The CDC order covers tenants who can’t pay their full rent due to a substantial loss of household income, loss of compensable hours of work, a layoff or extraordinary medical expenses. While the intent of the CDC moratorium was to prevent the spread of Covid, there is no requirement in the order that the income loss be due to Covid.
The Fed will continue to support the economy with near-zero interest rates and large-scale asset purchases until “substantial further progress has been made,” a standard that Mr. Powell said “is likely to take some time” to achieve.
Since February 2020, the leisure-and-hospitality sector has shed nearly four million jobs, roughly a quarter of its workforce. As of January 2021, 15.9% of the industry’s workers remained unemployed; more than any other industry.
Marriott International Inc. ended 2020 with a loss of $267 million—its first annual loss since 2009—as the company absorbed the effects of the downturn in global travel during a pandemic that emptied most of its rooms last March and continues to sap demand.
Shoppers boosted spending by 5.3% in January, the first increase in four months, buoyed by recent virus-related stimulus payments. The rise followed three consecutive months of declining sales during the 2020 holiday shopping season.
Lumber futures have climbed 47% over the past three weeks, to within a few dollars of records set in September. Lumber for March delivery ended trading Friday at $982.10 per thousand board feet, more than twice the price a year earlier.
The U.S. budget gap totaled a record $736 billion during the first four months of fiscal 2021, an 89% increase from a year earlier.
The 85-room Four Seasons Resort in Napa is expected to sell for $170 million, a near-record of $2 million per key. Demand for the adjoining 21 residences for sale was also strong and all units are in contract.
