The Storm of Job Loss

THURSDAY, FEBRUARY 25th, 2010.
The economic growth rate, which stands at 3%, is predicted to fall below 2% by the middle of the year, according to Wells Fargo estimates. Consumer spending is on the decline, and economic growth will be dependent on the private sector. The Labor Department reported last Thursday that first-time unemployment benefit claims has increased by 22,000, to the rate of 495,000. The 4 week average is 30,000.

The numbers don't lie, these are tough times in the job market. Blame is being placed for the higher claims on the recent snowstorms, causing a back log of claims. However, these higher claims mean that the unemployment rate, which hovers around 10 percent, likely rose in February. The snowstorms may have cost up to 100,000 jobs. This rise is no shock to the country, as devastation seems to be the adjective to describe the past several years of our economy.

More job layoffs mean less money for consumer spending. The economic rebound does not look like a slam dunk for this year. While we can not affect immediate change on the economy, we can continue to unite in this fight. Families are forced to dig deep in their pockets to fight hunger, many new to this struggle due to the recent snowstorms.

Let's remember to keep our heads up and help those in need. The Hunger Network looks forward to our 22nd Annual Majestic Steel Walk for Hunger, which is a key fundraiser in stopping hunger in the Greater Cleveland area. Please find ways to help in our community and mark May 8th in your calendars for the Walk!