Wednesday, September 08, 2010

‘Snowmageddon’ 2010: 90,000 to 150,000 Jobs May Be Lost

‘Snowmageddon’ 2010: 90,000 to 150,000 Jobs May Be Lost

This month’s winter storm, which has been dubbed “Snowmageddon” among other names, that has hit many parts of the United States, has not only disrupted many people’s travel plans, closed schools and left many people snowbound, but it has also had an effect on jobs.

According to a report at money.cnn.com, economists have estimated that between 90,000 and 150,000 jobs could well be lost in February, after the recent snow storms stopped people from going to work and stalled the hiring process for many businesses as well during the month.

Stefane Marion, who is National Bank Financial’s chief economist, said that the storms will have a tangible impact on the hiring process, which is impeded when people can’t get out and businesses close. Marion originally expected the economy to add jobs in February.

Deutsche Bank’s chief economist Joseph LaVorgna, who was also expecting a jobs gain in February, came to a similar conclusion. He issued a “conservative estimate” on Wednesday, saying that an additional 90,000 jobs could be lost this month, but says that figure could possibly double.

You can read the full story here.

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