… rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, but more than economists expected.”

Despite many economists’ claims that the recession is ending, nearly 16 million Americans are unemployed and cannot find work. According to statistics, 35 percent of unemployed workers have been out of work of at least six months. And many …

Category: Economy , Unemployment - Job Loss

Tags: Bad Economy foreclosure Foreclosures Job Loss Unemploymen

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… their spending which has many economists fearing that an increase in savings will derail the U.S. economy. Since spending accounts for 70 percent of the United States’ total economic activity, the rapid decline in spending has hurt everyone from retailers to banks.  Many consumers have been hesitant about spending because of rising unemployment which has reached 10 percent and the reluctance of banks to extend or even keep open many existing lines of consumer credit.

In September, …

Category: Economy

Tags: Borrowing Economy Recovery Saving

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… initial claims remain well above the 325,000 that economists say is consistent with a healthy economy.”

Also, there are still 8.9 million Americans continuing to receive unemployment benefits, including those who are receiving benefits through the emergency extension program.  While many analysts hope that the drop in initial claims is a sign that the economy is recovering, what they don’t count is the number of unemployed workers who do not qualify for unemployment benefits or …

Category: Economy , Unemployment - Job Loss

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… the administration predicts that the deficit will decline to $1.17 trillion and that the overall economy will grow by 3.2 percent in 2010, and 4 percent in 2011, many analysts predict that the economy will only grow by 2.1 percent in 2010 and 2.9 percent in 2011, absorbing much less of the costs associated with the new programs and tax cuts than predicted.

The article said:

“When a country is griped by a financial crisis, the ensuing downturn often lasts much longer than normal,” …

Category: Economy

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… privately owned Las Vegas Monorail to file for bankruptcy protection.

 

The recent down economy has had a huge impact on Las Vegas, and as a result, Las Vegas Monorail filed for Chapter 11 bankruptcy protection on January 13 th.  The monorail is a very popular transportation system that connects several hotels and resorts to each other and the Las Vegas convention center.  The system generates enough revenue to pay its operating costs, but the debt the company has is too much …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy

Tags: Bankruptcy protection Chapter 11 Bankruptcy Debt down economy

… more.  The problem is that much of Dallas-Fort Worth may be too over-developed for the current economy as is most of the country.  With this over-development comes falling prices, low vacancy rates, reluctant lenders and an abundance of foreclosures.  Many commercial real estate developers who file bankruptcy may be able to survive if they can negotiate a win-win solution with their creditors and somehow increase their revenue.  What we have seen is a slew of commercial real estate …

Category: Economy , Foreclosures

Tags: Commercial dallas Economy foreclosure fort worth

… Analysts believe that claims need to fall to about 425,000 for several weeks to signal the economy is actually beginning to add jobs.

And it’s not just new unemployment claims that are unsettling some economists. The number of workers remaining on unemployment benefits (including emergency benefit extensions) has not fallen at all. A matter of fact, the number of people receiving ongoing unemployment benefits rose by 5,000 reaching a total of 5.19 million unemployed workers. And …

Category: Bankruptcy , Economy , Unemployment - Job Loss

Tags: Economy Job Loss Unemployment United States

October’s reports on declining sales tax revenues have shown that the state of Texas is still suffering from consumer spending contractions.  Sales tax revenue has declined a full 15 percent statewide, 17 percent in Fort Worth with Dallas fairing a little better at a 5.3 percent decline.  An unrelenting string of job losses, elevated long-term unemployment and increased vulnerability …

Category: Economy

Tags: dallas Economy fort worth Property tax Sales Tax Texas Unemployment

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… Many mortgage industry supporters are saying that this tax credit will help improve the “economy.” But will it really?  This tax credit will not stop foreclosures, it will not improve the job market, it will not put food on the table of America’s poor and finally it will probably not have any long-term positive affect on the state of the economy.

Something to think about–If we did not have the $8,000 tax credit (which expires December 1, 2009), it is very likely that many …

Category: Economy , Foreclosures

Tags: Economy foreclosure United States

… Morning News, many companies are opting for a shorter term lease due to the instability in the economy and the uncertainty about the future.

The article said:

“Companies aren’t sure how much real estate they will need in a quarter or two, let alone years and years ahead. That was the case with digital marketing firm Razor-360, which recently rented offices in Addison for just 16 months.”

Usually, commercial leases run about 5 years, not a year and a half.  But with the rise in …

Category: Economy

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… Morning News, over 1.8 million senior citizens are searching for work but can’t find it in this economy. And for those who do have jobs, more than 26 million senior citizens are delaying or completely foregoing retirement due to battered 401(k)s, missing pensions and devalued homes.  And for those seniors who are facing job losses and/or reduced income many are also facing the prospect of foreclosure as they struggle to hold onto their homes and other assets.

Most of these seniors …

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… last year to mount a bigger challenge to IBM Corp.

The job losses just continue to grow as the economy shrinks because of cautious consumers and dwindling credit availability.  There’s a ripple effect caused by job losses that is fueling the rise in foreclosures and bankruptcies.  As more Americans face job losses they are unable to purchase products beyond their basic needs.  And as short-term unemployment transforms into an extended problem with many workers staying out of work …

Category: Economy

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