In my last blog I stated that we are not heading for another “Great Depression.” But, as a personal bankruptcy lawyer for Denver, Colorado, I want to make it clear to those of you considering filing personal bankruptcy that the upswing in the economy will be slow. An article in the Washington Post on Friday referred to the economy as sluggish and quoted the following statistics from The Reuters/University of Michigan Surveys of Consumers: “. . . the index of confidence fell to 63.2 from 66.0 in July, well below market expectations for a reading of 68.5.”
It seems that participants in the financial market concentrated more on the bleak consumer outlook than on the Federal Reserve report indicating the recession beginning in 2007 was nearing an end. Affected by high unemployment and decreasing home values, consumers are conserving money and therefore have caused an unexpected drop in retail sales. Given that consumers drive seventy percent of our economy, the lack of consumer spending has caused some concern. The Labor Department said consumer prices were flat in July and dropped over the last year at the fastest rate since 1950.
Despite the fact that the rise in industrial production spurred on by government programs is yet another sign that the recession is drawing to an end, the likelihood is that the economy will vacillate greatly after the government initiatives taper off.
There were some positive indicators in the Reuters/University of Michigan Surveys, such as a rebound in the home buying conditions index, and the finding that the outlook of households for the labor market was less negative than during the previous month.
The bottom line: although the survey does imply that households sense the economy is stabilizing, they have yet to experience improvement in their own situation, and are not likely to until the labor market begins to improve.
In the meantime, if you need help from a personal bankruptcy attorney and are living in the Denver, Aurora, Arvada, Wheat Ridge, Littleton, Englewood, Northglenn, Westminster, Broomfield, Lakewood, Brighton, Lafayette, or Golden, Colorado area, feel free to contact me:
K. D. HEUPEL, Colorado bankruptcy lawyer
Phone: 303-955-7570
website: http://COBankruptcyHelp.com
email: help@cobankruptcyhelp.com
contact form: free consultation form
