Collecting from the dead, Cutting 687,000 jobs

GOOD DAY FOR: Final payments, as collecting on the debts of dead people from their relatives is one of the bright spots in the otherwise grim debt collection industry. In many cases, the relatives agree to pay off the dead person’s credit card or cellphone bill, even though they often have no legal responsibility to do so. “We want the dead to rest easy, knowing their obligations are taken care of,” explains industry consultant Michael Ginsberg. (The New York Times)

BAD DAY FOR: Job seekers, after a survey of payroll data by ADP Employer Services showed that U.S. private employers cut 697,000 jobs in February. Economists were expecting about 630,000 cuts. The ADP report, coming before Friday’s official Labor Department jobless numbers, signals the 14th straight month of net U.S. job losses. In all, more than 4.2 million Americans have lost their jobs in the current downturn. (Bloomberg)

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