Thursday, 9 April 2009

Not So Recession-Proof After All

The Salt Lake Tribune reports today that Utah bankruptcies are up 56% over last year:

Bankruptcy filings in Utah soared during the first three months of 2009 -- a sign the weakening economy is exacting a bitter toll on the finances of thousands of the state's residents.

The U.S. Bankruptcy Court for Utah reported Wednesday it received 3,066 bankruptcy petitions during the first quarter of 2009, a sharp 56 percent increase from the same three-month period a year earlier.

Add to that our recent five-year-high in unemployment (which was on its way down five years ago, rather than up as it is now), and things are not looking as rosy as I had hoped they would. I know that no state is "recession-proof" (just as no industry is truly recession-proof, merely recession-resistant), but it's still sobering news.

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