WASHINGTON, D.C. — Over 1.5 million Americans filed for first-time unemployment aid during the week ending June 6, the U.S. Department of Labor reports. The coronavirus has continued its grasp on the U.S. economy, but several governors have allowed their respective states to reopen certain aspects of the economy, including stores, restaurants, office buildings and amusement parks. The U.S. Bureau of Labor Statistics reported last Friday that the economy added 2.5 million jobs in the month of May. Furthermore, for the 10th straight week, the first-time claims have been lower than the previous week, with the most recent figure showing a decrease of 355,000 claims. Additionally, the continued claims decreased by 339,000 on a week-over-week basis to 20.9 million. The four-week moving average of the initial jobless claims for this week was just over 2 million claims, down by 286,250 claims the prior week.
WASHINGTON, D.C. — Grosvenor Americas has acquired two office buildings spanning 241,000 square feet in Washington, D.C.’s historic Georgetown district. The first property is the Georgetown-Green Building, a four-story, 112,000-square-foot building located at 2001 Wisconsin Ave. The British International School of Washington occupies the building, which was constructed in 1967 and renovated in 1987 and again in 2007. The other property in the transaction is the Harris Building, a five-story, 129,000-square-foot building located at 3300 Whitehaven St. Georgetown University occupies the building, which was built in 1975 and renovated in both 1987 and in 2005. The buildings are located less than one mile from each other and three miles northwest of downtown Washington, D.C. Grosvenor plans to implement smart technology designed to lessen utility loads and minimize the properties’ carbon footprint. The seller(s) and sales price were not disclosed.
WASHINGTON, D.C. — The U.S. economy added 2.5 million jobs in May, the Bureau of Labor Statistics (BLS) reports. The uptick signals the economy is recovering faster from the COVID-19 shutdown than many market observers had expected. The unemployment rate decreased from 14.7 percent to 13.3 percent in May. Economists surveyed by The Wall Street Journal were prepared for continued job losses and a further shrinking of the economy. They had predicted a net loss of 8.3 million jobs for May. Some notable employment sectors that rebounded in May included leisure and hospitality, which added 1.2 million jobs after losing a combined 8.2 million jobs in March and April. Additionally, the construction sector added back nearly half of its lost jobs from April, moving upward by 464,000 in May. Education and health services was another industry that showed a recovery in May, adding 424,000 jobs. The sector lost 2.6 million jobs in April. Similarly, the retail sector added 368,000 jobs in May after losing 2.3 million in April. Not all sectors, however, were in the black in May. Employment in government declined by 585,000, following a drop of 963,000 in April. The heaviest loss came in local government (-487,000). Mining …
WASHINGTON, D.C. — Another 1.9 million Americans filed first-time unemployment claims in the week ending May 30, the U.S. Department of Labor reported. The latest figure is about 100,000 claims higher than economists surveyed by Dow Jones expected, with the forecast looking at just under 1.8 million claims. Since the COVID-19 outbreak in the U.S. in March, approximately 42.4 million claims have been filed. The Department of Labor also reported that the four-week moving average is at nearly 2.3 million claims, a decrease of 324,750 from the previous four-week average. Additionally, the number of first-time jobless claims has decreased for nine consecutive weeks.
WASHINGTON, D.C. — Another 2.1 million American filed first-time unemployment claims during the week ending May 23, the U.S. Department of Labor reported Thursday. Since the COVID-19 outbreak in March, 40.6 million Americans, or one in four in the workforce, have submitted claims. A continuing trend, though, is the steady decline in first-time weekly claims, which have decreased in number for eight consecutive weeks. The four-week moving average was 2.6 million claims, a decrease of 436,000 from the previous week’s moving average. Additionally, the number of continuing claims dropped by 3.9 million to just over 21 million overall.
WASHINGTON, D.C. — The National Retail Federation (NRF) has shown its support for the Pandemic Risk Insurance Act (PRIA), a proposed bill that would establish a federal program to help businesses obtain insurance coverage for future pandemics. PRIA is based on a model of the Terrorism Risk Insurance Act (TRIA), which was enacted following the attacks of Sept. 11, 2001, and grants companies the ability to get insurance money from a terrorist attack. “The development of a public-private partnership to address this risk will provide certainty for businesses and organizations of all sizes and will ensure that we can meet future pandemic events with greater resilience,” says NRF vice president for government relations, banking and financial services Leon Buck. The bill was written with input from Washington, D.C.-based NRF, which says the potential funding would only cover future pandemics and not provide coverage for the current COVID-19 outbreak. The funding would reimburse insurers when claims related to a pandemic or epidemic exceed $250 million nationwide. Coverage would also be required for large gatherings, ranging from sporting events to concerts to conventions, that are canceled. The program would be capped at $750 billion. The bill has been assigned to the House Financial …
WASHINGTON, D.C. — COVID-19 has continued to impact the U.S. economy as an additional 2.4 million Americans filed first-time unemployment claims in the week ending May 16, the U.S. Department of Labor reports. Since mid-March, 38.5 million people have filed first-time claims. The number for this week was inline with what economists surveyed by Dow Jones expected when they forecast 2.4 million claims. The latest number is a decrease of 249,000 claims from the week ending May 11, which was revised down from its original figure by 294,000 to nearly 2.7 million. The four-week moving average is just over 3 million claims, down by 501,000 from the previous four-week moving average. Despite the number of claims rising overall, the weekly figure has lessened for seven consecutive weeks, the Department of Labor found.
WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released what it called a “Roadmap to Recovery” for the hotel sector in the United States. In the document, AHLA notes that the April jobs report issued by the U.S. Bureau of Labor Statistics (BLS) says the hotel industry was hit the hardest of any sector tracked, losing 7.7 million jobs. The AHLA wrote a letter on behalf of its members to the U.S. Congress urging it to prioritize hotel workers and small businesses during the next stimulus package and to provide immediate assistance in four areas: help hotels retain and rehire employees by extending the Paycheck Protection Program, (PPP) offering employees direct tuition assistance or tax credits and expanding the Employee Retention Credit; protect employees and guests through tax credits for cleaning equipment and personal protective equipment (PPE); keep hotel doors open by providing relief for hotel commercial mortgages and increasing the size and flexibility of PPP loans; and incentivize Americans to travel again when it’s safe with a new, temporary travel tax credit and restoring the entertainment business expense deduction. “The hospitality industry is in a fight for survival,” says Chip Rogers, president and CEO of Washington, D.C.-based …
WASHINGTON, D.C. — Vogel Realty has voluntarily implemented plans to install new heating and air conditioning systems designed to minimize airborne viruses and bacteria at Chelsea Gardens in Washington, D.C. The 105-year-old mixed-use building has been closed since D.C. Mayor Muriel Bowser announced stay-at-home orders for the District. Vogel Realty also plans to install handwashing stations and anti-microbial surfaces in the building before it can reopen on Saturday, May 30. The new HVAC systems will limit airflow between workspaces, bring more fresh air into units and neutralize viruses and bacteria. Chelsea Gardens was originally built as an office building in 1905 and was renovated 20 years ago to include retail and residential space.
Despite 16.4 Percent Drop in April Retail Sales Amid Pandemic, NRF Says Industry Remains ‘Resilient’
WASHINGTON, D.C. — Retail sales plummeted 16.4 percent in April, according to the U.S. Census Bureau. However, the sharp drop “was not a surprise” to the National Retail Federation (NRF) due to the government-mandated shutdown of huge swaths of the American economy starting in mid-March. “The vast majority of retail stores have been closed, we are in the midst of historic unemployment and when it comes to personal finances, discretionary spending takes a back seat to essentials,” Matthew Shay, president and CEO of the Washington, D.C.-based trade association, stated in a press release. “Prior to this pandemic, retail was setting records in year-over-year growth, employment and investment. It is a resilient industry serving a smart consumer, and despite today’s report, we know it will be leading our nation’s economic recovery as this crisis recedes,” added Shay. The monthly report generated by the U.S. Census Bureau is a measure of purchases at stores, gasoline stations, restaurants, bars and online. The double-digit drop in April retail sales follows a revised 8.3 percent drop in March sales. Total spending in April was $403.9 billion compared with $483.5 billion the prior month, according to the U.S. Census Bureau. One of the biggest factors contributing …