Jobless Claims Fell Last Week​​​

The Labor Department said Thursday that 228,000 people filed new jobless claims in the week through May 3, down from 241,000 a week earlier, the Wall Street Journal reported. Last week’s rise above 240,000 new filings represented a recent high, but analysts attributed the one-week spike to New York State school workers who are eligible for unemployment during some school breaks. The number of continuing unemployment claims, a measure of the size of the total unemployed population, declined to 1.88 million in the week through April 26, compared with 1.91 million a week earlier. (Subscription required.) Read more.​​​​​​

Freddie Mac: Average Rate on a 30-Year Mortgage Holds Steady at 6.76%​​​

The average rate on a 30-year mortgage in the U.S. held steady this week, not far from its highest levels this year, but below where it was a year ago, the Associated Press reported. The rate stood at 6.76% for the second week in a row, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.09%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, eased. The average rate dropped to 5.89% from 5.92% last week. It’s down from 6.38% a year ago, Freddie Mac said. After climbing to just above 7% in mid-January, the average rate on a 30-year mortgage has remained above 6.62%, where it was just four weeks ago. It then spiked above 6.8% in the following two weeks and eased last week to 6.76%. Read more.​​​​​​

Subchapter V Experiences to Share? ABI Wants to Hear from You!

ABI is continuing its study of Subchapter V, and it needs your help! We are particularly interested in learning more about the real-world impact of Subchapter V. So our question is, do you have a story about a distressed business or creditor who has used or benefited from the subchapter? If so, could that case still happen under the lower debt cap for Subchapter V debtors? Any and all responses are welcome. Submit your story at https://abi.org/subvstories.
 

NY Fed Survey Finds Deteriorating Views on Household Financial Situation​​​

Americans’ views on their current and future financial situations, as well as their expectations for future earnings and income, soured in April, amid mixed views on the outlook for inflation, the Federal Reserve Bank of New York said on Thursday. In its latest Survey of Consumer Expectations, the bank found that last month, households’ perceptions of their current and future financial situations “deteriorated sharply.” Survey respondents also projected slower gains in income and earnings in April relative to March, and for unemployment to rise and for it to be harder to find a job. Spending expectations, however, rose in April versus March. On the inflation front, it was a mixed bag. Survey respondents projected year-ahead inflation at 3.6%, unchanged from March, while the three-year-ahead expectation rose to the highest level since July 2022 at 3.2%, from March’s 3%. Five years from now, survey respondents see inflation at 2.7% versus March’s 2.9%. Read more.​​​​​​

Moody's Warns of Risk Posed by Rising Retail Exposure to Private Credit​​​

Moody's ratings agency warned yesterday of the rising risk that retail investors, who put their money into private credit assets, pose to the U.S. economy, Reuters reported. Since the pandemic, the share of U.S. and global credit markets has gradually shifted from banks in the public markets to private credit firms, growing to hold over $2 trillion in assets under management since their inception in 2014, according to a Wednesday report by Moody's. "Even as market volatility persists, alternative asset managers have continued to launch funds aimed at drawing retail investors into private credit and other types of private assets," Moody's analysts wrote on Wednesday. Retail exposure to the growing private credit space has also accelerated since the pandemic, led by a rise in open-ended evergreen funds and their looser restrictions compared to the traditional closed-end funds. Exchange-traded funds focused on private credit have also grown in popularity. Moody's highlighted that this rise in ETFs could "redefine access to private markets," but only with appropriate safeguards. Read more.​​​​​​

U.S. Wholesale Inventories Revised Slightly Lower in March​​​

U.S. wholesale inventories increased slightly less than initially estimated in March amid decreases in the stocks of electrical, lumber, apparel and farm products, Reuters reported. Stocks at wholesalers rose 0.4%, revised down from the 0.5% gain estimated last month, the Commerce Department's Census Bureau said today. Inventories, a key part of gross domestic product, advanced 0.5% in February. They rose 2.2% on a year-on-year basis in March. Businesses front-loaded imports in the first quarter, seeking to avoid President Donald Trump's sweeping duties on foreign goods, resulting in a large trade deficit. Read more.​​​​​​

Unlock Bankruptcy Law Essentials from Top Industry Professionals with Restructuring Masterclass Program​​​

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Third Circuit Invites Public Comments by May 15 for Reappointment of Bankruptcy Judge Carlota M. Böhm​​​

The current term of office of the Hon. Carlota M. Böhm, U.S. Bankruptcy Judge for the Western District of Pennsylvania in Pittsburgh, is due to expire on Nov. 27, 2025. The U.S. Court of Appeals for the Third Circuit is considering the reappointment of Judge Böhm to a new 14-year term of office. Members of the bar and the public are invited to submit comments for consideration by the court of appeals regarding the reappointment of Judge Böhm. All comments will be kept confidential and should be directed to one of the following addresses: by email at Bohm_Reappointment@ca3.uscourts.gov or by mail to Margaret A. Wiegand, Circuit Executive, 22409 U.S. Courthouse, 601 Market Street, Philadelphia, PA 19106. Comments must be received no later than May 15, 2025.​​​​​​

Application and Nomination Period for ABI’s 2025 “40 Under 40” Open Through June 30​​​

The ABI "40 Under 40" annual program continues to highlight the best up-and-comers in the industry. If you are, or know of, a dynamic insolvency professional who is committed to growth and excellence both professionally and in your community, this is one opportunity not to be missed! Applications are due June 30. Click here for more information and to submit a nomination or application. 

Access All Current ABI Titles Through ABI’s New Digital Book Subscription!​​​

One of the best collections of bankruptcy books is now available as an annual digital subscription! ABI’s bankruptcy library opens the door to a constantly evolving area of the law, and our books are continually being updated by top industry professionals. Auto-renewing annual subscriptions guarantee immediate access to this invaluable resource, which is comprised of fully searchable content that’s always available on any digital device. Convenient pricing plans for individual and institutional subscribers offer immediate and unlimited access to our entire digital library of books — nearly 100 treatises! Plus, you get advanced access to new and revised books as soon as they are published — all included in your annual subscription. Learn more!

Have an Idea for a Topic for an ABI Conference Session? Submit Your Proposal via ABI’s “Call for Abstracts” Page!​​​

ABI has launched an online portal for professionals to submit proposals for educational sessions at future ABI conferences. Submitters can describe their proposed topic, outline the session’s focus and learning goals, suggest speakers, and provide contact information via the portal’s detailed form. The portal can be accessed here.

All submissions will be reviewed by an internal Education Committee, which will contact the submitter to ask questions as needed and to discuss the status of the proposal. Submissions will be reviewed on a rolling basis.

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