Unemployment Trends Reaching Records

After nearly one year amid a health crisis, long term unemployment is nearing record levels. One thought of as a historical marker none desire to see repeated again, times are beginning to mirror the record levels of The Great Recession. As more individuals, families, businesses, and institutions cling to operations today, many of these entities have taken the biggest blow of a lifetime to their finances.

Telling Trends

In January, the jobs report indicated the highest rates of long-term unemployment, which is an unemployment claim lasting more than six months. The Bureau of Labor Statistics reported in January that 40% of jobless workers are long-term unemployed, many from this time last year. A percentage that is dangerously close to the 46% of long-term unemployed rate of the Great Recession.

Although some 49,000 jobs were added in January, the country lost 227,000 jobs in December. Further, there are about 10 million fewer jobs than before the pandemic. With job gains slow to pick up speed, many financial experts, Houston bankruptcy lawyers, and economists are concerned about the momentum towards reversing the current trends. Fortunately, the early data being reported to the Bureau of Labor Statistics shows some signs of hope for the economic recovery in 2021.

If you are struggling to make ends meet or worried about losing your property due to problems with your debt, contact one of our experienced Houston bankruptcy lawyers today at 713-979-2279