The Chinese owners of the famed Waldorf Astoria in New York City are preparing to put the hotel up for sale, only months after it reopened following a multibillion-dollar, much-delayed overhaul. The Waldorf’s transformation was completed last year about five years behind schedule and more than $1 billion over budget. Developers and real-estate executives say it was likely the most expensive real estate conversion ever attempted in the U.S.
Jobs
The U.S. produced only 1.2 million jobs in 2024, versus the previously estimated 2 million. The labor market slowed even more to add just 181,000 jobs last year, versus the previously estimated 584,000.
Stock Wealth
Households’ stock wealth is now equal to almost 300% of their annual disposable income, compared with 200% in 2019.
Job Changes
The number of jobs people quit in December came to 3.2 million, well below the 4.5 million hit in March 2022. The quits rate, which measures quits as a share of employment, was 2%, well short of the 2.3% it averaged in 2019, before the pandemic.
Job Openings
U.S. job openings decreased by 386,000 roles in December, reaching their lowest level since September 2020.
Hotel Investments
U.S. Hotel investment in 2025 transaction volume climbed 17.5 percent year over year to reach $24 billion. The uptick in activity was driven by private equity activity and strengthening debt markets.
Home Surplus
Home builders are proposing new policies to the White House to address the largest housing inventory surplus in 15 years. The industry faces challenges with unsold homes because of high prices and interest rates, and potential labor and building-materials inflation.
SpaceX xAI
SpaceX and xAI tie up to form a $1.25 trillion company.
Home Buyer Discount
Nearly two-thirds of home buyers last year purchased at a discount to the original listing price, the highest proportion since 2019.
Job Losses
U.S.-based employers announced 1.2 million job cuts in 2025, the highest annual figure since 2020, with tech and warehousing sectors leading.