Hurricane Isaac Poised to Strike U.S. Economy
Isaac, now a Category 1 hurricane that could become a Category 2, will have some effect on the U.S. economy even if it does not make a direct hit on a major city. Damage estimates to residences have risen has high as…
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Damage estimates to residences have risen has high as $39 billion, which will trigger large insurance claims. All of the oil platforms in the eastern portion of the Gulf of Mexico have been evacuated, which almost certainly will drive the price of oil higher temporarily. WTI crude prices have moved up by 1% today to more than $97. Business activity and tourism will be hurt along the beaches from Florida to Texas.
And perhaps more important is that Isaac could move across New Orleans, which never has completely recovered from Hurricane Katrina. The effect could only be a small fraction of a percent of gross domestic product, but in a rough economy, every tiny fraction of harm counts.
Douglas A. McIntyre
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.
Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.
