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 WASHINGTON (AP) - Hurricane Katrina will have a greater economic impact than previous killer storms, though the energy price spikes, slower growth and job losses will not be enough to push the country into a recession.
That's the view of the Congressional Budget Office which on Wednesday provided the government's first assessment of the economic impact from the country's worst natural disaster.
The CBO predicted the aftermath of Katrina would see job losses of 400,000 in coming months, a reduction in growth of as much as a full percentage point in the second half of this year and that September gas prices will average about 40 percent higher than before the storm.
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