Hurricane Florence Will Not ‘Move the Needle’ on US Economy
$DIA, $SPY, $QQQ, $RUTX, $VXX
US Commerce Secretary Wilbur Ross predicts that Hurricane Florence will not be devastating to the overall US economic, despite any financial damage to North and South Carolina.
“Overall, it’s not going to move the national economy,” Ross said Thursday while touring the National Oceanic and Atmospheric Administration. “We have an $18-T economy, so 1% of $18-T would be $180-B. That iss a pretty big number,” Secretary Ross said.
Hurricane Florence crashed into the Carolinas Friday with 90-mph (144 kph) winds, torrential rains and a powerful storm surge before slowing to a pace that meant it would plague the area with days of flooding.
The total tab for damage from Florence could eventually reach $10 to $20-B, said a disaster researcher at Enki Research in Savannah, Georgia.
Hundreds of thousands of people have evacuated the coast, more than 1,500 US flights have been canceled, factories have been shut and farmers have rushed to save livestock and crops from the storm.
Secretary Ross said the massive storm could have “a lot of implications” for some vulnerable sectors of the nation’s economy, including shipping and agriculture.
“Now, since we import more than we export, probably that’ll be a little bit of a help to the economy,” Secretary Ross said. “But, it will slow down shipping.”
On the forecast track
The Center of Florence is expected to move inland across the extremes of southeastern North Carolina and eastern South Carolina Friday and Saturday. It will then go northward across the western Carolinas and the central Appalachian Mountains early next week.
Friday, the US major stock market indexes finished at: DJIA +8.68 at 26154.67, NAS Comp -3.67 at 8010.04, S&P 500 +0.80at 2904.98
Volume: Trade on the NYSE came in at 762-M/shares exchanged
- NAS Comp +16.0% YTD
- Russell 2000 +12.2% YTD
- S&P 500 +8.7% YTD
- DJIA +5.8% YTD
Have a terrific weekend