The number of high-paying remote jobs commanding a salary of $100,000 or more dropped 33% across the first quarter of the year compared to the final three months of 2023, with more companies now demanding that workers with higher salaries report to the office.
ARK Withdrawals
Investors have pulled a net $2.2 billion from ARK’s active funds this year, topping outflows from all of 2023.
Blackstone Ares
Blackstone Inc.’s Strategic Partners unit sold a $1.1 billion portfolio of private equity fund interests to Ares Management Corp.
Office Sublease
The 168.4 million square feet of office space for sublease in the first quarter was down slightly from the fourth-quarter 2023 peak but up almost threefold from early 2019.
Pension Allocations
Analysts estimate that pensions will unload $325 billion in stocks this year, up from $191 billion in 2023.
Rates Outlook
Fed Chair Jerome Powell said the U.S. economy has not seen inflation come back to the central bank’s goal, pointing to the further unlikelihood that interest rate cuts are in the offing anytime soon.
Hotel Wages
Hotels are projected to pay a record high total of wages, salaries and compensation in 2024—$123.4 billion compared to $118 billion in 2023.
Hotel Tax Revenue
The data show hotels are projected to generate a total of nearly $83.4 billion in tax revenue in 2024.
AGI Increase
Fueled in large part by the stock market's surge and soaring salaries during the post-pandemic labor shortage, the number of Americans with an adjusted gross income of at least $1 million per year jumped 44% between 2020 and 2021 according to new data from the Internal Revenue Service.
Blackstone AIR
Blackstone has agreed to acquire private Apartment Income REIT for about $10 billion and will invest another $400 million to improve these properties. AIR Communities owns 76 upscale rental housing communities that are primarily in coastal markets, including Miami, Los Angeles, and Boston. This acquisition is Blackstone’s largest transaction in the multifamily market.