Here’s a look at some of the nitty-gritty of the latest unemployment stats:

• Initial unemployment claims were down to 429,000 from 458,000, a decrease of 29,000.
• The four-week moving average also fell last week, from 467,000 to 455,250, dropping by 11,750.
• The advance numbers for seasonally adjusted insured unemployment for the week ending July 3, also recently released, show that the rate actually rose from 3.5 percent to 3.7 percent.
• In that same week, the number of insured unemployed Americans (seasonally adjusted) rose 247,000, from 4.434 million to 4.681 million.

These numbers provide the sort of ambivalent picture that has been typical of such data since unemployment spiked in late 2008. And figures like these have many Americans worried, because Congress retreated for a holiday without voting to extend the unemployment benefits that are expiring for millions of Americans.

Potential for Extended Benefits?

The Department of Labor reports that extended benefits were available to out-of-work Americans at the end of June in the following states: Alaska, Connecticut, Kansas, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, North Carolina, Oregon, Rhode Island, Vermont, and Washington, as well as Puerto Rico.

But without intervention from federal lawmakers, such extensions could prove inadequate to sustain those who haven’t been able to find jobs. According to The New York Times, the Obama administration is pushing for Congress to extend unemployment benefits, but remains baffled at the extent of unemployment.

Possible explanations for the persistently high rate of joblessness include:

• Housing market woes: Some analysts apparently theorize that an inability to sell homes is leaving some job seekers unable to relocate for jobs.
• Extended benefit apathy: Others reportedly suggest that the availability of extended unemployment benefits has lessened the urgency of job-seeking for some of the unemployed.
• Doing more with less: And, perhaps most troubling of all, some analysts seem to believe that businesses have simply gotten used to functioning with smaller payrolls.

The problem looms large and likely will require time to provide further illumination.

In response to these questions, the Pew Research Center recently released the results of a study showing the dramatic effects of the financial plunge, though it revealed little about the timing of economic recovery.

In the most staggering finding of the study, during the last 30 months, 55 percent of all adults in the labor force have experienced unemployment, a reduction in pay or hours, or have been involuntarily relegated to part-time work. Thus, the recession has had a profoundly negative impact on a majority of working adults.

Economic Casualties of the Recession

The study released some truly alarming realities of the Great Recession. Some of the more eye-opening effects of the financial crisis are listed below.

• One-third of working adults have faced unemployment: According to the U.S. Bureau of Labor Statistics, 16.6 percent of eligible workers are currently either out of work or underemployed. However, this figure doesn’t tell the whole story, as the Pew Research study found that 1 in 3 adult workers (32 percent) have been unemployed for some period of time during the recession.
• Frugality by necessity: At least 62 percent of those surveyed claimed they have reduced their personal spending since December 2007, when the recession officially began. Even more telling, only 6 percent have increased their spending since that time.
• Retirement delayed for many: People in late middle age, between 50 and 64, were the most likely to say their finances are in worse shape than they were before the recession. Moreover, among working adults age 62 and older, about 33 percent say the recession has forced them to delay retirement. For working adults in their 50s, at least 60 percent fear they may also have to delay retirement.
• Losses hit close to home: As a result of the recession, 48 percent of Americans have seen the value of their house decline. Such losses in home value have resulted in increased mortgage foreclosures, one of the most enduring features of the recession.

Cause for Hope?

While the study revealed the wake of financial struggles in the recession’s path, it also expressed some optimism for the future.

In fact, more than 62 percent of Americans believe that their finances will improve during the next year. Also, 41 percent of those surveyed offered an even sunnier forecast, claiming that the economy is beginning to come out of the recession.

If you have found your finances severely threatened by the recession, consider contacting a personal bankruptcy attorney.

Regaining Lost Ground

It seems that older Americans who lost some of all of their financial support system when the economy turned sour have opted to continue working or return to work in order to rebuild their finances to prepare for retirement, which has reportedly had the following consequences:

• The size of the labor force decreased its younger workers by 6.3 percent while increasing its older workers (55 and up) by 8.5 percent between the start of the recession in December 2007 and early this year.
• Young workers with jobs are often employed in positions that are considered to be below their skill level, often because they rarely have the financial cushion to wait out a period of unemployment before taking a more suitable job.
• About one quarter of unemployed Americans are under the age of 25, according to sources, meaning that the youngest group of workers has been disproportionately hit by the recession.
• Low wages can hurt future earnings of young employees, partly because low wages make it more difficult to go back to school. Further, over-qualified individuals who take jobs displace those with the proper levels of experience and education, meaning that unemployment has a sort of “trickle-down” effect among the least-skilled workers.

What’s a Person to Do?

Another piece on msnbc.com discusses the phenomenon of out-of-work Americans turning to “trade” jobs when desk jobs prove unavailable.

And, with government promises of infrastructure improvements and tax incentives for eco-friendly housing updates, the shift may not be all that surprising. Across the country, technical institutes and training programs are apparently reporting increased enrollment and even waiting lists for apprenticeships in various trades, including carpentry, welding, plumbing and electric work.

Some experts reportedly note that a significant portion of skilled trade workers will retire in the coming decade, and as yet, there are insufficient trainees to replace them. In other words, looking into developing technical labor skills now may be a wise financial move for the next few years—or decades.

Renting a Room for Extra Income

Whether you’re trying to stave off foreclosure or just hoping to earn a few extra dollars each month, you may have considered renting a room in your house. But before you make the final decision, make sure you know what you’re getting yourself into:

• Learn the law. State laws that govern landlord-tenant responsibilities are serious business and you should make sure to familiarize yourself with the laws where you live before offering up your home. You may be responsible for expensive repairs or required to register yourself.
• Get some references. You don’t want to live with anyone who will make your household uncomfortable, so ask for references and check up on them. It may take some legwork to verify the legitimacy of the references, but it will be worth it in the long run.
• Do a background check. You should run both a background check and a credit check on your prospective tenant (both are available online for modest fees). You don’t want to end up with someone unable to pay rent or someone likely to harm your family under the roof.

If you aren’t sure where to get started, consider contacting a lawyer in your area to help you sort through the legal issues you might encounter in renting a room.

Haggling: The Art of Paying Less

If you don’t want to increase your income (or don’t have extra room in your home), your focus is likely on spending less. One great technique for cutting your budget is haggling.

Getting sellers to lower prices isn’t for everyone. If you hate confrontation, you may be better off saving money in other ways. But if you don’t mind asserting yourself, try to cut prices by using these tricks:

• Be friendly. An aggressive or pushy attitude will only antagonize the seller – stay polite when asking for a price cut.
• Don’t be shy. Assume everything is negotiable. If you’re not comfortable asking for a lower price directly, try asking when an item goes on sale – the seller may be willing to start the sale early to move merchandise.
• Know when to haggle. At month’s end, many retailers are looking to move items for the sake of inventory, and weekdays tend to be slower than weekends.
• Follow through. If you get a price you want, you should buy. And cash is better than credit if you’re getting a deal.

Findings

The survey looked at various aspects of job loss in the current economic climate, and the findings cover a variety of areas. Here are some of the major statistics, as reported in the Times.

• Borrowing money: More than 50 percent of unemployed Americans noted that they’ve borrowed money from friends or relatives since losing their jobs.
• Cutting back: More than half of the victims of job loss also reported that they’ve had to cut back on medical expenses and/or doctor’s visits, luxuries and even some necessities.
• Health & behavior: Nearly half of the respondents stated that they had suffered from anxiety or depression, 55 percent reported insomnia, 40 percent noted changes in their children’s behavior and almost half cited strained relationships with friends and/or family.
• Fundamental changes: About half of those polled noted that the recession has caused “fundamental changes” in the way their households run; about 25 percent said they’d either received notices of foreclosure or actually lost their home. And 25 percent of respondents also reported turning to food stamps to make ends meet.
• Emotional response: While women were more likely than men to report emotional responses to job loss (including depression and panic attacks), men acknowledged feeling ashamed more often.
• Class change: Almost 50 percent of those surveyed said they felt in danger of losing their social class.
• Career change: More than 40 percent of respondents admitted to considering a move to areas of greater employment opportunity; 44 percent claimed they were pursuing job retraining or further education; and more than two-thirds noted they’re considering overall career or field changes.
• Health insurance: Almost half of those polled noted that they had no health insurance, with most of those naming job loss as the reason for this lack.
• Outside help: More than 50 percent reported getting government aid (though 61 percent of these people claimed the aid wasn’t enough to cover basic expenses), and about 20 percent noted they had received help from a religious or nonprofit group.

The poll offers an intriguing look at some of the big-picture effects of unemployment and suggests future areas that could be affected if current jobless levels don’t dip soon.

Additional Resources

The Unemployment Situation (10-09) (PDF)

A recent report indicates that the national bankruptcy rate rose 33 percent in the third quarter of 2009, as compared to the same time period last year.

This spike in rates represents the highest rate of bankruptcy filings since 2005.

A CNN Money article describes a report by The American Bankruptcy Institute that found that there were 388,485 bankruptcies filed in the U.S. in the last quarter, compared to 292,291 bankruptcies filed in the same quarter last year.

In the first nine months of this year, about 1.1 million bankruptcies
were filed, a 35 percent increase over the same period from last year. Last year the tally came to a total of just over 840,000.

American Bankruptcy Institute executive director Samuel Gerdano released a statement regarding the rise in bankruptcies. The spike in bankruptcy filings for both consumers and businesses reflect the continuing effects of today’s weak economy, he said. With unemployment surpassing 10% and credit to businesses remaining tight, consumers and businesses are increasingly turning to the financial relief of bankruptcy.

Bankruptcies peaked in 2005, just before legislation made it more difficult to clear debts in Chapter 7 filing. The nation is experiencing the highest bankruptcy rates it has seen since those new regulations were put in place.

Business bankruptcy filings and personal bankruptcy filings have each risen according to the latest reports.

Business bankruptcies are up 32 percent in the third quarter of 2009, a total of over 15,000 filings.

Personal bankruptcies, which include Chapter 13 and Chapter 7 filings, increased by 33 percent in this quarter. Chapter 7 filings rose by 42 percent, for a total of over 265,000 filings in the third quarter. Chapter 13 filings rose by 15 percent, totaling 107,142 filings.

Over a twelve month period ending on September 30, the report found that total filings in that year had risen 34 percent, from a little over 1 million to about 1.4 million bankruptcy filings.

Jobless Numbers

The Department of Labor reported on November 5th that initial jobless claims for the previous week fell to 512,000, a drop of 20,000 from the previous week. And, perhaps most promising, that number represents the lowest number of new filings since January.

Despite this relatively good news, though, October’s unemployment numbers show that total unemployment levels are at 10.2%, the highest in 26 years. And that number only includes those unemployed actively looking for work—and excludes those who have taken on part-time jobs to make ends meet.

Retail Picking Up… For Some Companies

On the other side of the recession coin, sales improved for a variety of retailers: Costco Wholesale Corp., Gap, Inc. and TJX Cos. (of T.J. Maxx and Marshall’s) all posted better-than-expected gains, according to sources.

Other prominent retail outlets, though (including Limited Brands, Wet Seal and Children’s Place), reported lower sales numbers than a month ago.

A New American Consumer?

A recent msnbc.com article suggests that recession-shy Americans have altered the way they shop—and that may have some truth in it. Look for:

• Value-focused shopping: Uncertainty in employment has led to less spending across the board – even among the relatively wealthy.
• Safe retail offers: Rather than gamble on new or must-have products, many retailers are reportedly sticking to safer gift items this season.
• Less interested shoppers: The result could be a cycle of decreasing interest among buyers – with little to clamor for, American shoppers may prefer to save their shopping sprees for a better time.

Whether or not this assessment of American consumption proves true for this holiday season, the recent numbers offer a glimmer of hope – but only that. After all, even the positive changes in the last few weeks have been modest. After the economic conditions of the past several months, it doesn’t take much to look good.