Recession Enters 3rd Year

Posted by Elizabeth Halpern | Posted in Credit Report | Posted on 19-08-2010

As the country enters the third year of this tedious, onerous, tiresome and devastating (feel free to add your own dismal adjectives) recession, most economists are predicting the recovery to resemble molasses in January, in other words, SLOW. Some statistics (both good and bad):

  • Illinois unemployment claims in 2008 – 872,368; in 2009 – 1.2 million
  • Midwest non-farming job openings in May 2009 – 525,000; May 2010 – 610,000
  • Net jobs (difference between job hires & separations) – May 2009 – 182,000; May 2010 -  77,000
  • Mass layoffs – January 2010 – 825; June 2010 – 1,703; July 2010 – 100

 According to a survey by employment agency, Manpower, companies will be adding jobs in the second half of the year. However, all news is not good news, as a state of Illinois survey shows that jobs will also be lost.

Recovery in 2010 will likely be led by business investment, which is increasing due to easing of restrictions by banks and other lending institutions. However (there is that word again), experts say that local growth could slow by up to half, mostly due to the lessening of federal stimulation.

Manufacturers are hiring for the first time in two years, another sign the economy is slowly recovering. Both large and small companies are starting to call back laid-off workers or hire new ones.

A study by the University of Illinois estimates that the state loses up to $2 billion annually due to lost tax revenue.

Apologies for this mostly dark news (hey, there are a few bright spots) on the economy; not that this comes as much as a surprise for those who are unemployed or under-employed. If you have been unemployed or underemployed, you may have run out of funds, racked up high credit card debt and be in danger of losing your home or car. You may be considering filing Chapter 7 or Chapter 13 personal bankruptcy. Do not attempt to do this on your own. Call Legal Helpers toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 sites across the country. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Legal Helpers, www.legalhelpers.com.

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