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September 08, 2005
Report: Katrina Could Cost 400,000 Jobs

Hurricane Katrina could reduce employment by 400,000 jobs through the end of this year, according to the Congressional Budget Office.

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In a letter to lawmakers, the CBO outlined the likely consequences of Hurricane Katrina for the national economy. The CBO said the economic effects of Hurricane Katrina will be greater than those of previous major hurricanes such as Andrew and Hugo.

"Employment for September will decline significantly--estimates of the impact range from 150,000 to half a million--as a direct consequence of the hurricane," the CBO said. "Employment will increase in subsequent months, as workers return home and businesses reopen and as reconstruction activity gathers steam."

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