For sale: East Baton Rouge Parish will hold a monthly online auction for adjudicated properties from 8 a.m. to 8 p.m. on June 1. Twenty-four properties are scheduled for auction. Winning bidders will receive full ownership and title insurance for each property. The average starting bid is $4,000, which includes closing costs. An $850 deposit initiates the notification and research processes on a property, which is required by law prior to the property being scheduled for auction. Deposits will be refunded to anyone who is not the winning bidder. The highest bid for a property sold during a May 4 online auction was $30,000.
On the rise: First-time claims for unemployment insurance in Louisiana for the week ending May 21 increased from the previous week’s total. The Associated Press reports the state labor department figures released today show the initial claims rose to 3,165 from the previous week’s total of 2,969. For the comparable week a year earlier, there were 3,166. The four-week moving average, which is a less volatile measure of claims, increased to 2,881 from the previous week’s average of 2,760. Continued unemployment claims for the week ending May 21 increased to 23,394 compared to 22,787 the previous week. The four-week moving average for such claims increased to 22,917 from the previous week’s average of 22,740.
Plus one: Louisiana gained one active oil and gas rig this week, increasing the number of active rigs from 47 to 48 for the week ending May 27, according to Baker Hughes, a Houston-based oilfield service company. The state gained one active rig in north Louisiana. The number of active oil and gas rigs offshore in south Louisiana remains the same at 23. South Louisiana also retained its five rigs inland on water and four rigs on land. Around this time last year, Louisiana had 67 active oil and gas rigs. Meanwhile, nationally the rig count continues to slide. Business Insider reports a 35% drop in the total number of rigs over the course of a year, as commodity prices continued to slide and producers responded by paring output. This week hasn’t helped the U.S. rig count, which declined by 2 to 316. Read the full story.
Note: The offices of Business Report will be closed on Monday, May 30, in observance of Memorial Day and Daily Report will not be published. Daily Report will return on Tuesday. Have a safe and happy holiday weekend.
