Initial jobless claims decreased by 5,000 to 166,000 in the week ending April 2, matching the lowest level in 54 years. The median estimate in a Bloomberg survey of economists called for 200,000 initial applications. The drop in first-time applications is yet another sign of positive momentum in the labor market.
A separate report last week showed that the U.S. added close to half a million jobs in March and the unemployment rate fell by more than expected (to 3.6%), further highlighting today’s tight labor market.
In such an environment, firms are extremely cautious about laying off workers. Competition for job openings has driven up wages, especially in industries facing the toughest shortages, like leisure and hospitality. “The current recovery has crammed 11.5 years of gains into just two,” said Guy Berger, Principal Economist for LinkedIn, in an article for The Wall Street Journal.
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Clearwater Capital Management, LLC d/b/a Clearwater PACE (“Clearwater”) is a New York-based Real Estate Investment and Advisory Firm that helps commercial real estate developers and owners secure the best debt, equity, and C-PACE financing terms and executions based on its well-established relationships in the capital markets. Clearwater’s team is comprised of real estate investment professionals rooted in operational excellence backed by their professional experience in Real Estate Private Equity and Investment Banking. For more information, visit www.c-pace.com or www.clearwaterpace.com.