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Federal Reserve Bank of New York regional economic briefing

Federal Reserve Bank of New York regional economic briefing

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Published by The Post-Standard
Federal Reserve Bank of New York briefing on regional economy and impact of Hurricane Sandy on the regional economy.
Federal Reserve Bank of New York briefing on regional economy and impact of Hurricane Sandy on the regional economy.

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Published by: The Post-Standard on Nov 29, 2012
Copyright:Attribution Non-commercial

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11/29/2012

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•Short-term effects:

+ Pre-storm increase in activity: consumers stocking up
- Disruptions: transportation, power, water, schools, etc.
+ Offsets to activity decline: postponed or shifted within region
+ Recovery of activity: rebuilding, repair, replacement

•Each full-day equivalent of lost regional output $3.8 billion

Represents roughly 1.1% of quarterly regional GDP
Knocks roughly 0.4% off quarterly U.S. GDP growth (annual rate)

•Long-term effects:

Research suggests little long-run effect on GDP
However, local consequences (population and activity relocations)
may be persistent

FEDERAL RESERVE BANK OF NEW YORK

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