Hurricane Sandy’s Impact on the Economy

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What was hurricane CAD now a post tropical cyclone.

Having hammered New Jersey new York and Connecticut now moving on to Pennsylvania the Ohio valley and the Great Lakes out be it with less force thank goodness.

The job of rebuilding it's gonna be huge.

In the New York City Borough of queens a -- in a community there destroyed at least eighty homes terrible.

On 57 street in Manhattan a Crane.

On a nice story residential building under construction partially collapsed -- -- see you right here dangling over the -- scared a lot of people.

New Jersey governor Chris Christie said there was damage to each and every new Jersey transit line and that commuter trains wouldn't resume service for seven to ten days.

Atlantic City is under water the southern tip of Manhattan submerged.

So.

So far that is experts say that sandy could cost region 510 billion dollars in insured damages -- up to twenty billion dollars in total economic cost.

When -- factory and uninsured liabilities but that may well understate the problem.

Tonight economists considering whether sandy will -- the nation's overall economic growth.

After all -- analysts said the iPhone 5 would at a quarter to a half percent to GDP about phone can move the needle.

Don't you believe -- once in -- century storm can do the same.

Here's some of the losses that are less obvious like the hundreds of thousands of brokers store clerks and bank tellers who stayed home during the storm.

That's a lot lost productivity and lost wages companies large and small -- workers in the path of the storm home.

General Motors was one.

Airlines cancel the totaled more than 181000.

Flights that's according to flight aware dot com just minutes ago.

And about half the level of Hurricane Irene.

The cost of the storm.

Was forty million and revenue -- United Continental and fifteen million in profits for delta air think about that could mean something big for those airlines this time around.

The global business travel association estimates -- the big storm like sandy.

Cost airlines Amtrak rental car companies hotels 700 million no chump change there.

And then there the shippers.

In seaports from Virginia into Boston in the middle of that freight transportation's industry's peak holiday shipping season -- slammed then.

The nation's largest rail operator CSX -- lines all along the East Coast.

Of course this -- hit retail sales to with the storm at the tail end of the Halloween shopping season.

The storm could shape 3% from same store sales for November.

One of the reasons that the impacts are so big is that New York City is a hub of corporate headquarters from banking to media retail.

The local economy generates four billion dollars -- day.

That's a twenty billion dollar economy over the course of just a week.

Now to be sure the impacts are huge and in the short term it will clip national economic growth by maybe a tenth of a percent to half a percent.

The effects of government spending by the -- in the state governments are yet to be felt.

We will recover but in the short term there's a lot of rebuilding to do.

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Hurricane Sandy’s Impact on the Economy

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