… 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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… 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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… 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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… 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 Dallas Morning News, the Circuit City bankruptcy is bigger than any so far in this current downturn in the economy. The amount of job losses alone is the size of a small city and those jobs will not return anytime soon. The article sums up perfectly the damage that the Circuit City bankruptcy will do to the retail and commercial real estate industries.

"The anchors are really one of the most important pieces of the center," Vedder said. "They bring in the traffic, …

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Even those born during the depression are finding this economy ’s downturn hard to bear. According to an article in the Associated Press the elderly are succumbing to bankruptcies as they face a rapidly rising cost of living.

The AP says: "Older Americans are hit by a one-two punch of jobs and medical problems and the two are often intertwined," said Elizabeth Warren, a Harvard Law School professor who was one of the authors of the …

Tags: Bankruptcy economy downturn Senior Citizens

… 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

… UPS had already implemented thousands of job losses to reduce expenses and survive the economic downturn.  By the end of last year’s second quarter, UPS had implemented 15,000 job losses. In the beginning of 2009, the company froze management salaries and suspended 401(k) matches for employees in lieu of job losses and we may see more of this at other companies as we move into the Spring.

Many analysts are saying that the end of the recession is near; but millions of unemployed …

Category: Economy , Unemployment - Job Loss

… 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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