WNY bankruptcy filing rate drops
The rate of filings handled by bankruptcy courts in Western NY dropped in June, down to 521 from 673 in May, a plunge of around 23 percent. In the Rochester area the drop was even more precipitous, with only 156 cases, a fall of almost 37 percent. The majority of filings were for Chapter 7 bankruptcy, a situation that allows a debtor to attempt to pay off debt by liquidating assets and erase remaining eligible debts by court order. Some debts, such as student loans, cannot be erased through bankruptcy.
Hiring remains weak as employers try to make back 5 million missing jobs
The US Department of Labor says that there are still 5 million jobs missing from the country’s economy and that hiring still remains too weak to support the influx of new workers. Only 80,000 jobs were added during the month of June. The unemployment rate remained the same at 8.2 percent nationwide. Experts say that concern regarding the economic situation has caused consumers to cut back on spending, which is said to power 70 percent of the economy.
Intense heat today with a high of 94. Tonight, clear skies with a low of 70.