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Hurricane Irene an economic blow or boost?
The power outages and
shuttered airports may stop the engines of commerce for several days, but Hurricane
Irene might have provided some short-term economic stimulus as billions of
dollars will likely be spent to repair the damage to the East Coast over the
weekend.
shuttered airports may stop the engines of commerce for several days, but Hurricane
Irene might have provided some short-term economic stimulus as billions of
dollars will likely be spent to repair the damage to the East Coast over the
weekend.
Cumberland Advisors Chairman
David Kotok saw the storm as likely jolting employment in construction, an
industry paralyzed by the bursting of the real estate bubble in 2008.
David Kotok saw the storm as likely jolting employment in construction, an
industry paralyzed by the bursting of the real estate bubble in 2008.
“We are now upping our
estimate of fourth-quarter GDP in the U.S. economy,” he said in an email
Sunday. “Billions will be spent on rebuilding and recovery. That will put some
people back to work, at least temporarily.” (Boak, POLITICO)
estimate of fourth-quarter GDP in the U.S. economy,” he said in an email
Sunday. “Billions will be spent on rebuilding and recovery. That will put some
people back to work, at least temporarily.” (Boak, POLITICO)