Sandy destroys job creation, dampens unemployement outlook

Published: Wednesday, Dec. 5 2012 9:55 a.m. MST

Robert Bryce, right, walks with his wife, Marcia Bryce, past downed utility poles and other debris from Superstorm Hurricane Sandy in Seaside Heights, N.J. on Oct. 31. According to CNN, Superstorm Sandy stagnated job creation, potentially raising unemployment.

Julio Cortez, AP

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Superstorm Sandy blew away about 86,000 new jobs last month and likely increasing the unemployment rate as jobs become harder to find, according to CNN.

In November, payroll processing firm ADP reported private-sector employers added 118,000 jobs in the month compared to the 157,000 in October. Government job hirings, however, remained positive, as can be read more about here.

The result is that the unemployement rate is expected to rise from 7.9 percent to 8 percent, according to an economists survey done by CNNMoney.

"Superstorm Sandy wreaked havoc on the job market in November, slicing an estimated 86,000 jobs from payrolls," said Mark Zandi, chief economist at Moody's Analytics, told CNN. "The manufacturing, retailing, leisure and hospitality, and temporary help industries were hit particularly hard by the storm."

In connection to Sandy, the uncertainty over the approaching fiscal cliff could have employers hesitating about hiring new staff.

EMAIL: alovell@deseretnews.com

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