Editor's Note: Some linked articles may be behind subscription paywalls.
1. Los Angeles' image takes hit ahead of World Cup, Olympics
Immigration and Customs Enforcement raids in Los Angeles have been met with protests in the city. President Donald Trump activated nearly 5,000 troops in the city, which Los Angeles Mayor Karen Bass called "a chaotic escalation."
Imagery from the protests include rubber bullets and flash-bang grenades hitting crowds of protestors, and Waymo robotaxis set on fire, the Associated Press reports. As the city prepares to host World Cup matches next year and the 2028 Olympics, the scenes in the press don't bode well as a host market for international events.
“At this stage in the process, most host cities and countries would be putting the final touches on their mega-event red carpet, demonstrating to the world that they are ready to embrace visitors with open arms,” said Jules Boykoff, a Pacific University professor who has written widely on the political and economic impacts of the Olympic Games. The scenes of conflict are “not exactly the best way to entice the world to plan their next tourist trip to the U.S. to watch a sports mega-event.”
2. UK job openings fall while unemployment numbers rise
The number of available jobs in the United Kingdom fell by 63,000 between March and May while unemployment numbers are on the rise. This suggests U.K. companies are holding back or not replacing workers who leave, the BBC reports.
"There continues to be a weakening in the labor market," said Liz McKeown, director of economic statistics at the Office for National Statistics.
The unemployment rate of 4.6% is the highest in nearly four years, and it could rise even higher, according to Yael Selfin, chief economist at KPMG UK.
3. How hotel operators have focused their retention efforts
To account for a tight labor market over the past several years, hotel operators have made more of an effort to improve their company culture and retention strategies, CoStar News Hotels reports.
These efforts include improving wages and benefit packages as well as setting up leadership programs that give employees tools to grow past their current role.
"It's us trying to promote what the industry does have and the fact that you can make a better living for yourself — here's the path to that," said Kerry Ranson, president and partner at Raines.
4. Starwood property fund withdrawal requests reach $850 million
A Starwood Capital Group real estate fund had a long line of investors trying to exit it at the same time last spring, which led to CEO Barry Sternlicht imposing strict limits on the amount of money investors could withdraw. A little more than a year later, those withdrawal requests are up to $850 million, the Wall Street Journal reports.
The alternative to restricting the withdrawal requests would have been to sell properties at a discounted price. Sternlicht said Starwood was "not going to have fire sales." Starwood Real Estate Income Trust sold $1.6 billion worth of properties from December to May.
Starwood Real Estate Income Trust's net asset value is now at $8.8 billion, down 40% from its peak in 2022.
5. US small business sentiment up in May
U.S. small business confidence was up in May, likely due to the de-escalation in trade tensions between the United States and China, Reuters reports. The National Federation of Independent Business' Small Business Optimism Index was up three points to 98.8 last month, rising for the first time since December.
The survey's uncertainty index, however, also increased two points to 94.
"Congress hasn't passed the big beautiful bill yet, and Trump is still messing with tariffs, the uncertainty level is rising," said NFIB Chief Economist Bill Dunkelberg. "While tariffs might be a bumpy road while countries negotiate trade deals, Congress can do their part by passing the BBB sooner rather than later to take that piece of uncertainty off the table."