October 10, 2009

US Employers Continued to Cut Jobs in September of 2009-Foreclosures Remain High

Filed under: Uncategorized — americanforeclosures @ 6:21 pm
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The economy has shown some signs of recovery over the past month. Despite this US employers continued to cut jobs in September of 2009. The unemployment rate for September is now 9.8 percent. 263,000 jobs were cut according to the department of labor statistics. The only sector to add workers was the healthcare sector which added 19,000 new workers to payroll in September. The manufacturing sector and construction sector dropped by over 50,000 jobs each. Since the recession began in December of 2007 the unemployment rate has doubled and so has job losses. Loans are down too from banks according to the Federal Reserve. Total loans at commercial banks have fallen at a rate of 19 percent over the past three months and loans to businesses dropped at a 28% annual pace. Banks need to fix their balance sheets and this is not an easy task because of the complications with defaults on consumer loans, mortgages and commercial real-estate loans. Actually, recently my credit limit was just lowered by half and my credit score is pristine(Chase and American Express). Banks are out of cash and aren’t loaning as much as they need to. A recovery in the economy isn’t looking too eminent and will take some time and this means that foreclosures will remain at a high rate of occurrence in the mid to near future.

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