According to an article in the Dallas Morning News, Texas experienced 46,100 non-farm jobs in February sending the unemployment rate upwards to 6.5 percent. Nationwide the unemployment rate is 8.1 percent and the unemployment rate in the Dallas-Fort Worth area is 6.9 percent.
The article said:
“Texans are facing tough economic times now with significant statewide job losses,” said Tom Pauken, chairman of the Texas Workforce Commission. “However, the Texas unemployment rate remains far below that of other large states and the nation as a whole.”
Texas may have a lower unemployment rate compared to other states; but compared to the prosperity Texas once enjoyed (even just 2 years ago) we are definitely entering hard times. More job losses month after month have created a longer job search for those who are unemployed. That means more people depending on unemployment insurance benefits, a program that is looking at a possible deficit if the number of job losses continues to rise.
Texans who have faced a job loss need to be prepared for a long job search–8 to 12 months at least. Jobless Texans should not exhaust their savings during this time period attempting to maintain the same lifestyle and debts as if they are fully employed. If you’re an unemployed worker and are facing mounting debt, contact a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy can help you protect your assets and possibly discharge your debts.