 The Tennessee Department of Labor reported Wednesday that over 12,000 new unemployment claims were filed last week, a 48% increase from the week before. Tennessee has been averaging above 15,000 per week since the start of 2021.
The number of continued unemployment claims in Tennessee was just above 48,000...compared to under 20,000 this same time last year. What does this tell us? It tells us that the ECONOMIC impact from the pandemic is still far from over. Thousands of Tennessee families are still struggling to find employment. Others are being laid off or let go due to (a) businesses continuing to face economic difficulties or (b) businesses utilizing new techniques that require fewer employees. Both are the result of the pandemic, creating a shift away from traditional business methods. McKinsey & Company, a globally recognized management consultant firm, released a report this week about how the pandemic has forever changed business methods. From their report, "The pandemic accelerated existing trends in remote work, e-commerce, and automation, with up to 25 percent more workers than previously estimated potentially needing to switch occupations. Fewer workers will be going to an office. A survey of nearly 300 executives by McKinsey found that on average, they plan to reduce office space by 30 percent. Remote jobs will become the norm faster than ever expected. A 30% decrease dramatically affects multiple other associated businesses: restaurants, parking, transportation, and other establishments that counted on those bodies. The domino effect on job loss or 'switching occupations' is obvious. We are already feeling the effects here in Tennessee, as reflected by new unemployment claims. Consumers have changed habits faster than anticipated as well. From the report, "Many consumers discovered the convenience of e-commerce and other online activities during the pandemic. In 2020, the share of e-commerce grew at two to five times the rate before COVID-19 . Roughly three-quarters of people using digital channels for the first time during the pandemic say they will continue using them when things return to “normal". You may read the McKinsey & Company report by clicking here. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  As if West Tennessee families didn't have enough to worry about, after nearly a year of the COVID crisis, followed by the economic impact...now we've been hit with virtually a week-long shut down of business due to the most widespread winter storm in modern history.
AccuWeather released a report this week predicting the national economic impact of this storm could approach $50 Billion. To put that into context, the ENTIRE 2020 hurricane season (the most active on record) impact was $60 billion. The economic impact of this winter storm includes damage to homes, businesses, cars, job and wage losses, infrastructure damage, business losses, medical expenses, and closures. Unfortunately, all of this comes at a time when all West Tennessee families are still reeling from 12 months of coronavirus-related financial hardships. Pile onto that yet another gut punch to the bank account, and you can trust that your family is not the only one feeling the impact. We hope it can be comforting to know that there are some economic solutions available...both practical, and legal. Our office has helped thousands of families just like yours through difficult times in the past. We can help your family through this crisis now. What are the options? A simple phone call, on-line chat, or email can start your FREE consultation process. Reach out to us at (731) 423-1888, or online at vernersmith.com  The current winter weather is a glimpse into the future for most Tennessee family finances in 2021.
After what can be described as a relatively mild winter so far...this week's ice storm warning, followed by weekend wind-chill factors below zero, followed by next week's predicted snow and ice...is an example of what is still to come for families dealing with financial problems. Tennessee families have been diligent in finding ways to survive a health crisis that quickly turned into a financial crisis for most. By reaching into savings accounts, running up credit cards, and either negotiating or simply ignoring making some payments, most families have been able to make it to this point. However, a blast of cold, icy financial reality is just over the horizon. While Washington D.C. continues to promise something in the form of 'help', the fact remains that most of it seems to be political posturing and nothing more. Headlines promise solutions, but at the end of the day, Tennesseans are left with empty ones. Banks, mortgage lenders, credit card companies, landlords, and others who are in the business of providing goods and services on a lending basis...are quickly losing patience. In the past, either consumers or companies have been 'bailed out' when a crisis occurs...but in today's politically divided environment, anyone looking to D.C. for solutions, will likely be disappointed. Ultimately, those who owe money, will be strong-armed by those they owe. Legally, there are few options....but there ARE some, and the law office of T. Verner Smith is well versed and very experienced in finding solutions to legal problems. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  Headlines locally have been celebrating a reduction in hospitalizations due to coronavirus. Yes, that's good news. But are we celebrating too early? Despite new hospitalizations being down, the death rate in Tennessee is back to averaging more than 100 per day. The trend this week isn't exactly encouraging:
Additionally, while we can also celebrate vaccinations being underway...here are the facts:
Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  They are unemployed. They have filed the paperwork. But they are still waiting.
Thousands of Tennesseans who feel they qualify for unemployment, are waiting, through no fault of their own. According to one article, more than 80,000 claims are still pending in Tennessee. The department says about 25,000 of those are not valid or duplicates, and 13% require staff to double-check for potential fraud. That leaves over 47,000 asking, 'okay...so where's MY check?' If you find yourself in that situation, click here to check on your claim status. While Tennessee families affected by unemployment are struggling to make ends meet during this crisis, virtually all families have been impacted in some way. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! |
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