Goldman Sachs: Although the California wildfires are severe, they only have a "slight drag" on U.S. employment
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Goldman Sachs pointed out in a research report that despite the severe damage caused by wildfires in Los Angeles County, the impact on U.S. job growth is only a "slight drag." It is expected that non-farm payrolls will decrease by 15,000 to 25,000 in January, and the online search volume for unemployment benefits has not significantly increased. The fires are expected to lead to a decline in GDP growth of about 0.2 percentage points in the first quarter, and the impact of insurance costs on inflation is minimal. The fires have burned over 29,000 acres of land, resulting in at least 5 deaths, with losses estimated at $20 billion
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