Unemployment Good and Bad News

Unemployment and Bankruptcy

Thus far, since December of 2007, 7.2 million jobs have been lost, further it is predicted that another 750,000 more jobs may be lost within the next six months.  Even though the economy is slowly turning around and sales are creeping up, companies are continuing to cut costs and squeezing more work out of fewer employees and relying on part time employees for the time being.

Many people who are victims of the sluggish economy are forced to live on a reduced family income, cut discretionary spending and deplete savings.  Due to the reduction of income an increased amount of debt generally follows.  The good news is that unemployment figures are expected to decline from their current 9.8 percent level by the middle of next year.  The bad news is that it is possible that unemployment may go as high as 10.5% before any decline in unemployment is realized.

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