Given that it's going to reach such an extended area and that it will be an unusually wet storm, damages are going to be a lot worse than 1 billion. So many homes, apartment buildings and shopping centers have been built in this part of the country that haven't been tested by a big storm. Now we're going to see just how good this construction has been.
More Quotes from Mark Vitner:
Normally, economists downplay periodic swings in energy prices, ... However, the most recent run-up is a source of concern because it may be raising inflation expectations. Workers do not live in a world that excludes food and energy prices. Wage demands, especially in the current tight labor market, will be based on the increase in the overall CPI.Mark Vitner
Demand in the U.S. economy is reasonably strong and retailers are probably optimistic about the holiday shopping season so they are starting to order from abroad now. The trade deficit is going to take some time to turn around. It may not happen until next year.
Mark Vitner
When combined with the anticipated double-digit gains in employer health-care costs, manufacturers may find it very difficult to add to their payrolls next year and may opt to work their existing work forces longer.
Mark Vitner
Inflation at the end of the day is headed higher, it's just not going to happen that dramatically this year.
Mark Vitner
The trucking industry is very competitive, so driving up the costs of hiring drivers has not really translated that much to price pressure for finished goods.
Mark Vitner
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