WASHINGTON, D.C. — An additional 787,000 Americans have filed for first-time unemployment assistance for the week ending Jan. 2. Economists surveyed by Dow Jones expected the total number of claims to reach 815,000. The most recent figure was a slight decrease from the previous week’s revised number of 790,000, but still about four times higher than the week ending Jan. 4, 2020, when claims totaled approximately 200,000. The four-week moving average decreased by 18,750 claims to 818,750. The continuing claims, data for which trails a week, fell by 126,000 to just under 5.1 million for the week ending Dec. 26, 2020.
WASHINGTON, D.C. — A total of 787,000 Americans filed for first-time unemployment insurance assistance for the week ending Dec. 26, the U.S. Department of Labor reported Thursday, Dec. 31. The most recent figure marks a decrease of 19,000 claims from the previous week, though claims remain historically high compared to pre-pandemic numbers when claims hovered around 200,000 per week. Economists surveyed by Dow Jones expected the tally to rise to 828,000. The four-week moving average increased by 17,750 claims to 836,750 from the previous week. Continuing claims, for which data lags a week, fell by 103,000 claims to 5.2 million for the week ending Dec. 19.
MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs also require landlords to suspend all evictions for renters during the forbearance period. The two government-sponsored enterprises (GSEs) had announced in June that the programs would expire at the end of 2020. Other tenant protections through the program include: Landlords must provide rent repayment flexibility and cannot require missed or late rents to be paid in one lump sum; Landlords cannot charge late fees or penalties for nonpayments; and Landlords must provide 30 days’ notice for the tenant to vacate during the repayment period. “We are still in the midst of the pandemic, and to continue to provide support for the multifamily market, we are providing additional time for borrowers to request a new or supplemental forbearance agreement,” says Debby Jenkins, executive vice president and head of …
WASHINGTON, D.C. — Another 803,000 Americans have filed for initial unemployment insurance assistance for the week ending Dec. 19, the U.S. Department of Labor reported Wednesday. The total is a decrease of 89,000 claims from the prior week’s revised level. Economists surveyed by Dow Jones expected the number to reach 888,000. The four-week moving average increased by 4,000 claims to 818,250. Continuing claims, for which data lags a week, dipped by 200,000 to 5.3 million for the week ending Dec. 12. Prior to the pandemic, weekly first-time unemployment claims hovered around 200,000.
ATLANTA — The trend of working remotely swept the nation as a result of the COVID-19 pandemic this year. While some are relishing the opportunity to test drive their home offices, a large number of Americans are ready to return to the workplace. According to a recent survey of employed Americans commissioned by OfficeSpace Software, 71 percent of respondents currently working from home are eager to move back to the office once it is safe to do so. Over 70 percent indicated that they feel more engaged and more productive in the office, and 80 percent indicated that they miss in-person collaboration with their coworkers. The novelty of virtual meeting programs like Zoom — a boon for keeping colleagues connected during the pandemic — has also worn thin, with 57 percent of respondents indicating that they are tired of meeting through video. The survey, which was conducted online by The Harris Poll in early December, canvassed 1,206 employed U.S. adults above the age of 18. Fewer than half of the respondents indicated that they are going into the workplace each day, with 17 percent having returned to their offices on a staggered schedule. Safety First While many are ready to …
By Natalie Hwang, founding managing partner of Apeira Capital Advisors In the 1920s, President Calvin Coolidge made the saying famous that the business of America is business. Now, for the real estate sector in the age of COVID-19, the business of real estate is innovation. To build value in the pandemic economy, real estate companies need to find new modes of distribution, facilitated by technology, to connect with consumers, partners, tenants, investors and other key stakeholders. Once upon a time, and not all that long ago, bricks and mortar were king. Today, the COVID crisis has sharply accelerated online shopping and upended our traditional dependence on physical real estate as an exclusive distribution point for content, goods and services. This trend is nothing new, as businesses reliant on public contact have been casualties of tech innovation for decades. Long before the pandemic hit, e-commerce was displacing retail, robots were replacing warehouse workers and an erosion of labor’s bargaining power was placing downward pressure on service-sector wages. COVID-19 has only expedited the trajectory of these market participants and revealed the weaknesses of businesses that depend mainly on in-person contact. The urgency and suddenness of the lockdowns earlier this year demonstrated how …
WASHINGTON, D.C. — Another 885,000 Americans filed for initial unemployment insurance for the week ending Dec. 12, the U.S. Department of Labor reported Thursday. The most recent figure marks a 23,000-claim jump from the previous week. Economists surveyed by Dow Jones expected the claims total to fall to 808,000. The 885,000 claims mark the highest number since the week ending Oct. 10, when 898,000 claims were filed. The four-week moving average also rose, reaching 812,500, a 34,250-claim jump from the previous week.
Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year
WASHINGTON, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, clothing and accessories stores and sporting goods stores all reported decreased sales. The home improvement and food and beverage sectors grew 1.1 and 1.6 percent, respectively. Matthew Shay, president and CEO of the National Retail Federation (NRF), says the monthly decline is due to consumers holding steady amid rising COVID-19 cases and congressional gridlock. “Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” says Shay. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional fiscal stimulus from Congress is needed and we are hopeful it will be passed soon as we enter the final …
WASHINGTON, D.C. — Another 853,000 Americans filed for first-time unemployment insurance for the week ending Dec. 5, the U.S. Department of Labor reported Thursday. Economists surveyed by Dow Jones expected claims to total 730,000. The most recent figure is the highest weekly claim total since Sept. 19 and a 137,000-claim increase from the previous week’s revised number. The four-week moving average increased by 35,500 to 776,000. Continuing claims, for which data is a week behind, increased by 230,000 to just under 5.8 million. The figure represents the first increase since August.
By Justin Wybenga, GMH Capital Partners The economic impact of the COVID-19 pandemic continues to unfold globally, shifting the way we conduct business and go about our day-to-day lives. Across all sectors of commercial real estate, we’ve seen a lot of change, from sanitation measures to limited in-person interactions and occupancy. The most important lesson from 2020 is the need to be resilient and adapt as the landscape evolves. That’s exactly what we’re seeing in student housing, especially in the Midwest, as owners prepare for next year. Here are four trends we can expect to see in the Midwest student housing sector in 2021 as a result of COVID-19. Sanitation, touch-free COVID-19 has introduced a whole new set of cleaning best practices, and moving forward, residents expect enhanced methods in their communities. To satisfy the new sanitation expectations, we’ve seen owners implement a variety of initiatives, such as installing upgraded air filtration systems and using hospital-grade electrostatic sprayers to sanitize commonly touched surfaces, disinfecting all amenity and common areas on a regular basis, and requiring all staff members to use personal protective equipment (PPE). Many residents are also looking for convenient contactless or concierge-focused amenities, such as package and food …