MetroIntelligence Economic Update by P. DUFFY
Another 1.3 million file for unemployment claims, but continuing claims fall to 18.1 million
In the week ending July 4, initial unemployment claims were 1,314,000, a decrease of 99,000 from the previous week’s revised level. Continuing employment claims during the week ending June 27 were 18.1 million, a decrease of 698,000 from the previous week’s revised level. The previous week’s level was revised down by 530,000 to 18.8 million.
May wholesale trade sales rebound 5.4 percent from April, but down 16.2 percent year-on-year
May 2020 sales of merchant wholesalers were $419.1 billion, up 5.4 percent from the revised April level, but were down 16.2 percent from the revised May 2019 level.
Hotel occupancy dips after 11 straight weeks of increases as coronavirus cases rebound
During the week ending July 4, U.S. hotel occupancy fell 30.2 percent to 45.6 percent, the Average Daily Rate (ADR) dipped 20.9 percent to $101.36 and Average Revenue per Room (RevPAR) decreased 44.8 percent to $46.21. While occupancy had risen in week-to-week comparisons for 11 straight weeks since mid-April, they dipped slightly in this last week given new beach closures in hot spots as well as more hotels re-opening July 1st.
Share of mortgage loans in forbearance falls 8 basis points to 8.47 percent
The total number of loans now in forbearance decreased by 8 basis points from 8.47 percent of servicers’ portfolio volume in the prior week to 8.39 percent as of June 28, 2020. According to MBA’s estimate, almost 4.2 million homeowners are in forbearance plans.