Sandy's hit to the economy |
| CNNMoney - Oct 29, 2012 |
Even before Hurricane Sandy causes any significant property damage, it is costing billions of dollars as businesses shut down along the storm's expected path.
Economists say it will take a while to fully estimate the economic impact of the storm. But they believe the impact will be enough to lower the nation's gross domestic product, the broadest reading of the nation's economic activity, in the fourth quarter.
"The big story this morning is how much stuff is shut down," said Mark Vitner, senior economist with Wells Fargo Securities. "Business interruption is the biggest impact, at least until we see what happens in terms of property damage." He said early estimates of property damage range around $15 billion.
Vitner said lost business from a storm like this typically amounts to as much as 40% to 45% of the property damage figure. But given the fact that it could shut businesses in New York City and other big East Coast cities for two days or more, the business interruption will be greater than normal.
Read Full Article from CNNMoney
- Posted: 2012-10-29 11:05:16
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