Unemployment problems grow as credit crisis ticks on

09.30.08
By Nicholas Storie

With the economic downturn showing no signs of abating, thousands of people on Wall Street are losing their jobs, it has been reported.

However, you might be interested to read a CNNMoney.com article which reports that the financial meltdown is having a wider impact on the nation's overall job sector, with the government reporting that over 600,000 jobs have been lost so far in 2008.

Indeed, suffering such a financial crisis could see consumers struggle with managing their money.

John Challenger, chief executive of global outplacement firm Challenger, Gray & Christmas, reported that "everybody is at risk".

Overall, it is claimed that more than 9.4 million people across the country are currently searching for work.

The publication points out that the slowdown in the financial markets sets off a chain of events which can result in job losses.

It was suggested that as banks are less willing to lend money, businesses may find getting financial assistance a harder task, thus dampening their growth and causing more job losses.

The continued personal finance struggles many people face has also been shown in recent figures by the Commerce Department which show that consumer spending over the course of August stayed consistent from July - the worst performance noted since February.

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Unemployment, consumer spending