The Sept. 11 terrorist attacks will cost the US more than 1.8 million jobs by the end of the year, according to a study released yesterday.
The Milken Institute, a Santa Monica-based economic think tank that conducted the study of 315 cities, said the losses will spread across industries, from restaurants to financial services to aerospace. "The consequences of Sept. 11 for individuals and unique localities have been profound," the report said.
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 said. 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, according to the report.
Las Vegas will prove the single most vulnerable metropolitan area in percentage terms: The report said it is likely to see nearly 5 percent 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 said.
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