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Published on Oct 7, 2016
There
are at least 200,000 homes along the coast from Florida to North
Carolina at risk of damage from the storm surge alone from Hurricane
Matthew. Even if Matthew is downgraded to a category 1 storm, repairing
and replacing those homes would cost $43 billion, according to
Corelogic. Should it remain a categoy 3 storm, the surge could affect an
additional 300,000 homes, which would cost an additional $60 billion.
That would make Matthew among the most expensive storms in U.S. history.
Right now the costliest storm was Katrina in 2005, which caused $154
billion in damages. The Labor Department will release September jobs
numbers today. Most economists are forecasting between 165,000 to
175,000 new jobs, down from July's hiring binge that created 275,000.
Today's numbers could impact the election as well as the Federal Reserve
policy on interest rates. Overnight, the British Pound plummeted 6%.
Market speculation was that the rapid decline was caused by a wrongly
entered trade since there was no news behind the sell-off.
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