Due to hurricane damages and chaos induced, employment has been decreasing. The question is now, how long until it can be turned around. This decrease in jobs has been the first recorded in the last seven years. We hope that this is a temporary happening. When looking at what jobs were being lost a large percentage of them were in the bar and restaurant industries that are greatly effected by natural disasters like in Texas and Florida. We also see an affect on those that are employed. 1.5 million of the employed didn't work at the time of the hurricanes for about a month, a record high statistic. All of these effects will be short term and these states will be able to rally and get back to work.
http://www.washingtonexaminer.com/economy-loses-33000-jobs-in-september-thanks-to-hurricanes-unemployment-drops-to-42-percent/article/2636728
It's sad to the incredible immediate effect natural disasters have on the economy. We know things will return to normal in the long run but I think allocating money to the strengthen our systems against natural disasters such as hurricanes would be very wise.
ReplyDeleteIn the long run, I doubt it will have a long lasting effect on the economy. I agree with T.J. it is incredible to see the effects of a natural disaster on the economy. Depending of there are more hurricanes this season, the unemployment might continue to increase.
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