The Department of Labor reported that 6,648,000 Americans filed for unemployment insurance benefits in the week ending March 28, 2020 as the COVID-19 pandemic continues to shut down many businesses and much of the economy. This was an increase of 3,341,000 from the previous week’s upwardly revised level of 3,307,000. While last week’s report shattered records, this week’s report was even more shocking due to the magnitude of the increase. The speed and scale of the job losses is unprecedented. In the past two weeks, 6.5% of employed people or nearly 10 million people have filed claims according to Bloomberg analysis. It was the highest level of initial claims in the history of the series. At its worse during the Great Recession, there were 665,000 first-time claims filed in the week ended March 28, 2009. That was second only to the week ended October 2, 1982, when 695,000 first-time claims were filed.
The Department of Labor reported that 3,283,000 Americans filed for unemployment insurance benefits in the week ending March 21, 2020 as the COVID-19 pandemic shut down much of the economy. The weekly report is among the first economic indicators to show the effects of the virus on the economy. This was an increase of 3,001,000 from the previous week’s level of 282,000. This shattered records and was the highest level of initial claims in the history of the series. At its worse during the Great Recession, there were 665,000 first-time claims filed in the week ended March 28, 2009. That was second only to the week ended October 2, 1982, when 695,000 first-time claims were filed. This report compares poorly with the average 225,000 claims filed by people during each week during the past six months.
Of the 99 NIC MAP® primary and secondary metropolitan markets that the NIC MAP® Data Service reports on across the nation, 11 are in California.1 Within these metropolitan markets, NIC tracks 937 seniors housing properties with 107,500 units, or nearly 12% of the seniors housing properties within the 99 markets. By coincidence, this share is comparable to California’s 12% share of the total U.S. population (39.6 million people live in California versus 327 million in the U.S. as of 2018). Within the state, performance measurements vary considerably.
More than 1500 industry leaders gathered in San Diego last week for the 2020 NIC Spring Conference. Under calm blue skies, attendees engaged in three days of active networking, deal making, thought-leadership, and discussion of critical trends. A focus on disruption and new partnerships in senior care augmented the annual event’s established focus on real estate debt, equity capital flow, valuations, market trends, and investments.