Record High Unemployment Numbers

Unemployment rates continue to rise. An estimated 2.6 million jobs were lost in 2008, the most since 1945. A shocking 11.1 million people were unemployed as of December 2008. In December, the unemployment rate was reported to be as high as 7.2 percent, which is up from 6.8 in November. Employers are not only cutting back on staff members, but also cutting back on hours of operations. Larger companies, such as Walgreens, have announced layoffs to continue clear into 2009.

More than 4.5 Million Receiving Unemployment Benefits

The amount of people applying for unemployment benefits increased to over 4 million in December 2008. In Pennsylvania, more than 250,000 unemployed persons are receiving unemployment benefits, and in New Jersey more than 160,000, which represents an increase of approximately 6000 recipients in both states. Economists expect the unemployment rate will continue rising as there is no end in sight. The federal government concurs, reporting they expect more Americans to apply for unemployment benefits in 2009. If you are one of the unemployed in Pennsylvania or Delaware overwhelmed with your debt, contact us to discuss your debt relief options. As …

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Claims against WaMu increase

The Washington Mutual bank failure is the largest in U.S. history. WaMu filed Chapter 11 Bankruptcy in the U.S. Bankruptcy Court of Delaware. The company has listed $4.5 billion in assets, including valuable artwork. WaMu is now facing claims totaling $7.8 billion filed on behalf of shareholders, businesses, and individuals. Read more…

Is it the end of the housing crisis?

The National Association of Realtors released a report on June 9th, 2008 stating that pending home sales in April 2008 increased nationwide by 6.3 percent from March 2008, defying the prediction that the index would remain steady. This is the biggest one-month gain since 2002, interrupting a 5-month streak of declines. The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes rose to 88.2, from a March reading of 83.0, the lowest since the index was started in 2001. It was still 13 percent below April 2007’s reading of 101.5. A reading of 100 indicates the …

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