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Industry Responds to Record Unemployment

first_imgSubscribe in Daily Dose, Featured, Market Studies, News Industry Responds to Record Unemployment Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Home / Daily Dose / Industry Responds to Record Unemployment Related Articles The Best Markets For Residential Property Investors 2 days ago housing market 2020 Unemployment 2020-04-03 Mike Albanese Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS News Magazine Preview: The Latest on GSE Reform Next: BofA CEO Talks Response to COVID-19 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 3, 2020 1,489 Views The U.S. Bureau of Labor Statistics reported the unemployment rate rose to 4.4% on Friday with total employment dropping off by 701,000 in March. The reported increase of 0.9 percentage points in March is the largest month-over-month increase since January 1975, when it rose by the same margin. Construction saw a drop in employment in March of 29,000. Employment had increased in construction by 211,000 over the past year. However, the Bureau reported average hourly earnings rose by 11 cents to $28.62 in March. “Nearly every major sector saw a decline to employment this month,” said Doug Duncan, Chief Economist, Fannie Mae. The report also said the number of people who were temporarily laid off more than doubled in March to 1.8 million and the number of people working part-time but would prefer full-time employment, increased by 1.2 million. ‘First American Chief Economist Mark Fleming called Friday’s report, “a shock to the services sector this large is like nothing we’ve ever seen before.”“While many stay-at-home orders exempt construction, housing is not immune. Homebuilding and remodeling lost 4,500 jobs,” Fleming said. Odeta Kushi, Deputy Chief Economist at First American said on Twitter, “this is an additional headwind to builders who were already facing labor shortages.”  Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: housing market 2020 Unemployment Demand Propels Home Prices Upward 2 days ago About Author: Mike Albanese Share Save While many stay-at-home orders exempt construction, housing is not immune. Today’s jobs report shows home building and remodeling lost 4,500 jobs. This is an additional headwind to builders who were already facing labor shortages.— Odeta Kushi (@odetakushi) April 3, 2020The National Association of Homebuilders (NAHB) reports that residential construction lost 4,300 in March following an increase of 24,100 in February.  The NAHB says residential construction employment now stands at 3 million in March.The Bureau’s report adds the labor participation rate fell by 0.7 percentage points in March, with Duncan adding that indicates many workers have chosen not to search for a new job. Also, Duncan said a non-sampling error by the Bureau of workers on temporary layoff due to COVID-19 “artificially lowered” the unemployment rate by a full percent. “Both of these reasons indicate the rise in the unemployment rate this month was understated,” Duncan said. The Bureau’s report comes 24 hours after the U.S. Department of Labor announced jobless claims doubled to 6.6 million for the week ending on March 28—an increase of 3.3 million. Despite the passing of the $2.2 trillion CARES Act, Tendayi Kapfidze, Chief Economist at LendingTree, said these claims represent a significant loss of income to many Americans and disrupt their ability to meet financial obligations. “This will be reflected in a surge in missed payments on mortgages and other consumer finance products. Many of these will be alleviated by programs such as forbearance so the increase in defaults may be muted in the near term,” he said. Danielle Hale, Chief Economist for realtor.com, said it took 16 weeks during the Great Recession—from January to May 2009—to hit 10 million jobs lost. She added there may be new highs set in the unemployment rate in April and June. Sign up for DS News Daily  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more


Seasonal evolution of the upper-ocean adjacent to the South Orkney Islands, Southern Ocean: results from a “lazy biological mooring”.

first_imgA serendipitous > 8-month time series of hydrographic properties was obtained from the vicinity of the South Orkney Islands, Southern Ocean, by tagging a southern elephant seal (Mirounga leonine) on Signy Island with a Conductivity-Temperature-Depth/Satellite-Relay Data Logger (CTD-SRDL) in March 2007. Such a time series (including data from the austral autumn and winter) would have been extremely difficult to obtain via other means, and it illustrates with unprecedented temporal resolution the seasonal progression of upper-ocean water mass properties and stratification at this location. Sea ice production values of around 0.15-0.4 m month(-1) for April to July were inferred from the progression of salinity, with significant levels still in September (around 0.2 m month(-1)). However, these values presume that advective processes have negligible effect on the salinity changes observed locally; this presumption is seen to be inappropriate in this case, and it is argued that the ice production rates inferred are better considered as “smeared averages” for the region of the northwestern Weddell Sea upstream from the South Orkneys. The impact of such advective effects is illustrated by contrasting the observed hydrographic series with the output of a one-dimensional model of the upper-ocean forced with local fluxes. It is found that the difference in magnitude between local (modelled) and regional (inferred) ice production is significant, with estimates differing by around a factor of two. A halo of markedly low sea ice concentration around the South Orkneys during the austral winter offers at least a partial explanation for this, since it enabled stronger atmosphere/ocean fluxes to persist and hence stronger ice production to prevail locally compared with the upstream region. The year of data collection was an El Nino year, and it is well-established that this phenomenon can impact strongly on the surface ocean and ice field in this sector of the Southern Ocean, thus the possibility of our time series being atypical cannot be ruled out. Longer-term collection of in situ ocean data from this locality would be desirable, to address issues relating to interannual variability and long-term change.last_img read more


Indonesian President praises China’s role

first_imgEthiopian president hails China’s role in industrialization drive Related China’s President visits Boeng in US We sat down with Indonesian President Joko Widodo for an exclusive interview, to speak on the role of the Asian-African summit. Joko Widodo also spoke on the impact China can have through the meeting President Trump praises President El-Sisi’s leadershiplast_img


Photo Advisory First, Photos released upto 4 p.m.

first_imgNew Delhi: 20, Aug 2017 (PTI) EDITORS: Photos with Captions released today. To view thumbnails of these Photographs, visit PTI website at..http.//www.ptinews.com NATIONAL Muzaffarnagar: Puri-Haridwar Utkal Express train derailment(B +A) New Delhi: Rajiv Gandhi birth anniversary(A+B) Mumbai: Lakme Fashion Week winter festive 2017(B+A) Bhopal: Amit Shah in Bhopal(A+B) Patna: Lalu flags off ‘Bhajpa Bhagao Desh Bachao’ campaigning vehicles(A) New Delhi: Raising funds for the tour(B) Kolkata: Selling statutes of Mother Teresa(A) Srinagar: Fruit vendors at Dal Lake(B) Kolkata: Making idols of Lord Ganesha(A) Mumbai: Making it to the Limca Book of Records(A+B) Mumbai: People using umbrellas during rains(B) Kolkata: Drying leather for rooftops(A) Jammu: All India Porter Union protest in Jammu(A) Lucknow: Rajnath inaugurating NIA complex in Lucknow(B) Mumbai: Emraan Hashmi(B) Mumbai: Arjun Kapoor(B) Mumbai: Rains in Mumbai(A) Darbhanga: Pappu Yadav visiting flood-affected village in Darbhanga(A) INTERNATIOAL Barcelona : Spain’s King Felipe and Queen Letizia lay flowers at a memorial tribute(A+B) Kabul: Afghanistan’s Independence Day in Kabul (B) Chicago: Chicago Air & Water show(B) Beijing: Great wall of China(B+A) Boston : Counterprotesters hold signs at a “Free Speech” rally by conservative activists (B) Hong Kong : Thousands of protesters raise umbrellas(B) SPORTS Kuala Lumpur : Opening ceremony of South East Asian Games(B) Birmingham: Test match between England and West Indies, at Edgbaston (B) Dambulla: Virat Kohli with his Sri Lankan counterpart Upul Tharanga holds ODI trophy(B) Mumbai : 2nd edition of Mumbai Half Marathon(B) Dambulla: India VS Sri Lanka first ODI(B) PTI PHOTO GCS UPTO 112 ANBadvertisementlast_img read more