Hurricane Sandy May Slow US Economic Growth
Economists are speculating how much of an impact hurricane Sandy is going to have on the US economy and particularly its economic growth. Millions of employees are forced off work and these businesses are going to suffer this week, from restaurants, air and rail services to refineries.
There are concerns that this will result in a cut in economic growth and may even reduce Gross Domestic Product figures. There is a tremendous cost in the lost output involved.
The storm is also disrupting the release of economic data. The Conference Board, who releases the consumer confidence report, has delayed the announcement until 10 a.m. tomorrow.
Other economists suggest that the recovery from the storm may even give the economy a boost by November since there may need to be repairs on infrastructure which will be beneficial in the long-term.
The markets are set to reopen Wednesday morning. Since the onset of the hurricane and the closure of stock markets, there has been no noticeable effect on currency trading since some early losses on EUR/USD Monday morning.
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