But Katrina did not happen until August 29th. What am I missing? Or is the Post, once again, spinning, spinning, spinning for Bush and the republicans?
Consumer spending plunged in August at the steepest monthly rate since the 2001 terrorist attacks as Hurricane Katrina slashed incomes, fanned inflation and caused $170 billion in losses from property damage, the Commerce Department reported yesterday in its first tally of the storm's economic effects.
The report came the day after the Labor Department said 279,000 people filed new claims for unemployment insurance benefits because of Katrina, which struck the Gulf Coast on Aug. 29.
More below:
http://www.washingtonpost.com/wp-dyn/content/article/2005/09/30/AR2005093000239.html
Personal income -- which comes from wages, salaries, rents, interest and other sources -- fell 0.1 percent in August; it would have risen 0.2 percent if not for the hurricane, according to the Commerce Department.
The hurricane hit shortly before the end of August, but the economic disruption began several days before as warnings of the approaching storm prompted Gulf Coast businesses to close, refineries and oil rigs to shut down, and residents to flee.
So even though the article talks about gas prices, and plunging consumer confidence, and low levels of saving and interest rates rising, don't you know, it's all Katrina' fault!!!
For the first time in 46 years, personal savings was negative for three consecutive months - yup, must be Katrina.
It was the third consecutive month that personal savings was negative -- the first time that has happened since the government started gathering such data in 1959.
I will definitely be sending the Washington Post a letter to the editor, trying to figure just what the heck they are talking about.