Tag: jun 23 2020

As New York City’s hotels begin to reopen after being shut for more than three months, about 25,000 rooms – roughly 20 percent or one in five – will never see another guest, according to interviews with hotel owners and a consensus among analysts. The 17-floor Blakely New York hotel had filed papers with the...

More than just jobs are being lost as a result of the U.S. lockdown. State and local governments will collect $16.8 billion less in taxes this year because hotels were closed during the shutdown, according to a report by Oxford Economics. But the tax dollar loss is indeed much greater. The study does not consider...

You read it first in the Trends Journal. Now it’s mainstream business news. And it’s happening right here, at the home of the Trends Research Institute, in New York’s Hudson Valley. Four exurban regions around New York City showed increased demand for homes relative to supply from March through May compared to a year previous,...

New York City’s small businesses, 62 percent of which employ five or fewer workers, account for more than three million jobs, city data says. Neither the city nor state, however, has proposed a plan to help these businesses recover from the economic shutdown. The greatest problem for most of the businesses is an inability to...

Again, as we had forecast, it is now reality. About 56 percent fewer tenants are seeking office space in San Francisco, and 32 percent fewer in neighboring Silicon Valley, from February through May this year compared to last, said CBRE, a commercial real estate firm. The economic shutdown has forced companies to trim their budgets...

More than 52 percent of U.S. homeowners currently worry about their ability to continue making mortgage payments, and 47 percent have considered selling their homes because they might be unable to afford mortgage payments in the future, according to a survey of 2,000 households conducted by OnePoll and the National Association of Realtors. About 81...

Americans have missed or skipped payments on more than $100 million in loans since 1 March. About 106 million installment loans were enrolled in formal deferment, forbearance, or relief programs on 1 May, about triple the number on 1 April. Roughly 79 million student loan payments went unmade on 1 May, up from 18 million...

With the Wall Street line and political hype of the economy rebounding, barely mentioned, and mostly hidden, is the fact that U.S. banks’ profits in the aggregate fell 69.6 percent, down to $18.5 billion, from the quarter a year previous, the Federal Deposit Insurance Corporation reported. Half of all banks reported falling profits and 7.3...

While equity markets are hitting new highs, a lot of the big money players, fearful of the risks, are going into cash. Assets in U.S. money market funds have reach $4.6 trillion, according to analysis firm Refinitiv Lipper, exceeding the $3.8-trillion level reached during the Great Recession. About $1 trillion has been added this year...

The return of U.S. jobs will be slow to permeate all sectors of the economy and likely to leave low-wage workers to suffer longest if the shutdown lingers, warned Jerome Powell, chair of the U.S. Federal Reserve System, in 16 June testimony to Congress. The shutdown cost jobs among African Americans, Hispanics, and women more...