September 11 attacks 'expected to cost US 1.8 million jobs'
The September 11 terrorist attacks will cost the US more than 1.8 million jobs by the end of the year, according to a new study.
The Milken Institute says the losses will spread across industries, from restaurants to financial services to aerospace.
The Santa Monica-based economic think tank conducted the study of 315 cities.
"The consequences of September 11 for individuals and unique localities have been profound," the report says.
Already, 248,000 jobs have been lost because of the attacks, and an additional 1.6 million are expected to be lost this year, the report says.
New York City will lose nearly 150,000 more jobs, followed by Los Angeles with an additional 69,000 jobs, and Chicago with at least 68,000 more jobs, the report says.
Las Vegas will prove the single most vulnerable metropolitan area in percentage terms: The report says it is likely to see nearly 5% fewer jobs this year because of the attacks.
"The good news is that many of those jobs should come back," said Ross DeVol, director of regional studies at the Milken Institute.
Most cities are expected to begin to recover in 2003, with the exception of New York, which should start its rebound a year later, the report says. However, DeVol says the economic damage will linger into 2004.
The Milken report used economic models to extrapolate employment losses based on each metro area's economic trends prior to September 11.
