Sobering stats
Dear Editor:
A Google search has provided the following statistics.
Bankruptcies
In 2017, a total of 790,830 bankruptcy petitions, 2 percent fewer than in 2016. This was the lowest total since 2007.
In 2018, a total of 773,375 bankruptcy petitions, which was a 2% decrease from 2017
In 2019, a total of 774,940 bankruptcy petitions, which was a 0.2% increase from 2018.
In 2020, a total of 544,463 bankruptcy petitions, which was a 30% decrease from 2019
In 2021, a total of 413,616 bankruptcy petitions, which was a 23% decrease from 2020
In 2022, a total of 395,373 bankruptcy filings, which was a 4% decrease from 2021
In 2023, a total of 445,186 bankruptcy filings, which was a 13% increase from 2022
In 2024, total bankruptcy filings in the year ending June 2024, have increased 16.2%. The increase in bankruptcy filings is attributed to the growing economic strain on businesses and households.
Unemployment
2017, 4.1%, 6.6M people.
2018, 3.9%, 6.4M people.
2019, 3.6%, 5.9M people.
2020, 6.7%, 11M people. COVID Shut Down
2021, 3.9%, 6.3M people.
2022, 3.5%, 5.7M people.
2023, 3.7%, 6.3M people.
2024:
Jan. 3.7%, 6.1M people.
Feb. 3.9%, 6.5M people.
Mar. 3.8%, 6.4M people.
Apr. 3.9%, 6.5M people.
May 4.0%, 6.6M people.
June 4.1%, 6.8M people.
July 4.3%, 7.2M people.
Aug. 4.2%, 7.1M people.
Inflation increases
2017, 2.13%
2018, 2.44%
2019, 1.81%
2020, 1.23%
2021, 4.7%
2022, 8.3%
2023, 4.1%
2024, average thru Aug. 3.11%
Joe Scorcia
Boothbay