News Summary: Sandy brings Northeast booms-busts
MATTER OF PERSPECTIVE: The national economy is expected to absorb the blow from Sandy with little long-term damage, but in the short term, at least, Sandy is introducing dramatic booms and busts across the Northeast. The effects vary widely across industries, bringing banner years for some while pushing others toward economic ruin.
WIN COLUMN: The storm, which so far has been blamed for about $62 billion in damage and other losses in the U.S., has driven spikes in demand for construction work, industrial cleaning, hotel rooms, cars and, for those with inventory to sell, even Christmas trees.
OTHER COLUMN: By disrupting life in one of the country's most densely populated areas, the storm also caused a crash in consumer demand. The U.S. government estimates the storm cut wages and salaries by $18.2 billion at an annual rate. Sectors across the board felt the pinch, but the hardest hit included retailers, gas stations and casinos.
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