The number of people filing for unemployment took a significant jump last week. Jobless claims increased from 404,000 to 429,000, the highest it’s been since January. The Commerce Department also stated that production and services fell for the first quarter to 1.8 percent from 3.1 percent in the fourth quarter, according to the LA Times.
The slowdown shows the effects the price if gas has had on the fragile economy. There are 7 million less jobs available than now in 2007 before the recession began. Even though the job market has picked up some, it is not nearly as significant as the record profits some corporations are reporting.
The high unemployment rate and slow economic growth can be attributed to the winter and the disaster in Japan, who couldn’t export goods to auto and tech factories. The Feds believe the rest of the year will show more growth.
For the numerous people who face foreclosure throughout the country, the dismal unemployment rate must be disappointing. There is a link between unemployment and foreclosure. Jobless benefits are generally not enough to meet a mortgage payment. Any missed mortgage payments means a person may find themselves in need of a foreclosure attorney.
The states that have the highest unemployment rates also have a high number of foreclosures. There seems to be a slowdown in foreclosures but the demand for foreclosure lawyers could rise along with unemployment. Retaining a foreclosure attorney may be the only way the unemployed can stay in their homes.
