WASHINGTON, D.C. — First-time unemployment claims again increased on a week-over-week basis. During the week ending July 25, 1.4 million Americans filed for assistance, an increase of 12,000 from the previous week but less than the 1.5 million claims estimate from economists surveyed by Dow Jones. Prior to the week ending July 18, there were 15 straight weeks of decreasing claims. For the week ending July 18, continuing claims stood at just over 17 million, an 867,000 increase from the previous week. (Data on continuing claims is delayed by one week.) Some states and municipalities have begun to roll back reopenings of schools and businesses, causing the unemployment numbers to tick back up. Additionally, the U.S. Commerce Department reported Thursday morning that the nation’s gross domestic product (GDP) in the second quarter shrunk at an annual rate of 32.9 percent. Economists surveyed by Dow Jones were expecting a decrease of 34.7 percent.
WASHINGTON, D.C. — Wells Fargo has provided $385 million in financing for a 1,255-unit, three-property multifamily portfolio in metro Washington, D.C. The borrower, JBG Smith, received the three separate Freddie Mac loans. The properties in the portfolio are The Bartlett and 220 20th Street in Northern Virginia’s National Landing submarket and 1221 Van St. in D.C. JBG Smith developed 1221 Van Street in 2018 and acquired the other two properties in 2017. The Bethesda, Md.-based company manages all three communities. The loans each feature 10-year terms with floating interest rates underwritten at LIBOR plus 251 basis points. Each loan also features five-year interest-only payment period and are not cross-collateralized or cross-defaulted with each other.
WASHINGTON, D.C. — For the first time since March, the number of Americans filing first-time unemployment claims increased on a week-over-week basis. The U.S. Department of Labor reported Thursday morning that more than 1.4 million people filed for assistance during the week ending July 18, an increase of 109,000 from the previous week. It is the first weekly increase in 15 weeks. Economists surveyed by Dow Jones expected an increase of 1.3 million claims. The four-week moving average stood at 1.4 million, a decrease of 16,500 from the previous four-week average.
WASHINGTON, D.C. — The advanced estimate for June retail sales nationwide is up 7.5 percent on a month-over-month basis, the U.S. Commerce Department reports. Consumers visited stores and auto dealerships in-person for the second straight month as businesses began reopening their doors. Retail sales totaled $524.3 billion in June, up from $487.7 billion in May. The most recent figure shows spending is near pre-pandemic levels, as the Commerce Department reported that February 2020 spending reached $527.3 billion. The Commerce Department also revised the May retail sales rate up by 50 basis points to 18.2 percent growth from April. Matthew Shay, president and CEO of the National Retail Federation (NRF), says that while the growth is trending positively, the increasing number of positive COVID-19 cases across the country could slow sales in the months to come. As of this writing, there were nearly 3.6 million positive cases in the U.S, according to Johns Hopkins University (JHU). Additionally, JHU reports that there were 77,255 new cases Thursday, setting a single-day record. “The retail sales numbers from last month were very encouraging and reflect continued progress in the right direction,” says Shay. “However, recent spikes in infection rates across the country have us focused …
WASHINGTON, D.C. — Another 1.3 million Americans filed for first-time unemployment assistance during the week ending July 11, the U.S. Department of Labor reports. The figure is down 10,000 from the previous week’s total. Economists surveyed by Dow Jones expected just under 1.3 million claims. The four-week moving average decreased by 60,000 claims to nearly 1.4 million. This marks the 16th consecutive week that the initial claims have totaled more than 1 million due to the worldwide COVID-19 outbreak.
WASHINGTON, D.C. — Whole Foods Market will open a new location July 23 in Washington, D.C. The new 46,000-square-foot grocery store will be situated at 967 Florida Ave. NW in D.C.’s Pleasant Plains neighborhood, less than two miles north of downtown D.C. and less than one mile from Howard University. The new store will offer a full-service butcher, bakery, produce department and a seafood counter. Amazon Prime members who shop at the location will have access to two-hour delivery on certain items, as well as a 10 percent discount on several in-store items.
WASHINGTON, D.C. — The novel coronavirus could result in record-levels in spending for back-to-school supplies as families across the country are expected to buy more electronics to prepare for at-home learning, a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics has found. Major school systems around the country, including the Ivy League, Los Angeles Public School District, Atlanta Public Schools, New York City Public School system and the University of California school system have announced virtual learning or a hybrid of in-person and online classes for this fall. According to the annual survey, spending could reach $789.49 per family with children in elementary through high school, which would break last year’s record expectations of $696.70 per family. College students are expected to spend $1,059.20 per family. Retail spending from college students and their families is expected to total $67.7 billion, up from $54.5 billion last year and breaking the record of $55.3 billion set in 2018. Total spending for kindergarten through college combined is projected to reach $101.6 billion — exceeding last year’s $80.7 billion and topping the $100 billion mark for the first time. NRF surveyed 7,481 U.S. consumers from July 1 to 8. …
WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.
WASHINGTON, D.C. — An additional 1.3 million Americans have filed for first-time unemployment assistance for the week ending July 4, according to the U.S. Department of Labor. Economists surveyed by Dow Jones expected just under 1.4 million claims. The most recent week continues a declining week-over-week trend, coming in at 99,000 fewer claims than the week ending June 27. The four-week rolling average was 19.1 million, down by 636,000 claims from the previous rolling average. Additionally, the continuing claims are steadily declining, coming in at just over 18 million, a decrease of 698,000 claims from the previous week.
WASHINGTON, D.C. — The U.S. economy added 4.8 million jobs in June, the highest single-month addition on record, according to the U.S. Bureau of Labor Statistics (BLS). The nonfarm payroll employment report soundly beat expectations. Economists surveyed by The Wall Street Journal had expected 3 million jobs to be added in June. The unemployment rate fell 220 basis points to 11.1 percent. The recovery could hit another snag in coming months, however, as coronavirus cases surge again, according the Centers for Disease Control and Prevention (CDC). Several state governors have ordered restaurants and bars to shut down for a second time since March. The leisure and hospitality sector is continuing its recovery, having added 2.1 million jobs in June and 1.2 million in May. The sector lost a combined 8.2 million jobs in March and April. The retail trade industry is another sector that was hit hard by the COVID-19 shutdown, having lost 2.4 million jobs in March and April. The sector added 740,000 jobs in June and 372,000 in May, accounting for nearly half of the lost jobs. Employment totals also rose in education and health services (568,000), manufacturing (356,000) and construction (158,000). Additionally, the Association of General Contractors …