According to the U.S. Bureau of Labor Statistics: Nonfarm payroll employment continued to decline sharply in March (-663,000), and the unemployment rate rose from 8.1 to 8.5 percent. Payroll employment has decreased by 3.3 million over the past 5 months. In March, job losses were large and widespread across the major industry sectors. (Source: http://www.bls.gov/ces/)
The Financial Forecast Center released the following projections through October 2009 on March 9, 2009 on unemployment:
U.S. Civilian Unemployment Rate Forecast
Percent Unemployed Seasonally Adjusted.
Month Date Forecast
0 - Feb 2009 - 8.10 - 0.0
1 - Mar 2009 - 8.5 - 0.3
2 - Apr 2009 - 8.8 - 0.4
3 - May 2009 - 9.1 - 0.4
4 - Jun 2009 - 9.4 - 0.4
5 - Jul 2009 - 9.7 - 0.5
6 - Aug 2009 - 10.0 - 0.5
7 - Sep 2009 - 10.2 - 0.5
8 - Oct 2009 - 10.3 - 0.6
Updated Monday, March 09, 2009 (Source: http://forecasts.org/unemploy.htm)
These numbers and other factors will dramatically affect the recovery percentage of collection accounts nationally. Alliance continues to see a steady recovery rate to spite the economic downturn.
The one thing the we find most interesting is that consumers are responding to positive treatment and respect. There are countless reports of collection agency abuse in the news, and numerous agencies utilizing abusive tactics are believed to be experiencing a drop in recovery.
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