WASHINGTON, D.C. — The number of Americans filing for first-time unemployment insurance fell to 787,000 for the week ending Oct. 17, according to the U.S. Department of Labor. The most recent figure is the lowest weekly total since the onset of the coronavirus pandemic in mid-March but is still about four times higher than February of this year when totals hovered around 200,000. Economists surveyed by Dow Jones expected claims to reach 875,000 for the week. The four-week moving average fell by nearly 1.1 million claims to just over 10 million. Continuing claims, for which data is a week behind, decreased by 1 million to 8.4 million.
coronavirus
CBRE: More Than 5 MSF of Office Sublease Available in Metro Atlanta, Highest Total Since 2010
by Alex Tostado
ATLANTA — There has been 2.5 million square feet of sublease space added to the Atlanta office market since the beginning of March, bringing the total to more than 5 million square feet, the highest the metro area has posted since 2010, a recent study from CBRE has found. Nearly 1.1 million square feet was added to the inventory in August and September alone. Of the 18 industries in the study that are tracked, companies involved in the tech sector have added the most inventory (29 percent) since the onset of the pandemic. The North Fulton and Central Perimeter submarkets have added 453,710 square feet and 447,737 square feet, respectively.
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 …
MBA: 6.2M Households Miss Mortgage or Rent Payments in September; 26M Student Debt Borrowers Miss Loan Payments
by Alex Tostado
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 …
DETROIT — September aggregate revenue for slots and table games at Detroit’s three casinos was down 21.7 percent compared with September 2019, according to the Michigan Gaming Control Board. The casinos reported $87.9 million in revenue while continuing to operate at 15 percent capacity due to COVID-19 health concerns. MotorCity Casino and Greektown Casino reopened Aug. 5 while MGM Grand reopened Aug. 7. For the third quarter, the casinos’ aggregate revenue of $157.3 million was down 55.2 percent compared with the same period last year. During September, the three casinos submitted $10.5 million in wagering taxes and development agreement payments to the city.
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.
LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) anticipates that existing cash resources will be largely depleted by the end of this year or early 2021 and will therefore require additional liquidity or increases in attendance levels, according to an SEC filing from Tuesday. As of Oct. 9, Leawood-based AMC had resumed operations at 494 of its 598 U.S. theaters, with limited seating capacities between 20 and 40 percent. Since the resumption of operations in U.S. markets, AMC has served more than 2.2 million customers, representing an attendance decline of roughly 85 percent compared with the same period a year ago. AMC cites new movie releases in October and November as incentive to stay open, even when other movie chains like Regal Cinemas have announced plans to temporarily suspend U.S. operations. In a recent interview with Bloomberg, CEO Adam Aron said AMC was doing everything it could to raise money to weather the COVID-19 pandemic and wasn’t considering bankruptcy at this time. AMC’s stock price closed at $2.96 per share Wednesday, Oct. 14, down from $8.95 per share one year ago.
NMHC: 79.4 Percent of Apartment Dwellers Paid October Rent, Up 300 Basis Points from September
by Alex Tostado
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.
MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” said CEO Shawn Lederman in a statement Wednesday, playing off the lyrics to the popular Ruby Tuesday song recorded by The Rolling Stones, which was released prior to the company’s founding in 1972. In response to the pandemic, Ruby Tuesday implemented a number of new practices including an expansion of third-party delivery and off-premise services, the introduction of a virtual kitchen initiative and the launch of ‘Ruby’s Pantry,’ an option which allows customers to purchase uncooked food, groceries and other essentials for delivery through the company’s website. With in-store dining historically representing over 90 percent of the company’s total sales, these initiatives are expected to play a part in Ruby’s Tuesday’s …
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.