DALLAS-New data showing an additional 216,000 job were lost in August bringing the total job loss during the current recession to 6.9-million, according to analysis released by Southwest Corporate Advisory Services, a subsidiary of Southwest Corporate FCU.
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The unemployment rate topped a 26-year high level of 9.7%. The report also reflected a 49,000 downward revision in July's figures. "This certainly won't provide a spark for loan demand and in fact will most likely continue the recent trend for consumers who have been reducing their debt burden or saving as opposed to purchasing big ticket items such as homes, cars or appliances," said Brian Turner, director of Advisory Services.
