When a terrible economic recession hits any area, one of the fundamental variables that will help to determine its duration is the employment rate. As many already understand all too well, Phoenix and the rest of Arizona have suffered through this current recession for many reasons, but one of them is the tremendous number of jobs that have been lost. Recently, many experts have stated that the unemployment rate in the state and in Phoenix could be bottoming out, and the latest job growth projections put out by the state reflect that to an extent. However, according to these projections, it's going to be a long road to recovery.
According to the state, approximately 17,300 jobs will be regained during the calendar year 2011, and another 34,600 jobs will be regained during 2012. While the addition of move than 50,000 jobs over the next 19 months would be a welcome relief to tens of thousands of people who are currently suffering through a long period of unemployment, those numbers would not even come close to regaining the number of jobs that have been lost during this recession.
In 2008, Arizona lost more than 57,000 jobs. In 2009, more than 190,000 jobs were lost. 2010 saw more than 51,000 jobs lost by residents of the state. In short, nearly 300,000 jobs have been lost since the recession began, which means that even if these projections are met, it would only net a recovery of less than 20 percent of the jobs lost. More than 250,000 people who have lost jobs in the past three years would still be looking for work unless these projections prove to be pessimistic in nature.
Arizona Bankruptcy Lawyers
Clearly, people who are not generating income face much greater financial pressures than those who do in most situations. Therefore, those people who are unable to find gainful employment will continue to suffer from extreme financial stress. This stress can dominate a person's life and rob that person of any enjoyment of it. Fortunately, there is a way out from under just about any financial situation. However, putting these problems in the past requires an all-important first step.
If you are tired of dealing with financial problems, seek the help of Arizona bankruptcy lawyers who have helped countless people put their financial troubles behind them. Contact the Phillips Law Group today to schedule a free initial consultation.