Arizona Unemployment Rate Drops in October | Legal News | News Ticker

One of the foundational measures of an economy is its unemployment rate, and for more than two years the people of Arizona have suffered record job losses since the onset of the latest recession. While residents in the state continue to suffer on both an individual and a collective basis, any type of good news that’s available will be welcomed, even if that ‘good’ news comes with a harsh reality. This bit of good news is that in October, the unemployment rate in Arizona fell slightly, but the bottom line is that it remains as high as it has been in decades.

October saw the Arizona unemployment rate drop from 9.7 percent to 9.5 percent, and most of the gains in hiring came from the private sector. This hiring can be explained quite simply by the combination of the coming winter months and the need to serve those who live here on a seasonal basis as well as the typical hiring that comes in advance of the holidays and the shopping season. Therefore, many expect this good news to be temporary in nature, and much will depend on the amount of spending that occurs during the holidays and from those who spend their winters in the state.

Overall, though, the 9.5 percent unemployment rate is as high as it’s been in Arizona for more than 25 years before the latest recession occurred, and those who find themselves out of work or just getting back to work are facing difficult economic situations that will be challenging to overcome. When bills mount, penalties and interest attached to them do as well, and this is a problem that can lead to a seeming lack of potential solutions for those who face them every day.

Arizona Bankruptcy Lawyers

For those who face the prospect of not being able to pay their basic bills, there is a way out. Generally, there are options for putting an end to almost any set of financial troubles. The first step towards doing so involves taking a close look at your financial situation with the help of an Arizona bankruptcy lawyer. The plan that follows could include filing for bankruptcy protection or pursuing other strategies depending on the specifics of your situation. If you’d like to move towards your own financial recovery, the Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!