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Attacks Could Cost California 400,000 Jobs

SANTA MONICA, CA-Milken Institute pegs number at 263,700, but cautions that the figure could rise if spending doesn't pick up soon. Longer-term outlook is brighter.

By David W. Myers | Updated on November 09, 2001

SANTA MONICA, CA-A new report by a prestigious “think tank” based here says California will likely lose 263,700 jobs as a result of the Sept. 11 terrorist attacks on the East Coast, but that the number could grow to a staggering 400,000 if spending by consumers and businesses doesn’t pick up soon.

The report was issued by Milken Institute, a research organization founded several years ago by former junk-bond whiz Michael Milken. Though most of the job-losses will come in the hotel industry and other travel-related sectors, other big losers will likely include the radio and TV business.

By itself, Milken researchers say, Los Angeles is likely to lose at least 76,000 jobs as the result of the attacks. But if the local economy doesn’t snap back next year, the local figure could surge to 110,000.

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