The turbulent economy left many people across the country struggling and curtailing their finances to make ends meet and simply stay afloat. Many Arizona residents may be among those who lost their jobs or saw a sharp fall in their salary and contemplated declaring bankruptcy. That's why the sudden increase in their salary in November may have come as a pleasant surprise and welcome relief.
When it comes to payrolls and jobs, retail is a highly variable industry, as is construction, hospitality and education. A recent job report from the Bureau of Labor Statistics shows that retailers across the country added more than 400,000 employees to their payroll in November alone. This is due to stores hiring more people to cope with holiday shopping. Not every store follows this trend however. While drugstores and grocery stores traditionally do not, department and clothing stores saw the increase.
However, those who plan on running out and spending their newfound wealth quickly should hold off on that thought. The post-season drop in hiring is even more dramatic. Not only is staff laid off in case of disappointing sales, but bad performing stores are also closed. Last year 880,000 jobs were lost in the two months after Christmas.
A wiser idea would be to either save the money for a rainy day or try to pay off bills that cannot be put off any longer. Those Arizona residents who find themselves facing yet another year of struggling to make ends meet may want to consider filing for personal bankruptcy to relieve some of their debt and start the New Year with a new start. Understanding debt relief options is important for individuals and families seeking to obtain a fresh financial start.
Source: Pew Research, "For retailers, the holidays mean a hiring binge-and then a purge," Drew Desilver, Dec. 5, 2014