Hurricane Sandy may slow the world's largest economy by keeping millions of U.S. employees from work and shoppers from stores in one of the nation's most populated and productive regions.
The storm may cut economic output by $25 billion in the fourth quarter, according to Gregory Daco, a U.S. economist at IHS Global Insight in Lexington, Massachusetts. He said that could reduce the fourth quarter pace of growth to between 1 percent and 1.5 percent, from the firm's earlier estimate of 1.6 percent.
Sandy lashed a region with 60 million people — about as many as Italy — that accounts for about a quarter of the $13.6 trillion U.S. economy, estimates Eric Lascelles, the Toronto- based chief economist at RBC Global Asset Management Inc. It forced the closures of U.S. financial markets, halted air and rail service and idled workers for the federal and state governments from Virginia to Massachusetts.
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