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U.S. job losses from the Gulf Coast hurricanes jump to 438,000 - ASHARQ AL-AWSAT English Archive
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WASHINGTON- The number of people who have lost their jobs because of Hurricanes Katrina and Rita jumped to 438,000 last week as the economic shockwaves from the costliest U.S. natural disaster continued to be felt six week after Katrina careened across the Gulf Coast, AP reported.

The Labor Department reported that an additional 75,000 hurricane-related claims were filed last week out of a nationwide total of 389,000 new claims for unemployment benefits.

In other economic news, the Commerce Department reported Thursday that the nation”s trade deficit rose 1.8 percent in August to $59.03 billion (¤49.16 billion), an increase that was driven by higher oil prices.

The rise of 75,000 in hurricane-related unemployment benefit claims was up slightly from 74,000 such claims two weeks ago, the first week that claims from Rita showed up.

The highest week for claims attributed to the hurricanes was the week ending Sept. 17, when claims from Katrina totaled 108,000.

The 389,000 new claims for jobless benefits that were filed last week represented a drop of 2,000 from the 391,000 claims filed two weeks ago. Analysts have been encouraged that the level of jobless claims in the rest of the country has remained steady, indicating that the overall economy has been able to weather so far the shocks

from the hurricane and the resulting surge in energy prices as Gulf Coast production facilities were shut down.

The weekly jobless claims report showed that the biggest increase for the week.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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