain Uncertainties,” with the caveat that an advancement in treatment or vaccine for COVID-19 would be the top economic influencer for the new year. Factors to watch in 2021 Social unrest in the wake of …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 79.4 percent of renters made at least a partial rent payment as of Oct. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month is up from Sept. 6, when 76.4 percent of renters made a payment. The Washington, D.C.-based organization also reports that the figure is unchanged from Oct. 6, 2019. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.
WASHINGTON, D.C. — Another 840,000 Americans filed for first-time unemployment insurance assistance for the week ending Oct. 3, the U.S. Department of Labor reported Thursday. The most recent figure represents the lowest weekly total of first-time claims since the coronavirus caused a nationwide shutdown in mid-March. Economists surveyed by Dow Jones expected 825,000 claims for the week. The figure for the week ending Oct. 1 is down slightly from the prior week’s revised number, when 849,000 Americans filed for assistance. The four-week moving average decreased by 642,000 claims, to slightly over 12.1 million. Continuing claims, for which data is a week behind, totaled nearly 11 million for the week ending Sept. 29. That figure is a decrease of more than 1 million claims from the prior week.
WASHINGTON, D.C. — The Associated General Contractors of America (AGC) reported last week that the construction industry grew by 26,000 jobs in September. The Washington, D.C.-based organization reported that most of the gains were in single-family housing, with the subsector adding 22,100 jobs. Employment in the infrastructure and nonresidential building construction sector remained little changed. The AGC also reports that the sector’s unemployment rate stood at 7.1 percent as of the end of September, more than double the rate from September 2019 (3.2 percent). The construction sector has lost 318,000 jobs since September 2019. According to a survey conducted by the AGC in early September, 38 percent of respondents expect it will take more than six months for their firm’s volume of business to return to normal, relative to September 2019.
WASHINGTON, D.C. — The U.S. economy added 661,000 jobs in September, coming up shy of expectations, the U.S. Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by The Wall Street Journal expected the most recent figure to clock in around 850,000 jobs gained. The economy has now recovered 11.4 million of the 22 million jobs lost since the beginning of the pandemic. Additionally, the unemployment rate fell 50 basis points from August to 7.9 percent. The leisure and hospitality sector added 318,000 jobs in September, nearly doubling the gains from August (174,000). Despite the sector gaining 3.8 million jobs over the past five months, it still lags February levels by 2.3 million jobs. The retail sector also had notable gains, adding 142,000 jobs last month. Employment in retail trade is 483,000 jobs below its February level. The average work week for nonfarm payroll employees ticked up 0.1 hours to 34.7 hours in September. Average hourly wages were largely unchanged, going up 2 cents to $29.47.
WASHINGTON, D.C. — Initial weekly jobless claims totaled 837,000 for the week ending Sept. 26, the U.S. Department of Labor reported Thursday. Although still historically high, the number of claims is the lowest since the onset of the coronavirus pandemic in mid-March. Economists surveyed by Dow Jones expected the total number of Americans filing for unemployment insurance to total 850,000 for the week. The most recent figure is a decrease of 36,000 claims from the previous week’s revised total. The four-week moving average also decreased, moving downward by 381,250 claims to just over 12.7 million. Continuing claims — for which data is a week behind — fell by 980,000 claims to nearly 11.8 million for the week ending Sept. 19.
WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has warned Congress that if the federal government doesn’t pass another COVID-19 funding package, public health agencies and healthcare providers could find themselves less than completely prepared heading into the cold and flu season, as well as underfunded to handle another major spike in COVID-19 cases. The Washington, D.C.-based organization represents more than 14,000 nursing homes and assisted living communities across the country that provide care to approximately 5 million people each year. About 70 percent of the $175 billion Provider Relief Fund provided by the CARES Act is already distributed, and remaining funds are likely to be allocated by early October. Healthcare providers, including long-term care facilities, will need additional funds to continue their response to the pandemic heading into the cold and flu season, which provides new challenges, the organization stated in a press release on Monday. Mark Parkinson, president and CEO for AHCA/NCAL, says that Congress needs to end the partisan logjam and prioritize frontline healthcare workers and residents, particularly vulnerable elderly populations. “With the cold and flu season adding a real complication to the ongoing COVID-19 pandemic response, the need for …