"Bankruptcies lag the economy, and you won't see any effects of a better economy for at least six months, and perhaps 12 to 18 months," he said. "Bankruptcies are a last resort for many people, and you're seeing filings now that typically arise from problems six to 12 months ago."

The New York City Off-Track Betting Corp (OTB), an operator of storefront horse-race wagering parlours, has filed for bankruptcy protection and plans to reorganise after five years and $45m of losses. It expects to close several of its 66 parlours, and hundreds of employees will lose their jobs.

Court records show bankruptcy filings in the U.S. rose 19.6% in November from a year earlier, reports Bloomberg News. Total filings for individuals and companies rose to 115,000, according to data compiled by Automated Access to Court Electronic Records, a service of Jupiter ESources LLC in Oklahoma City released last week.

Even before Canada’s job market shifted back into high gear with Friday’s encouraging jobs report, it was clear something fundamental had changed. Never mind the recent prognostications by analysts about better days ahead. Sometimes all the cues you need can be found in the lives of the people behind the statistics.

San Jose Bankruptcy Attorney comments on the decline in November bankruptcy filings.