New Jobless Claims Rise to 6 Month High…
Andover, Massachusetts August 12, 2010 – The Labor Department reported today that new jobless claims rose to a 6 month high of 484,000 last week, 2,000 more than the week before and only 6,000 less than the high point for the year. While Wall Street continues to weather the storm and post large profits Main Street continues to tumble.
This newest report is on top of a week of bad news for the economy and could be a leading indicator that companies are still worried that we may be heading for a double dip recession and more belt tightening by the American consumer. It’s a vicious cycle as the less companies hire the less consumers can spend which then in turn hurts the profits of the companies. How and when will it end? Not even the Federal Reserve Chairman knows for sure, and the options he has left to fix the economy continue to dwindle. The US growth forecast has already been revised down and interest rates can not go any lower. From a monetary policy stand point the country is at a dead end with the only options left likely leading to inflation in the future. However, the countries fiscal policy is still up in the air. Can we afford another round of stimulus? Did the last round even provide any benefits for the economy? Should taxes be cut or raised? All of these issues are still up in the air and with elections coming in the fall the chances of anything getting done from a financial policy standpoint look very dim.
Readers, where do you see us going leading up to the elections? Will a Republican victory allow for new ideas to be proposed or will it just make Mr. Obama a lame duck president for the remainder of his presidency?
Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt for just $6.4 million, for a savings of about 60%- and over 2,900 accounts were settled on behalf of their clients.
For more information, please visit www.pfsdebtrelief.com or follow us on our blog at www.pfsdebtrelief.com/blog/ .
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Thanks for posting the article, was certainly a great read!