September 16, 2021

Ida: Economists expect only slight storm hit to US economy

AP National Business

AP Economics Writer

WASHINGTON (AP) — Economists say the impact of Hurricane Ida on the U.S. economy should be modest as long as damage estimates do not rise sharply and refinery shutdowns are not prolonged. Mark Zandi, chief economist at Moody’s Analytics, said Sunday that because of disruptions from Ida, he may trim his forecast for growth in the current third quarter by a few tenths of a percentage point. But he said he’ll add that loss back by boosting his estimate for fourth quarter growth to reflect rebuilding from Ida’s damage. Zandi said he expects GDP to grow 6.5% in the second half of this year, matching average growth seen in the first six months. 

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