(1/4/22) The latest statistics from the Bureau of Labor Statistics say a record 4.5 million quit their jobs in the month of November, 2021.
The categories featuring the most 'quits' were the hospitality industry as well as health care, followed by warehousing, transportation, and utilities. The quit rate was more than twice as high as layoffs/discharges.
Experts speculate the service and health care industries are more likely to result in quits due to concerns about COVID-19 exposure. Lower entry pay and a lack of opportunity for tips and advancements also impact the service industry.
The South recorded the highest quit rate, greatly eclipsing other sectors of the country. Nearly 1.9 million workers in the South quit their jobs, compared to 611,000 in the Northeast, 960,000 in the West, and 999,999 in the Midwest.
More details here: https://www.bls.gov/news.release/jolts.nr0.htm
If your family is struggling due to COVID related issues, call us at the law office of T. Verner Smith.
Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach.
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According to at least one on-line article, the current unemployment rate is nearly DOUBLE what they say it is.
In an article written earlier this week (here), the author says "the Bureau of Labor Statistics doesn't actually count the number of people who are employed/unemployed; they rely on a sampling survey of employers, which is more like an election poll than an actual measurement."
He goes on to say that the data collectors "ignore the 14.3 million contract/gig workers who are currently drawing emergency Federal unemployment via Pandemic Unemployment Assistance, and the 936,000 in the Pandemic Emergency Unemployment Compensation program."
Additionally, he writes "...even the 21% real-world unemployment rate doesn't reflect the full unemployment picture (which should include) previously full-time workers who have had their hours cut to part-time." He notes those tabulations aren't figured into the totals at all, yet they do exist.
And finally, a group that is often left out of the unemployment picture are small business owners who have closed. Those who are incorporated and paid unemployment insurance on THEMSELVES qualify for unemployment, HOWEVER, many owners didn't pay themselves as employees - and their status is uncertain and uncounted.
Ultimately, as the article clearly notes, while an unemployment figure of 12% is more than triple what it was less than 6 months ago...the ACTUAL number is much worse than reported.
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!
New projections for Tennessee suggest that COVID-19 could return with a second wave three times worse than the last.
According to projections compiled by healthdata.org, Tennessee is predicted to see a return of the virus, resulting in an additional 1,500 deaths between now and October 1st. The death total, to date, is around 485.
See the projection chart by clicking here.
Healthdata.org noted that the likely rise is attributed to several factors: "These forecasts indicate that COVID-19 infections could rise between August and September as we enter the fall season, human contact increases, social distancing mandates continue to be relaxed. We assume that schools will start to reopen in mid-August for in-person instruction, resulting in further increased mobility thereafter. All of these factors are likely to contribute to an increase in COVID-19 deaths."
What will this mean for the next few months in West Tennessee? Will the state, counties, and cities return to lock downs? Or will we, as a society, just accept that the virus is going to infect and ultimately kill a certain percentage of those who come into contact with it, similar to how we have adapted to flu death numbers?
Regardless of what measures are taken, there is still no doubt that financial stability will continue to be rocked as businesses, employers, the workforce, and society in general will continue to alter their behaviors in a way that affects the economy. The end result is that a larger percentage of families will find themselves cash-strapped and overburdened with debt. Legal remedies are often the best solution in order to reset home budgets, overcome the COVID-19 economic impact, and put families on better footing for the future.
If this crisis has created a personal financial situation you feel is out of control for you...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!
At the Law office of T. Verner Smith, we are prepared to help you lay the proper legal groundwork to protect you and your family from losing what you've worked so hard for. The time to take that first step is now. We can begin the consultation paperwork so that you're aware of your legal rights and can feel much better about your immediate future. We can use phone, text, chat, and/or on-line video to make this process simple and effective.
Call us at (731) 423-1888 for a free initial consultation, or go back to our home page and use our text, chat, or email contact options. We look forward to working with you.
We have handled debt counseling and bankruptcy cases for thousands of Tennessee residents over the last three decades and welcome the opportunity to counsel you as well. Feel free to contact us anytime and we can tell you the first few steps necessary to get this process underway. Email us by clicking here, or call us at (731) 423-1888, (901) 730-4567, or (615) 371-6136.
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