Damages From Hurricane Irene Won’t Foster Economic Growth

Hurricane Irene ripped through the East Coast through the weekend, losing steam as it arrived to New York City, making it seem that damages were pretty limited. Insured losses should be modest, according to UBS, estimated at about $3 billion and causing no real effect on insurers. On the data side, Irene is expected to cause sizable disruptions on initial claims and, particularly, on jobs, with hurricanes generally pushing back hiring, shipments, and affecting trade flows. Read More at Forbes