Skip to content

Superstorm may end up slowing US economy slightly

November 1, 2012

WASHINGTON (AP) ? Superstorm Sandy could mean higher gas prices and a slower economy in coming months, though reconstruction will help cushion the economic blow.

The storm will end up causing about $20 billion in damages and an additional $10 billion to $30 billion in lost business activity, according to IHS Global Insight, a forecasting firm. That could subtract about 0.6 percentage point from U.S. economic growth in the October-December quarter, the firm says.

Some forecasters are more optimistic. Paul Ashworth of Capital Economics says the overall hit to the economy will likely be “very modest.”

The storm cut power to 7 million homes, shut down 70 percent of East Coast oil refineries and inflicted worse-than-expected damage in the New York metro area. That area produces about 10 percent of U.S. economic output.

Source: http://news.yahoo.com/superstorm-may-end-slowing-us-economy-slightly-163134294–finance.html

ncaa oakland news alec baldwin alec baldwin college basketball oakland pinnacle airlines

Advertisements

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: