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September 12, 2017

U.S. economy will take hit from both Harvey and Irma

  • But construction activity will rocket in the affected areas, says Ian Shepherdson of Pantheon Macroeconomics.
    AP Economics Writer

    WASHINGTON — With businesses disrupted, fuel and chemical refineries out of commission and consumers struggling to restore their lives, Hurricanes Harvey and Irma will likely pack a tough double-whammy for the U.S. economy.

    Nearly one-fifth of the nation's oil refining capacity has been shut down because of Harvey, and fuel production has dropped sharply as a result, according to Bank of America Merrill Lynch. Consumers will also spend less in the immediate aftermath of the storms. Even those ready to make purchases will face closed storefronts and dark restaurants.

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