Top White House economist Alan Krueger says the storm, which battered the East Coast, disrupted economic activity and destroyed $44 billion in fixed capital. Krueger also says federal defense spending shrank, in part because of uncertainty over automatic spending cuts that could have kicked in at the start of the year.
Although leaders within your business would like to believe disasters won’t occur, failing to prepare for one puts your workers and bottom line at risk. Preparing a disaster plan that details how to maintain safety and productivity, and reviewing it with employees can help your business be proactive and ensure the correct reactive solutions are onsite to limit the impact of workplace emergencies.
Americans spent more online in November to the start of the holiday season and began to replace cars and rebuild in the Northeast after Superstorm Sandy. U.S. retail sales rose 0.3 percent in November from October, the Commerce Department said Thursday.
A private survey shows that U.S. businesses added fewer workers in November, in part because Superstorm Sandy shut down factories, retail stores, and other companies. Payroll processor ADP says employers added 118,000 jobs last month. That's below October's total of 157,000, which was revised lower.
Americans cut back on spending last month while their income remained flat. The weakness in part reflected disruptions from Superstorm Sandy that could slow economic growth for the rest of the year. The Commerce Department said Friday that consumer spending dropped 0.2 percent in October.
Major retailers such as Kohl's, Target and Macy's on Thursday reported weak sales in November as a strong start the holiday shopping season over the Thanksgiving weekend wasn't enough to fully offset a slow start to the month caused by Superstorm Sandy.
The number of people seeking U.S. unemployment benefits fell sharply last week to a seasonally adjusted 410,000, though the figure was elevated for the second straight week by Superstorm Sandy. The Labor Department said Wednesday that applications dropped by 41,000 from the previous week, when the storm drove applications to their highest level in 18 months.
The storm has damaged thousands of cars — including those owned by rental companies. The loss of vehicles has been compounded by rising demand. Thanksgiving and Christmas are normally busy rental periods. And lingering mass transit problems caused by Sandy have added to demand.
Unexpected disruptions like Sandy serve as reminders that it is nearly impossible to predict and prepare for every type of risk. Instead, companies are better off focusing on the vulnerabilities that expose them to these risks in the first place and building resilience in their supply chains.
Superstorm Sandy depressed U.S. industrial output in October, the latest indication that the storm could temporarily slow the economy. Still, production of machinery and equipment declined sharply, reflecting a more cautious outlook among businesses. The Federal Reserve said Friday that industrial production fell 0.4 percent last month, after a 0.2 percent gain in September.
The Federal Reserve Bank of Philadelphia says its index of regional manufacturing activity declined to -10.7. That's down from a reading of 5.7 in October, the first month of growth since April. The region includes New Jersey, which like New York was hit hardest by the storm.
Superstorm Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months. The Labor Department says applications increased by 78,000 because a large number of applications were filed in states damaged by the storm.
Climate change is suddenly a hot topic again. The issue is resurfacing in talks about a once radical idea: a possible carbon tax. A carbon tax works by making people pay more for using fossil fuels like coal, oil, and gas that produce heat-trapping carbon dioxide.
In the days since Superstorm Sandy, an alarming prediction has flashed across the Internet: Hundreds of thousands of flood-damaged vehicles will inundate the nation's used-car market, and buyers might not be told which cars have been marred. Not true, according to insurance-claims data reviewed by The Associated Press.
The number of people seeking unemployment benefits last week fell by 8,000 to a seasonally adjusted 355,000, a possible sign of a healing job market. But officials cautioned that the figures were distorted by Superstorm Sandy. Applications declined in one state because its unemployment office lost power during the storm and wasn't able to receive applications, a department spokesman said.
The Midland-based chemical giant plans a $100,000 donation to the American Red Cross National Disaster Fund; $150,000 in grants to local Red Cross chapters and human services providers in areas where Dow has facilities; and implementation of an employee matching gift program of up to $100,000.
Delta Air Lines Inc. said Friday that the storm cost it $45 million in revenue and $20 million in profit. The nation's second-largest airline canceled more than 3,500 flights. Other airlines are expected to comment on the storm's fallout over the next week, as they report October traffic results. Analysts are already making estimates.
With fuel deliveries in the East disrupted by storm damage and many gas stations lacking electricity to run their pumps, gasoline became a precious commodity, especially for those who depend on their cars for their livelihoods. Some drivers complained of waiting three and four hours in line, only to see the pumps run out when it was almost their turn.
The massive storm that started out as Hurricane Sandy slammed into the East Coast and morphed into a huge and problematic system, killing at least 92 people in the United States. Power outages now stand at more than 3.8 million homes and businesses, down from a peak of 8.5 million. Here's a snapshot of what is happening, state by state.
The new numbers Eqecat released Thursday are more than double the firm's previous estimate. Eqecat said Sandy may have caused between $30 billion and $50 billion in total economic losses, including property damage, lost business and extra living expenses. The cost to insurance companies could run as low as $10 billion and as high as $20 billion.
The Delaware Department of Agriculture said Thursday that there was no significant flooding or poultry house damage, and that chicken farmers are generally in good shape. Feed trucks are back on the road, and poultry processing plants resumed operations Wednesday.