There were a couple signs of hope for the economy as new claims for jobless benefits hit a seven-month low and permits for future home construction rebounded strongly in October, Reuters reported on November 17, 2011. The Labor Department said initial claims for state unemployment benefits fell 5,000 to a seasonally adjusted 388,000, while the Commerce Department said permits for residential construction rose 10.9 percent to a seasonally adjusted annual rate of 653,000 in October.
While the news is not cutting into the 9 percent unemployment rate, Reuters noted that it was the second straight week that initial claims have held below the 400,000 mark “normally associated with some healing in the jobs market.” Furthermore, the four-week moving average of claims, considered a better measure of labor market trends, was the lowest since April after falling 4,000 to 396,750.
These figures would hopefully indicate more people getting back to work and hopefully less people needing foreclosure help . However, Reuters noted that there are still 6.77 million people who were claiming unemployment benefits during the week ended October 29 under all unemployment programs. Homeowners facing foreclosure because of a job loss need to understand that they still have options while the economy slowly makes a recovery. Let our Chicago bankruptcy attorney show you how you can keep your home and reestablish credit by filing Chapter 7 or Chapter 13 bankruptcy.
Benjamin Brand Services – Chicago bankruptcy lawyer