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Unemployment numbers hurt rent collection

The number of workers applying for and receiving unemployment benefits has stabilized at historically high levels, signs that while the labor market is healing hundreds of thousands of workers are still losing their jobs each week. New applications for benefits edged lower by 58,000 to a seasonally adjusted 1.5 million in the week ended June 13, the Wall Street Journal reported.

  • Silver lining: The number of Americans receiving benefits payments fell by 62,000 to 20.5 million in the week ended June 6, which suggests that new layoffs are being offset by employers hiring or recalling workers. 
  • Be SmartNearly 25 percent of New York City renters have yet to make rent payments in June, according to a survey conducted by the Community Housing Improvement Program (CHIP). For some landlords, the drop-off was particularly acute: Nearly a fifth of those surveyed reported rent collections less than 60 percent of normal.
  • Other data points: In the survey, 66 percent of commercial tenants paid no rent so far in June. Forty percent of respondents said they will struggle to pay their property taxes, and nearly 6 percent said they will not be able to make any property tax payments on July 1, according to The Real Deal.
  • Eye on rent collection: The federal government is paying $600 in additional unemployment benefits on top of amounts approved by states, allowing many workers to earn more than they did at their jobs. The extra payment is set to expire at the end of July, though Congress is debating whether to extend them or provide other aid. The number of Americans receiving continuing unemployment benefits is down from a peak of nearly 25 million in early May. [WSJ+TRD]

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