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Employment Slumps, Manufacturing Slows: U.S. Economy Preview
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Americans probably lost jobs for the first time in two years in September and manufacturing slowed, economists said in advance of economic reports this week that will show the full brunt of Hurricane Katrina. Employers probably cut 169,000 workers from payrolls, the first drop since May 2003, after creating the same number of jobs in August, according to the median forecast in a Bloomberg News survey. A manufacturing index probably fell for a second month to the lowest since March. New claims for jobless benefits jumped by 279,000 since Katrina struck on Aug. 29 along the Gulf of Mexico coast, an area that employed about 1 million workers, according to figures form the Labor Department. The surge in fuel prices since the storm hit may have caused factories to trim production and orders. The reports provide early evidence the economy slowed as the third quarter ended. |
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