September's job loss was just 35,000, but there's concern the full effect of Katrina and Rita is still to come. Oil prices are flat. Troubled Delphi offers a sweet severance deal to top execs.
It's a good thing we had such a good economy before Katrina hit.The Labor Department's first employment report since Hurricanes Katrina and Rita hit the Gulf Coast indicated a decline in non-farm payrolls of just 35,000. The consensus estimate among Wall Street economists was around 175,000, and there was talk the job loss could be as great as 400,000.
The national unemployment rate rose from 4.9% in August to 5.1% in September.