The stock markets have managed to remain at all-time highs despite the volatility of the markets.
Consumers and businesses throughout the country have been hit hard by the downturn of the market; this has been evident in the number of bankruptcies throughout the U.S. Another company has decided to throw in the towel and file for bankruptcy.
Tennessee is leading the nation in personal bankruptcy filings, and one of the state’s most notable companies, Nashville-based restaurant company Logan’s Roadhouse, has been forced to file for Chapter 11 bankruptcy protection. The company plans to restructure its business while closing 18 locations.
The company’s CEO, Sam Borgese, has decided to leave; his successor has not been named. The restaurant chain is home to nearly 19,000 employees with a total of 1,002 full-time workers. The company, which was founded in Lexington, Kentucky, has approximately $416 million in debt and little hope of paying it off. It is not known what will become of the company or their employees in the upcoming years. Only time will tell, and a bankruptcy judge will have a lot to say about it.
Meanwhile, oil investors have finally been given a lifeline. OPEC, which is responsible for managing one of the largest supplies of oil within the world, has finally come to the conclusion that it might be time to go ahead and take action to stop the oil prices from sinking further. When oil previously sank to $30 a barrel, OPEC refused to step in and rectify the problem. However, it has had a change of heart. OPEC President Mohammed bin Saleh al-Sada has confirmed that the group will soon meet to discuss the future of oil prices. Oil was originally responsible for creating high-paying jobs, but many oil companies have been forced to lay off and file for bankruptcy recently.
Oil prices edged up on the news today and likely helped investors, who are wise to jump into the oil game before prices can soar higher. OPEC has failed to return phone calls, but the group is expected to meet and take action on the matter in the near future. Its decision could send the price of crude oil higher or lower. Investors will need to cross their fingers and hope OPEC makes the right decision.
The results of the July U.S. jobs report are astonishing with 255,000 new jobs created. This is good news for Americans looking for jobs in the professional and nonprofessional sector. There were 38,000 new government jobs created, which many do not consider a huge success. When you consider the number of jobs that were lost during this term, one may wonder how much growth the job market made. The temporary job sector added 17,000 jobs, the highest level of 2016.
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