Economists put the probability of the economy being in recession sometime in the next 12 months at 28%, up from 18% in January and just 13% a year ago.
Hotel Development
Compared to pre-pandemic levels, hotel development costs have increased between 15% and 23%.
Unibail
Europe’s largest mall operator Unibail-Rodamco-Westfield SE wants to shed most of its U.S. properties by the end of 2023, bracing for a potentially sizable loss after it paid about $14 billion four years ago for some of the country’s top-performing malls.
Wage Gains
Average hourly earnings were up a seasonally adjusted 0.4% in March, following February’s relatively weak 0.1% rise. In the previous six months, by contrast, monthly wage gains averaged 0.5%.
Hospitality Employment
For every 10 jobs that exist in leisure and hospitality, there's a job opening with hotel employment in the U.S. 20% below where it was pre-pandemic.
New Vehicles
Drivers are snatching up available vehicles as soon as they hit the lot. In the first quarter, 41% of all new vehicles were sold within the first week of sitting on a dealer lot, compared with 20% in the first quarter of 2021.
Dow Drop
The Dow dropped about 550 points, wrapping up stocks’ worst quarter in two years as investors juggled war, inflation and rising interest rates.
4% Mortgages
The average mortgage rate on a 30-year home loan surged past 4% for the first time in three years in March.
401(k) Withdrawals
About 80% of people subject to mandatory retirement account distributions withdraw more than the required minimum because they need the money.
Corporate Travel
Big corporate travel-management companies are hovering around 50% of 2019 booking levels, much of which is due to the lack of international travel.