Job market continues to show weakness

03.10.09
By Lewis Green

Credit card debt, delinquent home loan payments and high unemployment are some of the top challenges facing American consumers - and new figures suggest there may be no turn around soon. In particular, the job market continues to show weakness.

Employment figures released last week by the government show a deteriorating economy and a consumer population suffering from an unemployment rate of over 8 percent.

Meanwhile, new data from the Conference Board states the job market has declined at a faster rate than at any other point in the past 35 years.

"As job losses persist, the drop in overall earnings makes a rebound in consumer spending unlikely for the next few months," said Gad Levanon, senior economist at the Conference Board.

However, there may be some bright spots within the overall job market, thanks to new funding from the stimulus plan targeted at police officers and other prospective crime-fighting employees.

A joint announcement from the White House and the Department of Justice says that $2 billion in Justice Assistance Grants will be made available to states and local communities to help get more cops on the streets, add prosecutors in the courtroom, and create new factory jobs making law enforcement equipment.

"By keeping police officers on the streets whose jobs were threatened by budget cuts and ensuring states and municipalities have the tools and equipment necessary to fight crime, this money will simultaneously help jumpstart the American economy and protect our citizens," said President Obama about the funds.

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Consumers continue to struggle finding jobs