Hurricane Helene recovery could cost billions
Hurricane Helene ravaged states in the southeast, and President Biden wants to see more disaster relief given.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re staring at on TheStreet this present day.
Wall Street ended a volatile week on an upswing as a consequence of a September hiring surge. By all accounts the closely watched employment data pointed to a labor market that’s in good condition. The report develop into too strong, though, to strengthen hopes of yet another large interest rate cut by the Federal Reserve.
Attention now turns to consumer and producer prices within the imminent week. And Pepsi, JP Morgan Chase, and Wells Fargo will kick-off the foundation of earnings season.
Related: Flight canceled as a consequence of Hurricane Helene? Here is the highest strategy to get that refund
In other news: the 2024 hurricane season isn’t over yet and the costs are piling up. Hurricane Helene may possibly cost the economy greater than $34 billion by herself, in accordance with Moody’s Analytics. In comparison, the U.S. economy develop into hit by $ninety three billion in weather and climate related damage for all of 2023, government statistics show.
Packing winds of 140 miles per hour and accompanied by flood-inducing rains, Helene battered the Carolinas, Virginia, Tennessee, Georgia and Florida - leading to a gigantic swath of property damage. Nearly 1 million people lost power.
But getting power back is barely the foundation of an extended and expensive recovery process. And to make matters worse, best 6 % of homeowners have flood insurance coverage of any type. That means many will be relying on the Federal Emergency Management Agency to fill within the gap. FEMA, on the other hand, is running low on funds and can need a cash infusion from Congress.
With lawmakers now not due back to Washington until after the elections, repair money is likely to take an extended time to get where it should head.
That’ll do it for your Each and on an everyday basis Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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