Storm Keeping Millions From Work May Slow Economic Growth |
| Bloomberg - Oct 31, 2012 |
Atlantic superstorm Sandy may cut U.S. economic growth as it keeps millions of employees away from work and shuts businesses from restaurants to refineries in one of the nation’s most populated and productive regions.
The storm may cut output in the world’s largest economy by $25 billion in the fourth quarter, according to Gregory Daco, a U.S. economist at IHS Global Insight. He said that could reduce the fourth quarter pace of growth to a range of 1 percent to 1.5 percent, from the firm’s earlier estimate of 1.6 percent.
Sandy lashed a region with 60 million people -- about as many as Italy -- that accounts for about a quarter of the $13.6 trillion U.S. economy, estimated Eric Lascelles, the Toronto- based chief economist at RBC Global Asset Management Inc. It forced the temporary closings of U.S. financial markets, halted air and rail service and idled workers for the federal and state governments from Virginia to Massachusetts.
Read Full Article from Bloomberg
- Posted: 2012-10-31 12:59:26
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