Unemployment is up in NC, but bankruptcies are down – so far

July 20, 2020: RALEIGH, N.C. — The coronavirus pandemic has wreaked havoc on North Carolina’s economy:

  • The state unemployment rate jumped to 12.9 percent in April as businesses were ordered closed to limit the spread of the virus. As restrictions have eased, the jobless rate fell back to 7.6 percent in June, but that is still double what it was before the pandemic.
  • More than 800,000 people statewide have received about $6.1 billion in unemployment benefits, with about two-thirds of that coming from federal benefits that are set to expire at the end of the week.
  • More than 1,600 North Carolina companies also obtained anywhere from $150,000 to $10 million through the federal Paycheck Protection Program – another 105,000 received lesser amounts – to keep workers on their payrolls.

WRAL Investigates found that those investments have paid off on at least one front so far – personal bankruptcies are down in North Carolina. But that safety net could soon run out.

Ciara Rogers discusses her hopes for the future and how to successfully plan for financial security. >>READ MORE