Saturday, September 03, 2005

Storm's Economic Shock, Job Losses Likely to Rival Worst
By Nell Henderson
Washington Post Staff Writer
Saturday, September 3, 2005; Page D01

Hurricane Katrina, by forcing an exodus of workers and families from New Orleans and surrounding areas, appears likely to rank alongside Sept. 11, 2001, and the Arab oil embargo of 1973 as one of the nation's most serious and sudden economic shocks -- particularly in terms of job losses -- in recent memory.

Before the storm, the Mobile, Ala., Biloxi, Miss., and New Orleans metropolitan areas supported about 1 million non-farm jobs, with about 600,000 of them in New Orleans. Analysts at Stone & McCarthy Research Associates estimated yesterday that the storm has wiped out several hundred thousand jobs along the Gulf of Mexico coast, at least temporarily.
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