With all of the 2011 headlines touting a strengthening American economy and falling unemployment, many are wondering how either can actually be true in light of a recent Bureau of Labor statistics report. The Labor stats found that while the unemployment rate fell to 9% in January 2011, the country only added a paltry 36,000 jobs last year.
So what’s the explanation for the mystery of falling unemployment?
A recent article from The Huffington Post, has an answer. “One reason for January's sharp drop in unemployment is that more workers than ever have grown so discouraged that they have simply stopped looking for work. If an unemployed American stops searching for work, they are no longer counted as officially unemployed. Indeed, the pool of workers who have given up the hunt has reached a stunning new low for this recession: nearly 5 million have dropped out of the labor force completely.”
So, now the mystery of falling unemployment is now a case of the missing “out-of-worker,” so frustrated by the length of their joblessness that they have now given up on the hunt to get hired. And while some are blaming the record winter weather for a lack of American enthusiasm for the hitting the trail of the January job market, the fact remains that the U.S. labor market started 2011 with half a million fewer jobs than it had eleven years ago at the beginning of this Millennium. And the proof is in the pudding, with news that 1.4 million of "very long-term unemployed” have been out of work for 99 weeks or longer and another 6.4 million people who have been unemployed for six months.
“The problem is, when you hear about long-term unemployment from the past, it really was about workers who had to change careers, or who were unemployed not because of the labor market, but because of something about themselves," Till Marco von Wachter, an economics professor at Columbia University who studies the effects of long-term unemployment, told HuffPost. "But now, we have a situation in the labor market where people are unemployed for long periods of time, but it's not about them. And now we're really in uncharted territory. So the question is: will they bounce right back when the labor market comes back, or will they not."
In the meantime, the question also remains: what do we, as ordinary Americans, do until the labor marker bounces back? With so much myth amid a harsher reality, many out-of-work men and women are being forced to take things into their own hands in order to address their unemployment and underemployment woes. And according to last year’s record figures, it appears many millions of these same Americans are choosing to make a fresh start through bankruptcy.
In 2011, don’t you owe it to yourself to exit the uncharted territory of another year of economic uncertainty and get back on track for a better financial future? Then, find your own personal solution: a personal bankruptcy.
If you’re ready, now more than ever getting to know a qualified bankruptcy attorney can be the first best step to help unemployed or financially insecure people decode the mystery of making it in tough economic times, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure 2011 and beyond. The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation. Just call toll free to 1-888-234-4181, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.