October 8, 2005

WHO'LL SPIN THE RAIN?:

US labor market weathers Katrina: 35,000 jobs are shed in September, fewer than 150,000 forecast (Robert Gavin, October 8, 2005, Boston Globe)

The nation's labor market absorbed the impact from Hurricane Katrina without much trouble last month, shedding far fewer jobs than feared, the Labor Department reported yesterday.

In its first report to capture the effects of Katrina, the Labor Department estimated that the Gulf region lost 230,000 payroll jobs last month after the devastating storm, but solid job growth in the rest of the country offset most of those losses. Payroll employment in September fell by just 35,000 jobs nationally; economists had expected net losses of about 150,000.

The unemployment rate rose to 5.1 percent from 4.9 percent in August.

''The bottom line is that the job market carried good momentum and the economy can weather the temporary hit from the hurricanes," said Nigel Gault, US economist at Global Insight, a Waltham forecasting firm.


The more you find out about the worst disaster in our nation's history the less formidable it seems.

Posted by Orrin Judd at October 8, 2005 8:57 AM
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