Lowest Unemployment Rate in Months, Continuing Gradual Recovery

first_imgHome / Daily Dose / Lowest Unemployment Rate in Months, Continuing Gradual Recovery Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Unemployment 2020-08-13 Christina Hughes Babb Though nowhere near pre-pandemic numbers, jobless claims are dropping. California leads states in largest decline in decreases.The total number of new weekly unemployment insurance claims fell below the 1 million mark for the first time since March, according to data released by the U.S. Department of Labor.Initial jobless claims for the week ending August 8 totaled 963,000, down from an upwardly revised 1.19 million one week earlier. Continuing claims for the week ending August 1 totaled 15.48 million, down from 16.1 million in the prior week.The largest increase in initial claims for the week ending August 1 was in Rhode Island with a relatively mild uptick of 87 new claims. The states that saw the largest decreases during that week were California (-22,610), Virginia (-19,048), Texas (-14,095), Florida (-13,176), and New Jersey (-11,489).The new report saw the end of a 20-week streak where more than 1 million new claims were being filed on a weekly basis. Before the pandemic, weekly jobless claims were routinely below the 250,000-mark. More than 56 million people filed new unemployment claims since March 20.The advance seasonally adjusted insured unemployment rate was 10.6% for the week ending Aug. 1. White House economic adviser Larry Kudlow greeted the news with a prediction that the unemployment rate could return to single-digit levels as early as this month, adding that third quarter growth could reach 20% or more.“The key point that I would make is the economy is rebounding, it looks like a V-shaped recovery and the recent news now is even better than it was a month ago,” Kudlow said in a virtual appearance during a conference sponsored by the Council of the Americas.However, Mark Hamrick, Senior Economic Analyst at Bankrate.com, told USA Today that it was still too soon to announce “mission accomplished” in regard to believing the economy was in a full-throttle recovery mode.“What we’re really doing is recovering some of the jobs lost,” Harmick said.A more cautiously optimistic vision came from Doug Duncan, SVP and Chief Economist at Fannie Mae.“This morning’s unemployment insurance claims report showed the labor market is continuing its gradual improvement,” Duncan said, who warned that although “the pace of decline in claims had paused briefly, it appears to be accelerating again, an encouraging sign for the labor market recovery. However, the initial claims figure still remains above the peak value seen during the previous recession, and we note the headline number does not include an additional 489,000 claims filed under the Pandemic Unemployment Assistance program.”Duncan added that while the level of continued claims was in decline, this figure “still remains at historically unprecedented levels and continues to indicate that while improving, the total extent of joblessness and income curtailment remains significantly elevated.” Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Hall Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Tagged with: Unemploymentcenter_img Lowest Unemployment Rate in Months, Continuing Gradual Recovery Demand Propels Home Prices Upward 2 days ago August 13, 2020 1,093 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Sign up for DS News Daily Previous: How COVID-19 Is Driving Migration Trends Next: HUD’s Carson Provides Opportunity Zone Updates The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Ithaca Hobby Lobby to close

first_imgITHACA, N.Y. — Bad news for creative types and hobbyists; the Ithaca Hobby Lobby will be closing its doors. According to store personnel, the last day the store will be open is Saturday, August 10th. New stock will continue to arrive in the meantime, and what’s left at closing will be shipped out to Ohio. “I don’t know, maybe we don’t make enough money,” said one worker at the store. Four or five of the full-time staff will transfer to the Big Flats store near Elmira, another to suburban Syracuse. But for most of the staff, the closing of the store will end their time with the Oklahoma-based chain of arts and crafts stores. “A lot of part-timers don’t want to drive.” Brian Crandall reports on housing and development for the Ithaca Voice. He can be reached at [email protected] More by Brian Crandall The owners of the shopping center, Benderson Development of Buffalo, did not respond to a request for comment. The firm recently completed a new 14,744 square-foot retail space to the south of the 56,644 square-foot Hobby Lobby location, sharing a wall with the soon to be vacated store. A potential tenant could rent either space or combine them if Benderson is open to the idea. While the Ithaca store is closing, the chain appears to be in expansion mode, opening 54 new stores last year and planning adding another 65 to its 800-store footprint this year. A cursory check, however, shows that closing stores are not uncommon for the chain; rather, it just adds more than it closes.center_img The Ithaca store at 744 South Meadow Street opened in November 2013, in a newly renovated space previously occupied by K-Mart. The conservative political leanings of its ownership, which have included lawsuits against the Affordable Care Act, have made the chain the subject of controversy, and the local store has been the site of protests in the past. Brian Crandall Tagged: benderson development, closings, hobby lobby, retail, southwest Ithaca The closing is rather unusual in that most chain store shutdowns in Tompkins County have been because the chain has suffered financial setbacks or bankruptcy – Radio Shack and The Bon-Ton for examples (and then there’s the Shops at Ithaca Mall, which has its own unique set of problems). Nationally, the “retail apocalypse”, the mass closure of brick-and-mortar retail stores due to market conditions and the rise of online shopping, has claimed nearly 7,000 stores so far in 2019, a pace well above the 5,864 closings (a net loss of 2,613 stores) in all of 2018.last_img read more

Anti-human trafficking weekend events cancelled

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisAnti-human trafficking events planned for April 13 and 14 are cancelled due to inclement weather conditions. WAR International and New Life Christian Fellowship will reschedule the educational classes planned for this weekend.Facebook | https://www.facebook.com/WBKBTV/ Twitter | https://twitter.com/WBKB11 Instagram | https://www.instagram.com/wbkbtv/ AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Alpena Power Company Warns Customers of ScamNext East Tawas pregnancy center will host ‘Walkathon’ to provide family carelast_img