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