Superstorm Sandy and fears over fiscal cliff likely held down US hiring in November

 http://www.washingtonpost.com/business/s…

 

The numbers of hirings in the United States dramatically decreased following Hurricane Sandy. However, most experts claim the economy remains healthy and is creating jobs at a decent rate. The unemployment rate is estimated to remain close to 7.9% for now. Due to the spending cuts set to take place in January, many are worried that hiring will decrease resulting in higher unemployment which could put the economy in the decline. People will be effected even if the unemployment rate remains the same. Workers who were dropped due to Sandy are categorized as temporarily out of work and therefore not unemployed. This storm could have a large impact on the U.S economy.

1 Comment »

  1. Jonathan Said,

    December 7, 2012 @ 5:23 am

    It is sad to see that disasters such as Hurricane Sandy can affect such a large population. While many companies halted production as a direct result of the hurricane’s destruction, I think that job employment will eventually increase quite a bit once more jobs are needed to rebuild all that was destructed. It will be interesting to see what effect tax increases have on those employers that had previously halted production and were only considering themselves “temporarily unemployed”.

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