According to an article in the Dallas Morning News, the number of new unemployment claims fell slightly while the number of jobless Americans continuing to receive unemployment benefits rose.
The article said:
The Labor Department said Thursday that initial claims for unemployment benefits fell last week by 24,000 to a seasonally adjusted 601,000. That's below analysts' estimates of 615,000.
Still, the number of people claiming benefits for more than a week rose by 59,000 to more than 6.8 million, the highest on records dating to 1967.
Americans experiencing job losses are remaining unemployed for longer. That's definitely a bad sign for the overall health of the economy and specifically for job growth. Unfortunately unemployment benefits won't last forever, or even long enough for many to find comparable work paying a living wage.
Many unemployed workers who formerly earned comfortable middle-class wages are now being forced to take part-time work or lower-wage full-time positions. You can imagine the consequences of these involuntary pay cuts. Once they find new employment (at a lower salary) many workers are unable to maintain their former lifestyles.
And we're not just talking about the inability to pay for private schooling for the kids or dine at fancy restaurants; many Americans are facing foreclosure and creditor lawsuits because they can no longer service their debt with their newly lowered wage.
For unemployed Americans facing a significant pay cut at their next job, bankruptcy may be an option they should consider. Bankruptcy will allow them to either discharge their debt or repay it under reasonable terms. Contact with a Dallas- Fort Worth bankruptcy attorney to discover your bankruptcy options.