The number of people applying for new unemployment benefits last week fell to its lowest level since April 2, signaling continued progress in the feeble U.S. jobs market, the Wall Street Journal reported today. Separately, U.S. home building fell less than expected in October, while a gauge of future construction surged, a sign the long-suffering housing sector might be stabilizing. Initial claims for jobless benefits dropped by 5,000, to a seasonally adjusted 388,000 the week ended Nov. 12, the Labor Department said today in its weekly report. In the prior week, jobless claims were revised up to 393,000 from an originally reported 390,000, according to the newly released figures. The four-week moving average of new jobless claims fell by 4,000 to 396,750—the first time in nearly seven months that four-week average fell below 400,000. The government's broadest snapshot of the labor market, released earlier this month, showed that the economy continued to add jobs in October. But the pace of hiring in the private sector was too slow to make a real dent in the unemployment rate, which fell only slightly, to 9.0 percent from 9.1 percent in September. Making further gains could be difficult as some areas of the economy continue to show weakness, including the financial sector. Read more.The question that continues to remain answered for me is whether this is sustainable. Even if it is, the real dent in unemployment was one tenth of one percent. Will that really help many families avoid bankruptcy? Will the trend continue and accelerate?
If a recovery arrives, it may be even a better time for families to get out of unsustainable debt. A fresh start and freedom from debt from the Great Recession might help put one on his or her feet.
For help with bankruptcy in Ventura, Oxnard, or the surrounding communities please contact Mansfield Law Office.