Summary List Placement Half of all states in America are ending their participation in federal unemployment benefits early, leaving millions of workers with greatly reduced benefits — or no benefits at all. Twenty-three of these states are still below pre-pandemic employment, while 15 have lower than average vaccination rates. That means that workers being pushed […]
Summary List Placement 2020 was the year urbanites took flight. But many of them didn’t go very far. The pandemic’s great migration boom mostly consisted of urban dwellers leaving big cities for its directly outlying suburbs, according to a recent Jefferies note that analyzed the latest USPS data. “Large central metro” areas like New York […]
Bill Dallas, president of Finance of America Mortgage, will speak at engage.marketing on the panel: Winning in a red-hot purchase market. Dallas is a mortgage industry veteran, building two mortgage companies from the ground up: First Franklin and Ownit Mortgage Solutions, starting in 1981. In 2009, Dallas purchased Skyline Home Loans with Upfront Ventures and […]
Summary List Placement Industries hit hard by the pandemic, including accommodation, museums, and performing arts, are still far below pre-pandemic employment. Nick Bunker, economic research director at Indeed, told Insider that some of the industries that have the highest percent declines from February 2020 employment to May 2021, are “industries that just aren’t going to […]
Summary List Placement Throughout the pandemic, the story of unemployment has been a roller coaster, taking myriad twists and turns. March’s jobs report brought new highs, and April brought disappointing lows. May’s jobs report falls somewhere in between, coming in below expectations but still showing acceleration as unemployment dipped. One group, however, has been disproportionately […]
Summary List Placement Republicans in 25 states are cutting enhanced unemployment benefits early under the argument that the additional measures discourage people from re-entering the workforce. But the May jobs report released on Friday, which saw 559,000 payrolls added — a sharp increase from April — and a bigger-than-expected drop in the unemployment rate, suggests […]
Summary List Placement A megadrought in California is threatening to push food prices even higher. The state is already facing its worst water shortage in four years and the its driest season has only just begun, according to data from the National Integrated Drought Information System (NIDIS). As water levels continue to fall, farmers and […]
Summary List Placement As President Joe Biden continues his effort to reach a bipartisan agreement on his infrastructure proposal, House Democrats have proposed additional funding for rebuilding the country’s physical infrastructure — an area Republicans have argued doesn’t have enough focus. On Friday, Chair of the House Committee on Transportation and Infrastructure Peter DeFazio, Chair […]
Summary List Placement More US jobs were added in May than in April, and most of the gains once again fell in the leisure and hospitality industry. The US added 559,000 nonfarm payroll jobs in May, according to the latest jobs report from the Bureau of Labor Statistics, below economists’ median estimate of 674,000, per Insider’s […]
Summary List Placement After a hugely disappointing April report, the US labor market’s recovery seems to be back on track, albeit not quite to the degree economists hoped. The US economy added 559,000 nonfarm payrolls in May, the Bureau of Labor Statistics said Friday morning. Economists surveyed by Bloomberg held a median estimate of a […]
Summary List Placement Local pharmacies in the US are scrambling to find workers amid the labor shortage hitting industries, according to the country’s largest organization of independent pharmacy owners. Four in five pharmacies are struggling to recruit enough workers to deliver prescriptions, handle patients, and run the cash register, according to a report by the […]
Summary List Placement Ally Bank, the largest digital bank in the US, announced Wednesday that it would eliminate overdraft fees on all accounts. All Ally customers are eligible and “there are no requirements or restrictions,” the firm said in a press release. “This is a significant advancement for consumers as we live out our mission […]
Summary List Placement The White House downplayed the prospect of a fourth stimulus payment on Thursday, saying that President Joe Biden has already unveiled what he believes is his best possible economic recovery plan. “He’s happy to hear from a range of ideas on what would be most effective and what’s most important to the […]
Summary List Placement It’s not just the US housing market that’s on an absolute tear. Home prices around the world are surging as strong demand squares off against strained supply. The average home price across 56 countries and territories rose 7.3% in the year to March 2021, according to the Knight Frank Global House Price […]
Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net profit of $3,361 on each loan they originated in the first quarter of 2021, down from a reported gain of $3,738 per loan in the fourth quarter of 2020, according to a new report from the Mortgage Bankers Association. The average pre-tax […]
Summary List Placement As Democrats in Congress continue to pressure President Joe Biden to cancel $50,000 in student debt per borrower, cities are also joining in on the fight to relieve 43 million borrowers of a $1.7 trillion student debt burden. Washington, DC can now be added to the list. On Wednesday, the DC Council […]
Fickle mortgage rates rose once again last week, this time four basis points to an average of 2.99%, according to Thursday data from Freddie Mac‘s PMMS. However, despite fluctuating sub-3% mortgage rates, borrowers are still competing in a supply strained and overheated market. “Home prices continue to accelerate while inventory remains low and new home construction cannot […]
Summary List Placement Until recently, enthusiasm was building in the economic recovery. But a series of dark clouds have come together all at once to darken the outlook for the US economy and they all point to one thing: inflation. The most hotly debated topic is the question of the labor market. The weak April […]
Summary List Placement The number of Americans filing for unemployment insurance sank to another pandemic-era low last week as the labor market’s recovery charged forward. Jobless claims totaled an unadjusted 385,000 last week, the Labor Department said Thursday. The median estimate from economists surveyed by Bloomberg was for 387,000 initial claims. The count marks a […]
Summary List Placement States choosing to end the supplemental $300-a-week unemployment benefit early could cost local economies more than $12 billion, according to a report by the bipartisan Joint Economic Committee published on Wednesday. Cutting the benefit early could ultimately hamper economic recovery from the coronavirus because people would have less money to spend, the […]
Summary List Placement Apple expects to see its employees in the office for three days a week from September. CEO Tim Cook announced the change in an email sent to staff on Wednesday, seen by The Verge. Most employees would be expected to come in on Mondays, Tuesdays, and Thursdays, and it would be up […]
Summary List Placement Hello Modes readers! Here is my full conversation with Bloomberg’s Joe Weisenthal. You probably know him as @TheStalwart on Twitter or as the co-host of Bloomberg’s Odd Lots podcast. I was excited when Joe accepted my offer to get on the phone and talk about trucking and non-trucking topics. Here’s our conversation. Beer is bad Rachel: […]
Summary List Placement The Education Department on Wednesday cancelled its recognition of the Accrediting Council for Independent Colleges & Schools (ACICS) for approving a school that reportedly has no faculty or students, but received federal funds anyway. USA Today conducted an investigation last year that found that although approved by ACICS, Reagan National University in South […]
Summary List Placement New analysis suggests that relief payments included in Congress’s sweeping stimulus were highly effective at supporting Americans and easing various stresses through the pandemic. The pandemic-era stimulus checks weren’t the first instance of the government issuing relief payments, but the amount of cash sent directly to Americans over the past year is […]
Home sales on properties labeled as “expensive” or “high-end” have skyrocketed in California’s Bay Area, Miami and Las Vegas in 2021, and overall purchases of high-end homes in the country jumped 26% year over year during the three months ending April 30, according to a recent study from Redfin. “Affordable” and “mid-priced” home purchases rose […]
Summary List Placement A new ruling from the Senate parliamentarian could pose a roadblock for President Joe Biden’s $4 trillion economic agenda and Democrats attempting to evade a Republican filibuster as they push ahead with major spending plans on health, education, and childcare. A ruling issued last Friday from Senate parliamentarian Elizabeth MacDonough said there […]
Summary List Placement On the 100th anniversary of the Tulsa Race Massacre, President Joe Biden unveiled plans to address the racial wealth gap in the country. But those plans did not include student debt cancellation, which the president of the National Association for the Advancement of Colored People (NAACP) called a missed opportunity. “While many […]
Summary List Placement Leaders at Sunnyside Community Services, a non-profit center that serves neighborhoods in Queens, New York City, are well aware of the devastating toll COVID-19 has had on their community. The coronavirus disease had killed more Queens residents than any other borough as of March 2020, when New York City became an epicenter […]
Mortgage applications dropped for the second straight week, this time down 4% for the week ending May 28, 2021, according the Mortgage Bankers Association‘s weekly mortgage applications survey. This week’s data was compared to mortgage applications from the week of Memorial Day in 2020. The overall housing index hit its lowest point since February, said Joel Kan, […]
Summary List Placement The current US labor shortage, which is hitting industries from education and healthcare to hospitality and ride-hailing apps, is holding back the nation’s economic recovery from the pandemic, the US Chamber of Commerce said Tuesday. In some states and some industries, there are fewer available workers than there are vacancies, according to […]
Summary List Placement An unusual imbalance between supply and demand in the labor market is holding back the hiring rebound, but the trend shouldn’t last long, Federal Reserve Governor Lael Brainard said Tuesday. On one hand, job openings soared to record highs in March as the country reopened and businesses looked to rehire. Yet a […]
Servicers’ forbearance portfolio volumes managed to drop one basis point last week to 4.18%, the 13th consecutive week of declines. However, some unfortunate trends are beginning to crystalize. Despite declines for nearly every investor type, last week’s positive numbers were offset by an 11 basis point jump in forbearance share for portfolio loans and private […]
Summary List Placement Millennial homeowners are having buyer’s remorse. Nearly two-thirds (64%) of millennials regret buying their home, a new Bankrate survey that polled 1,400-plus homeowners found. Just over 20% cited expensive maintenance costs as the reason why, while 13% said it’s because they overpaid. Those reasons come as no surprise in today’s cutthroat housing […]
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Summary List Placement President Joe Biden’s infrastructure- and family-focused spending plans will become law, just not in their current form, Goldman Sachs economists said Friday. With stimulus in the rear-view mirror and the country on the mend, the White House has shifted its focus to long-term investments in the economy. Democrats and Republicans continue to […]
Summary List Placement Richard Cordray, the head the Education Department’s Office of Federal Student Aid (FSA), is remaining committed to helping student loan borrowers through new issued guidance that would enhance oversight of student loan servicers. On Friday, Cordray — former head of the Consumer Financial Protection Bureau (CFPB) and an ally of Sen. Elizabeth Warren […]
Summary List Placement Finance ministers for the Group of 7 are set to back a new global minimum tax, according to a Reuters report. The move would potentially be a major step forward for both the Biden administration and international taxation. According to a draft obtained by Reuters, the group supports the push for a tax […]
Summary List Placement Economic recoveries are improving around the world, but the global rebound remains massively uneven, the Organization for Economic Co-operation and Development said in a new report. The OECD revised its estimate for global gross domestic product higher on Monday, citing unprecedented policy support and the effectiveness of COVID-19 vaccines. Output is now […]
Summary List Placement President Joe Biden’s administration on Tuesday announced new measures designed to narrow the racial wealth gap and build wealth in Black communities. The plan would help combat discrimination in the housing market, and grow the number of federal contracts given to small, disadvantaged businesses by 50% over the next five years — […]
Summary List Placement Billionaire investor Bill Gross wrote in a Financial Times op-ed on Tuesday that the Federal Reserve could risk sinking the dollar if it continues to support accommodative monetary policies for too long. “I suspect that $5 trillion spending programmes and the Fed’s current package of near zero per cent short-term rates and […]
Summary List Placement Small restaurant owners have hiked the prices of some menu items due, in part, to a severe shortage of workers, Fox Business reports. Restaurants have struggled to attract workers since they reopened, with many people demanding higher wages. Some owners have passed the cost of these wages onto customers, Fox reported. […]
Brena NathHW+ Managing Editor This issue marks my first issue overseeing the magazine with a cover photoshoot, and wow, Matt Jones, who is portrayed on the cover, really set the bar high when it comes to what it means to be a Rising Star. He formerly served as senior counsel for the Senate Committee on […]
Summary List Placement The US economy is set to grow at the fastest rate since 1984 this year thanks to government stimulus and the speedy rollout of coronavirus vaccines, the Organisation for Economic Co-operation and Development (OECD) has said. In its latest economic outlook, the OECD group of rich countries said US gross domestic product […]
Summary List Placement Gas prices reached a seven-year high, at an average of $3.04 per gallon on Sunday, up $1.14 per gallon from the same time last year, according to AAA. The spike in price comes as more than 37 million Americans are expected to travel this weekend, with 9 out of 10 driving, according […]
Summary List Placement I knew New York City was back when I found myself dancing on top of a booth in an East Village bar last weekend. The night began with dinner out and ended with another bargoer’s drink on my shoe, eating pizza on the street, and an invitation from a six-pack-wielding stranger for […]