According to an article in the Star-Telegram, the number of newly unemployed workers signing up for unemployment benefits have declined; but the overall number of people continuing to receive unemployment benefits has increased.
The article said:
The number of newly laid-off workers signing up for unemployment benefits dropped unexpectedly last week, but the number of people continuing to draw jobless aid rose to nearly 6.3 million, setting a record high for the 13th straight week…the highest on records dating back to 1967 and steeper than economists expected.
Increased job losses and the rising unemployment rate are having huge ramifications on the economy as a whole. Unemployed workers don’t buy houses, consume goods or services and many can’t afford to pay taxes, causing further downward pressure on the economy.
As the unemployment rate rises and the number of job losses increase, we can expect to see more American’s succumbing to foreclosure or turning to bankruptcy for relief. Another reality we need to consider is that the numbers being presented may not truly reflect the amount of Americans who are facing job losses.
Many Americans who have suffered job losses do not qualify for unemployment insurance and therefore are not counted in the unemployment figures. Therefore, the true unemployment figures may actually be higher. Those Americans who do not qualify for unemployment insurance must take action to protect their existing assets. If you’re a worker who has faced a job loss and you don’t qualify for unemployment insurance, bankruptcy may be able to help you protect your assets. Contact a bankruptcy attorney today about your options.