Jobless Rate in Gulf Coast Likely to Surge (DUH!)

http://news.yahoo.com/s/ap/20050903/ap_on_bi_ge/katrina_unemployed_hk3

WASHINGTON - The jobless rate in the hurricane-ravaged Gulf Coast is expected to spike to 25 percent or higher, and when the long rebuilding process begins it's likely the same people the economy had left behind before the storm — the unemployed and working poor — will have the most trouble getting back on their feet.

Workers in flooded New Orleans, which faces major cleanup challenges, are taking the biggest hit.

"There's no question that the recovery is going to be much longer and more painful for the 28 percent of the local population in the New Orleans area living below the poverty line," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "It's going to be much harder for the local economy to recover in the absence of resources and insurance."

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But smaller Mom and Pop shops — and their workers — probably face a more precarious future. Some small businesses, restaurants and hotels likely won't reopen. Casinos built on barges along the coast that were damaged or destroyed probably will resume operations, though some uprooted casino workers may seek employment elsewhere, such as Las Vegas or Atlantic City.

"The populations in Louisiana and Mississippi are incredibly poor. Most of the damage was from flooding, which doesn't tend to be covered by insurance. That combination adds up to an incredibly long and painful rebuilding process_ I think five to 10 years," said Mark Vitner, senior economist at Wachovia.

...more...

:sarcasm:

sorry we have to meet in these circumstances, but glad you're here

I'd do such work. Who the hell wouldn't?! For one thing, it's far more natural than pissing the day in front of a computer.

"The populations in Louisiana and Mississippi are incredibly poor. Most of the damage was from flooding, which doesn't tend to be covered by insurance. That combination adds up to an incredibly long and painful rebuilding process_ I think five to 10 years," said Mark Vitner, senior economist at Wachovia.

The insurance companies are going to weasel out of most of the claims - they're not worried about having to shell out funds for rebuilding.

WASHINGTON (AP) -- The jobless rate in the hurricane-ravaged Gulf Coast is expected to spike to 25 percent or higher, and when the long rebuilding process begins it's likely the same people the economy had left behind before the storm - the unemployed and working poor - will have the most trouble getting back on their feet.

Workers in flooded New Orleans, which faces major cleanup challenges, are taking the biggest hit.

The situation probably will propel area unemployment rates into double digits in coming months, even when accounting for employment gains from rebuilding efforts, Hopkins said.

"It's a pretty sizable impact. Commerce has come to a standstill in those counties that were hit," Hopkins said.

http://hosted.ap.org/dynamic/stories/K/KATRINA_UNEMPLOYED_HK3?SITE=CAANR&SECTION=BUSINESS

are "jobs that Americans don't want to do" how many will go to illegal Mexicans?