Unemployment Rate Does Not Include Those Underemployed
We have been reading and hearing for months that the unemployment rate in Arizona has remained steady for some time, hovering at approximately 9.7 percent, or slightly above the national unemployment rate of 9.6 percent. Everyone understands that as long as the unemployment rate remains high, the overall economy of both the United States and of Arizona will continue to suffer and languish in its current state. However, the reports concerning unemployment rates do not generally account for another enormous group of people who are often in just as deep a bind as those without work altogether - this group is comprised of those who are underemployed.
What is Underemployed?
Underemployed is a term that can have several different meanings, including that which describes a person who is working at a job for which he or she is overqualified. In economic terms, it generally means that someone is working a job that does not provide enough hours, wages or overall income to meet their obligations that arise on a monthly basis. Instead of generating no income whatsoever aside from possible unemployment benefits, those who are underemployed spend time at a job that does not provide them enough income to pay their bills. In addition, those in this position often lack the time necessary to hunt for gainful employment, and this time is necessary in a jobs market that's this tight.
Underemployment Rate is Also High
Recent figures have been published that show that the national unemployment rate remains at about the same level despite recent gains in the private job sector. When that unemployment rate includes those who are underemployed, that number of 9.6 percent nationwide jumps to approximately 17 percent. Broken down, this means that 7.4 percent of Americans are not generating enough income to be able to pay their obligations on a regular basis, which in itself can lead to a desperate financial situation.
If you are one of the people who is in this position, you may need some help to get your feet back on the ground. Seek the help of Arizona bankruptcy lawyers who have been providing plans for financial recovery to those who need it for many years.
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!