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Wednesday, December 05, 2012

Report: U.S. jobs growth slows, affected by Superstorm Sandy

Superstorm Sandy's impact is still being felt in the economic data.

According to the data processing firm ADP, the economy created a net 114,000 last month, down from about 157,000 the previous month. Without the losses attributed to Superstorm Sandy, that number would be about 200,000.

The same sort of impact has been recorded in the initial weekly jobless claims report, a fresh batch of which will be released tomorrow morning, retail sales and consumer spending, and is expected to affect Friday morning's monthly unemployment report.

It takes awhile for the data to get back to normal after a big storm. The same thing occurred after Hurricane Katrina. Given that reality, as well as the so-called fiscal cliff, it is hard to tell just what it means about the overall health of the economy, whether it has continued along its path of strengthening, or if it has slowed down or sped up.

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