Economists are looking at previous storms such as Hurricane Katrina to predict how Hurricane Sandy will affect the economy in the coming weeks and months. According to the Washington Post, it is expected that industrial production will temporarily be suspended at factories along the east coast. Also expected, is a decline in retail sales due to consumers buying construction supplies to rebuild. Economic activity as a whole will likely slow down because many businesses have temporarily shut down in the northeast.
The hurricane has already caused a slight rise in oil costs because imports into New York Harbor were disrupted; however it will probably be short-term. Economists are having a hard time predicting the overall financial damage from this storm because it is without precedent. While the emotional devastation to the country is similar to Katrina, the physical damage is very different. Unlike Katrina, Sandy did not disrupt any actual oil drilling therefore the entire nation did not see a major spike in oil prices.
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