Chicago area businesses felt the wrath of Hurricane Sandy, a massive storm that one early forecast says could end up costing as much as $50 billion in damages and lost business activity nationally while trimming economic growth this quarter.
This short-term blow to the economy will not be “catastrophic” but is expected to subtract about 0.6 percentage point growth from U.S. gross domestic product in the October-December quarter, forecaster IHS Global Insight says in early estimates. The firm projects the storm, which pummeled the Northeast, will end up costing about $20 billion in infrastructure damages and $10 billion to $30 billion in lost business.
The hurricane has resulted in lost wages, production and sales for businesses throughout the region, which makes up about 15 percent of the nation’s economy and covers 15 states.
But Chicago-based Morningstar Inc. economist Robert Johnson doesn’t expect major long-term damage to the economy due to the storm.
http://www.suntimes.com/business/16055765-420/chicago-area-businesses-felt-sandys-wrath.html
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