First Jobs Fall in Two Years Blamed on Katrina
The US economy shed jobs for the first time in more than two years last month as a result of the devastation caused by Hurricane Katrina, but the drop in employment was not as bad as many analysts had expected.
The US economy shed jobs for the first time in more than two years last month as a result of the devastation caused by Hurricane Katrina, but the drop in employment was not as bad as many analysts had expected.
Non-farm payrolls fell 35,000 last month compared with an average monthly rise of 194,000 over the past year, meaning Katrina caused the loss of nearly a quarter of a million jobs. As a result, the unemployment rate rose to 5.1%, up from 4.9% in August and the highest since May.
But there was some good news as payrolls growth for July and August was revised up by 77,000.
Non-farm payrolls fell 35,000 last month compared with an average monthly rise of 194,000 over the past year, meaning Katrina caused the loss of nearly a quarter of a million jobs. As a result, the unemployment rate rose to 5.1%, up from 4.9% in August and the highest since May.
But there was some good news as payrolls growth for July and August was revised up by 77,000.
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