<!DOCTYPE html>
<!--

	TTTTTTTTTTTTTT.TTTTTTTTTTTTTT
	TTTTTTTTTTTTTT.TTTTTTTTTTTTTT
	TTTTTTTTTTTTTT.TTTTTTTTTTTTTT
	TTTTTTTTTTTTTT.TTTTTTTTTTTTTT
	-------------|.|-------------
	             | |
	             | |
	      -ttttttttttttttt-
	      -TTTTTTTTTTTTTTT-

-->
<html lang="en-US" prefix="og: http://ogp.me/ns#">
	<head>
		<meta charset="UTF-8">
		<meta http-equiv="x-ua-compatible" content="ie=edge"><script type="text/javascript">(window.NREUM||(NREUM={})).loader_config={xpid:"VgYFUVJRGwECVVlTAQYG"};window.NREUM||(NREUM={}),__nr_require=function(t,n,e){function r(e){if(!n[e]){var o=n[e]={exports:{}};t[e][0].call(o.exports,function(n){var o=t[e][1][n];return r(o||n)},o,o.exports)}return n[e].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;o<e.length;o++)r(e[o]);return r}({1:[function(t,n,e){function r(t){try{s.console&&console.log(t)}catch(n){}}var o,i=t("ee"),a=t(15),s={};try{o=localStorage.getItem("__nr_flags").split(","),console&&"function"==typeof console.log&&(s.console=!0,o.indexOf("dev")!==-1&&(s.dev=!0),o.indexOf("nr_dev")!==-1&&(s.nrDev=!0))}catch(c){}s.nrDev&&i.on("internal-error",function(t){r(t.stack)}),s.dev&&i.on("fn-err",function(t,n,e){r(e.stack)}),s.dev&&(r("NR AGENT IN DEVELOPMENT MODE"),r("flags: "+a(s,function(t,n){return t}).join(", ")))},{}],2:[function(t,n,e){function r(t,n,e,r,s){try{p?p-=1:o(s||new UncaughtException(t,n,e),!0)}catch(f){try{i("ierr",[f,c.now(),!0])}catch(d){}}return"function"==typeof u&&u.apply(this,a(arguments))}function UncaughtException(t,n,e){this.message=t||"Uncaught error with no additional information",this.sourceURL=n,this.line=e}function o(t,n){var e=n?null:c.now();i("err",[t,e])}var i=t("handle"),a=t(16),s=t("ee"),c=t("loader"),f=t("gos"),u=window.onerror,d=!1,l="nr@seenError",p=0;c.features.err=!0,t(1),window.onerror=r;try{throw new Error}catch(h){"stack"in h&&(t(8),t(7),"addEventListener"in window&&t(5),c.xhrWrappable&&t(9),d=!0)}s.on("fn-start",function(t,n,e){d&&(p+=1)}),s.on("fn-err",function(t,n,e){d&&!e[l]&&(f(e,l,function(){return!0}),this.thrown=!0,o(e))}),s.on("fn-end",function(){d&&!this.thrown&&p>0&&(p-=1)}),s.on("internal-error",function(t){i("ierr",[t,c.now(),!0])})},{}],3:[function(t,n,e){t("loader").features.ins=!0},{}],4:[function(t,n,e){function r(t){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var o=t("ee"),i=t("handle"),a=t(8),s=t(7),c="learResourceTimings",f="addEventListener",u="resourcetimingbufferfull",d="bstResource",l="resource",p="-start",h="-end",m="fn"+p,w="fn"+h,v="bstTimer",y="pushState",g=t("loader");g.features.stn=!0,t(6);var b=NREUM.o.EV;o.on(m,function(t,n){var e=t[0];e instanceof b&&(this.bstStart=g.now())}),o.on(w,function(t,n){var e=t[0];e instanceof b&&i("bst",[e,n,this.bstStart,g.now()])}),a.on(m,function(t,n,e){this.bstStart=g.now(),this.bstType=e}),a.on(w,function(t,n){i(v,[n,this.bstStart,g.now(),this.bstType])}),s.on(m,function(){this.bstStart=g.now()}),s.on(w,function(t,n){i(v,[n,this.bstStart,g.now(),"requestAnimationFrame"])}),o.on(y+p,function(t){this.time=g.now(),this.startPath=location.pathname+location.hash}),o.on(y+h,function(t){i("bstHist",[location.pathname+location.hash,this.startPath,this.time])}),f in window.performance&&(window.performance["c"+c]?window.performance[f](u,function(t){i(d,[window.performance.getEntriesByType(l)]),window.performance["c"+c]()},!1):window.performance[f]("webkit"+u,function(t){i(d,[window.performance.getEntriesByType(l)]),window.performance["webkitC"+c]()},!1)),document[f]("scroll",r,{passive:!0}),document[f]("keypress",r,!1),document[f]("click",r,!1)}},{}],5:[function(t,n,e){function r(t){for(var n=t;n&&!n.hasOwnProperty(u);)n=Object.getPrototypeOf(n);n&&o(n)}function o(t){s.inPlace(t,[u,d],"-",i)}function i(t,n){return t[1]}var a=t("ee").get("events"),s=t(18)(a,!0),c=t("gos"),f=XMLHttpRequest,u="addEventListener",d="removeEventListener";n.exports=a,"getPrototypeOf"in Object?(r(document),r(window),r(f.prototype)):f.prototype.hasOwnProperty(u)&&(o(window),o(f.prototype)),a.on(u+"-start",function(t,n){var e=t[1],r=c(e,"nr@wrapped",function(){function t(){if("function"==typeof e.handleEvent)return e.handleEvent.apply(e,arguments)}var n={object:t,"function":e}[typeof e];return n?s(n,"fn-",null,n.name||"anonymous"):e});this.wrapped=t[1]=r}),a.on(d+"-start",function(t){t[1]=this.wrapped||t[1]})},{}],6:[function(t,n,e){var r=t("ee").get("history"),o=t(18)(r);n.exports=r,o.inPlace(window.history,["pushState","replaceState"],"-")},{}],7:[function(t,n,e){var r=t("ee").get("raf"),o=t(18)(r),i="equestAnimationFrame";n.exports=r,o.inPlace(window,["r"+i,"mozR"+i,"webkitR"+i,"msR"+i],"raf-"),r.on("raf-start",function(t){t[0]=o(t[0],"fn-")})},{}],8:[function(t,n,e){function r(t,n,e){t[0]=a(t[0],"fn-",null,e)}function o(t,n,e){this.method=e,this.timerDuration=isNaN(t[1])?0:+t[1],t[0]=a(t[0],"fn-",this,e)}var i=t("ee").get("timer"),a=t(18)(i),s="setTimeout",c="setInterval",f="clearTimeout",u="-start",d="-";n.exports=i,a.inPlace(window,[s,"setImmediate"],s+d),a.inPlace(window,[c],c+d),a.inPlace(window,[f,"clearImmediate"],f+d),i.on(c+u,r),i.on(s+u,o)},{}],9:[function(t,n,e){function r(t,n){d.inPlace(n,["onreadystatechange"],"fn-",s)}function o(){var t=this,n=u.context(t);t.readyState>3&&!n.resolved&&(n.resolved=!0,u.emit("xhr-resolved",[],t)),d.inPlace(t,y,"fn-",s)}function i(t){g.push(t),h&&(x?x.then(a):w?w(a):(E=-E,O.data=E))}function a(){for(var t=0;t<g.length;t++)r([],g[t]);g.length&&(g=[])}function s(t,n){return n}function c(t,n){for(var e in t)n[e]=t[e];return n}t(5);var f=t("ee"),u=f.get("xhr"),d=t(18)(u),l=NREUM.o,p=l.XHR,h=l.MO,m=l.PR,w=l.SI,v="readystatechange",y=["onload","onerror","onabort","onloadstart","onloadend","onprogress","ontimeout"],g=[];n.exports=u;var b=window.XMLHttpRequest=function(t){var n=new p(t);try{u.emit("new-xhr",[n],n),n.addEventListener(v,o,!1)}catch(e){try{u.emit("internal-error",[e])}catch(r){}}return n};if(c(p,b),b.prototype=p.prototype,d.inPlace(b.prototype,["open","send"],"-xhr-",s),u.on("send-xhr-start",function(t,n){r(t,n),i(n)}),u.on("open-xhr-start",r),h){var x=m&&m.resolve();if(!w&&!m){var E=1,O=document.createTextNode(E);new h(a).observe(O,{characterData:!0})}}else f.on("fn-end",function(t){t[0]&&t[0].type===v||a()})},{}],10:[function(t,n,e){function r(t){var n=this.params,e=this.metrics;if(!this.ended){this.ended=!0;for(var r=0;r<d;r++)t.removeEventListener(u[r],this.listener,!1);if(!n.aborted){if(e.duration=a.now()-this.startTime,4===t.readyState){n.status=t.status;var i=o(t,this.lastSize);if(i&&(e.rxSize=i),this.sameOrigin){var c=t.getResponseHeader("X-NewRelic-App-Data");c&&(n.cat=c.split(", ").pop())}}else n.status=0;e.cbTime=this.cbTime,f.emit("xhr-done",[t],t),s("xhr",[n,e,this.startTime])}}}function o(t,n){var e=t.responseType;if("json"===e&&null!==n)return n;var r="arraybuffer"===e||"blob"===e||"json"===e?t.response:t.responseText;return h(r)}function i(t,n){var e=c(n),r=t.params;r.host=e.hostname+":"+e.port,r.pathname=e.pathname,t.sameOrigin=e.sameOrigin}var a=t("loader");if(a.xhrWrappable){var s=t("handle"),c=t(11),f=t("ee"),u=["load","error","abort","timeout"],d=u.length,l=t("id"),p=t(14),h=t(13),m=window.XMLHttpRequest;a.features.xhr=!0,t(9),f.on("new-xhr",function(t){var n=this;n.totalCbs=0,n.called=0,n.cbTime=0,n.end=r,n.ended=!1,n.xhrGuids={},n.lastSize=null,p&&(p>34||p<10)||window.opera||t.addEventListener("progress",function(t){n.lastSize=t.loaded},!1)}),f.on("open-xhr-start",function(t){this.params={method:t[0]},i(this,t[1]),this.metrics={}}),f.on("open-xhr-end",function(t,n){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&n.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid)}),f.on("send-xhr-start",function(t,n){var e=this.metrics,r=t[0],o=this;if(e&&r){var i=h(r);i&&(e.txSize=i)}this.startTime=a.now(),this.listener=function(t){try{"abort"===t.type&&(o.params.aborted=!0),("load"!==t.type||o.called===o.totalCbs&&(o.onloadCalled||"function"!=typeof n.onload))&&o.end(n)}catch(e){try{f.emit("internal-error",[e])}catch(r){}}};for(var s=0;s<d;s++)n.addEventListener(u[s],this.listener,!1)}),f.on("xhr-cb-time",function(t,n,e){this.cbTime+=t,n?this.onloadCalled=!0:this.called+=1,this.called!==this.totalCbs||!this.onloadCalled&&"function"==typeof e.onload||this.end(e)}),f.on("xhr-load-added",function(t,n){var e=""+l(t)+!!n;this.xhrGuids&&!this.xhrGuids[e]&&(this.xhrGuids[e]=!0,this.totalCbs+=1)}),f.on("xhr-load-removed",function(t,n){var e=""+l(t)+!!n;this.xhrGuids&&this.xhrGuids[e]&&(delete this.xhrGuids[e],this.totalCbs-=1)}),f.on("addEventListener-end",function(t,n){n instanceof m&&"load"===t[0]&&f.emit("xhr-load-added",[t[1],t[2]],n)}),f.on("removeEventListener-end",function(t,n){n instanceof m&&"load"===t[0]&&f.emit("xhr-load-removed",[t[1],t[2]],n)}),f.on("fn-start",function(t,n,e){n instanceof m&&("onload"===e&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=a.now()))}),f.on("fn-end",function(t,n){this.xhrCbStart&&f.emit("xhr-cb-time",[a.now()-this.xhrCbStart,this.onload,n],n)})}},{}],11:[function(t,n,e){n.exports=function(t){var n=document.createElement("a"),e=window.location,r={};n.href=t,r.port=n.port;var o=n.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]?"443":"80"),r.hostname=n.hostname||e.hostname,r.pathname=n.pathname,r.protocol=o[0],"/"!==r.pathname.charAt(0)&&(r.pathname="/"+r.pathname);var i=!n.protocol||":"===n.protocol||n.protocol===e.protocol,a=n.hostname===document.domain&&n.port===e.port;return r.sameOrigin=i&&(!n.hostname||a),r}},{}],12:[function(t,n,e){function r(){}function o(t,n,e){return function(){return i(t,[f.now()].concat(s(arguments)),n?null:this,e),n?void 0:this}}var i=t("handle"),a=t(15),s=t(16),c=t("ee").get("tracer"),f=t("loader"),u=NREUM;"undefined"==typeof window.newrelic&&(newrelic=u);var d=["setPageViewName","setCustomAttribute","setErrorHandler","finished","addToTrace","inlineHit","addRelease"],l="api-",p=l+"ixn-";a(d,function(t,n){u[n]=o(l+n,!0,"api")}),u.addPageAction=o(l+"addPageAction",!0),u.setCurrentRouteName=o(l+"routeName",!0),n.exports=newrelic,u.interaction=function(){return(new r).get()};var h=r.prototype={createTracer:function(t,n){var e={},r=this,o="function"==typeof n;return i(p+"tracer",[f.now(),t,e],r),function(){if(c.emit((o?"":"no-")+"fn-start",[f.now(),r,o],e),o)try{return n.apply(this,arguments)}catch(t){throw c.emit("fn-err",[arguments,this,t],e),t}finally{c.emit("fn-end",[f.now()],e)}}}};a("setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,n){h[n]=o(p+n)}),newrelic.noticeError=function(t){"string"==typeof t&&(t=new Error(t)),i("err",[t,f.now()])}},{}],13:[function(t,n,e){n.exports=function(t){if("string"==typeof t&&t.length)return t.length;if("object"==typeof t){if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(!("undefined"!=typeof FormData&&t instanceof FormData))try{return JSON.stringify(t).length}catch(n){return}}}},{}],14:[function(t,n,e){var r=0,o=navigator.userAgent.match(/Firefox[\/\s](\d+\.\d+)/);o&&(r=+o[1]),n.exports=r},{}],15:[function(t,n,e){function r(t,n){var e=[],r="",i=0;for(r in t)o.call(t,r)&&(e[i]=n(r,t[r]),i+=1);return e}var o=Object.prototype.hasOwnProperty;n.exports=r},{}],16:[function(t,n,e){function r(t,n,e){n||(n=0),"undefined"==typeof e&&(e=t?t.length:0);for(var r=-1,o=e-n||0,i=Array(o<0?0:o);++r<o;)i[r]=t[n+r];return i}n.exports=r},{}],17:[function(t,n,e){n.exports={exists:"undefined"!=typeof window.performance&&window.performance.timing&&"undefined"!=typeof window.performance.timing.navigationStart}},{}],18:[function(t,n,e){function r(t){return!(t&&t instanceof Function&&t.apply&&!t[a])}var o=t("ee"),i=t(16),a="nr@original",s=Object.prototype.hasOwnProperty,c=!1;n.exports=function(t,n){function e(t,n,e,o){function nrWrapper(){var r,a,s,c;try{a=this,r=i(arguments),s="function"==typeof e?e(r,a):e||{}}catch(f){l([f,"",[r,a,o],s])}u(n+"start",[r,a,o],s);try{return c=t.apply(a,r)}catch(d){throw u(n+"err",[r,a,d],s),d}finally{u(n+"end",[r,a,c],s)}}return r(t)?t:(n||(n=""),nrWrapper[a]=t,d(t,nrWrapper),nrWrapper)}function f(t,n,o,i){o||(o="");var a,s,c,f="-"===o.charAt(0);for(c=0;c<n.length;c++)s=n[c],a=t[s],r(a)||(t[s]=e(a,f?s+o:o,i,s))}function u(e,r,o){if(!c||n){var i=c;c=!0;try{t.emit(e,r,o,n)}catch(a){l([a,e,r,o])}c=i}}function d(t,n){if(Object.defineProperty&&Object.keys)try{var e=Object.keys(t);return e.forEach(function(e){Object.defineProperty(n,e,{get:function(){return t[e]},set:function(n){return t[e]=n,n}})}),n}catch(r){l([r])}for(var o in t)s.call(t,o)&&(n[o]=t[o]);return n}function l(n){try{t.emit("internal-error",n)}catch(e){}}return t||(t=o),e.inPlace=f,e.flag=a,e}},{}],ee:[function(t,n,e){function r(){}function o(t){function n(t){return t&&t instanceof r?t:t?c(t,s,i):i()}function e(e,r,o,i){if(!l.aborted||i){t&&t(e,r,o);for(var a=n(o),s=h(e),c=s.length,f=0;f<c;f++)s[f].apply(a,r);var d=u[y[e]];return d&&d.push([g,e,r,a]),a}}function p(t,n){v[t]=h(t).concat(n)}function h(t){return v[t]||[]}function m(t){return d[t]=d[t]||o(e)}function w(t,n){f(t,function(t,e){n=n||"feature",y[e]=n,n in u||(u[n]=[])})}var v={},y={},g={on:p,emit:e,get:m,listeners:h,context:n,buffer:w,abort:a,aborted:!1};return g}function i(){return new r}function a(){(u.api||u.feature)&&(l.aborted=!0,u=l.backlog={})}var s="nr@context",c=t("gos"),f=t(15),u={},d={},l=n.exports=o();l.backlog=u},{}],gos:[function(t,n,e){function r(t,n,e){if(o.call(t,n))return t[n];var r=e();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(t,n,{value:r,writable:!0,enumerable:!1}),r}catch(i){}return t[n]=r,r}var o=Object.prototype.hasOwnProperty;n.exports=r},{}],handle:[function(t,n,e){function r(t,n,e,r){o.buffer([t],r),o.emit(t,n,e)}var o=t("ee").get("handle");n.exports=r,r.ee=o},{}],id:[function(t,n,e){function r(t){var n=typeof t;return!t||"object"!==n&&"function"!==n?-1:t===window?0:a(t,i,function(){return o++})}var o=1,i="nr@id",a=t("gos");n.exports=r},{}],loader:[function(t,n,e){function r(){if(!x++){var t=b.info=NREUM.info,n=l.getElementsByTagName("script")[0];if(setTimeout(u.abort,3e4),!(t&&t.licenseKey&&t.applicationID&&n))return u.abort();f(y,function(n,e){t[n]||(t[n]=e)}),c("mark",["onload",a()+b.offset],null,"api");var e=l.createElement("script");e.src="https://"+t.agent,n.parentNode.insertBefore(e,n)}}function o(){"complete"===l.readyState&&i()}function i(){c("mark",["domContent",a()+b.offset],null,"api")}function a(){return E.exists&&performance.now?Math.round(performance.now()):(s=Math.max((new Date).getTime(),s))-b.offset}var s=(new Date).getTime(),c=t("handle"),f=t(15),u=t("ee"),d=window,l=d.document,p="addEventListener",h="attachEvent",m=d.XMLHttpRequest,w=m&&m.prototype;NREUM.o={ST:setTimeout,SI:d.setImmediate,CT:clearTimeout,XHR:m,REQ:d.Request,EV:d.Event,PR:d.Promise,MO:d.MutationObserver};var v=""+location,y={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",agent:"js-agent.newrelic.com/nr-1071.min.js"},g=m&&w&&w[p]&&!/CriOS/.test(navigator.userAgent),b=n.exports={offset:s,now:a,origin:v,features:{},xhrWrappable:g};t(12),l[p]?(l[p]("DOMContentLoaded",i,!1),d[p]("load",r,!1)):(l[h]("onreadystatechange",o),d[h]("onload",r)),c("mark",["firstbyte",s],null,"api");var x=0,E=t(17)},{}]},{},["loader",2,10,4,3]);</script>
		<meta name="viewport" content="width=device-width, initial-scale=1">

		<title>Harvey, Irma to disrupt, not derail GDP growth | Bloomberg Professional Services</title>

<!--  -->
<meta name="description" content="While the destruction caused by Hurricanes Harvey and Irma is still being assessed, a look at how previous storms impacted GDP growth shows that the disruption to overall U.S. economic activity and employment will prove to be temporary."/>
<meta name="robots" content="noodp"/>
<link rel="canonical" href="https://www.bloomberg.com/professional/blog/harvey-irma-disrupt-not-derail-gdp-growth/" />
<meta property="og:locale" content="en_US" />
<meta property="og:type" content="article" />
<meta property="og:title" content="Harvey, Irma to disrupt, not derail GDP growth | Bloomberg Professional Services" />
<meta property="og:description" content="While the destruction caused by Hurricanes Harvey and Irma is still being assessed, a look at how previous storms impacted GDP growth shows that the disruption to overall U.S. economic activity and employment will prove to be temporary." />
<meta property="og:url" content="https://www.bloomberg.com/professional/blog/harvey-irma-disrupt-not-derail-gdp-growth/" />
<meta property="og:site_name" content="Bloomberg Professional Services" />
<meta property="article:publisher" content="https://www.facebook.com/bloomberglp" />
<meta property="article:tag" content="Economic Analysis" />
<meta property="article:section" content="Research and Analysis" />
<meta property="article:published_time" content="2017-09-13T11:28:52-05:00" />
<meta property="og:image" content="https://data.bloomberglp.com/professional/sites/10/hurricane1.jpg" />
<meta property="og:image:width" content="1600" />
<meta property="og:image:height" content="1067" />
<meta name="twitter:card" content="summary_large_image" />
<meta name="twitter:description" content="While the destruction caused by Hurricanes Harvey and Irma is still being assessed, a look at how previous storms impacted GDP growth shows that the disruption to overall U.S. economic activity and employment will prove to be temporary." />
<meta name="twitter:title" content="Harvey, Irma to disrupt, not derail GDP growth | Bloomberg Professional Services" />
<meta name="twitter:site" content="@theterminal" />
<meta name="twitter:image" content="https://data.bloomberglp.com/professional/sites/10/hurricane1.jpg" />
<meta name="twitter:creator" content="@theterminal" />
<link rel='dns-prefetch' href='//www.bbthat.com' />
<link rel='dns-prefetch' href='//s.w.org' />

<link rel="icon" type="image/png" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-16x16.png" sizes="16x16">
<link rel="icon" type="image/png" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-32x32.png" sizes="32x32">
<link rel="icon" type="image/png" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-96x96.png" sizes="96x96">

<link rel="apple-touch-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-120x120.png">
<link rel="apple-touch-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-152x152.png" sizes="152x152">
<link rel="apple-touch-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-167x167.png" sizes="167x167">
<link rel="apple-touch-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-180x180.png" sizes="180x180">
<link rel="apple-touch-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-192x192.png" sizes="192x192">
<link rel="apple-touch-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-512x512.png" sizes="512x512">

<link rel="mask-icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/mask-icon.svg" color="#000000">
<link rel="shortcut icon" href="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black.ico">

<meta name="msapplication-TileColor" content="#000000">
<meta name="msapplication-TileImage" content="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/tile-icon.png">

<link rel='stylesheet' id='that-data-0-css'  href='https://www.bbthat.com/assets/v1.4.0/that.css' type='text/css' media='all' />
<link rel='stylesheet' id='bloomberg-video-front-end-css'  href='https://www.bloomberg.com/professional/content/plugins/bloomberg-video/dist/css/front-end.css?ver=4b1ba86d33' type='text/css' media='all' />
<link rel='stylesheet' id='bbgfb-forms-css'  href='https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/assets/forms.css?rel=bba2016493&#038;ver=e96eb41525b6c795ba7e8eafc02113ffbc0a3a6fd127720631e4759cd2eaa07f' type='text/css' media='all' />
<link rel='stylesheet' id='bloomberg-social-oembed-css'  href='https://www.bloomberg.com/professional/content/plugins/bloomberg-social-oembed/assets/css/style.css?rel=8107060635&#038;ver=e96eb41525b6c795ba7e8eafc02113ffbc0a3a6fd127720631e4759cd2eaa07f' type='text/css' media='all' />
<link rel='stylesheet' id='bb_subscribe-css'  href='https://www.bloomberg.com/professional/content/plugins/bloomberg-email-subscribe/css/styles.css?ver=1.2' type='text/css' media='all' />
<link rel='stylesheet' id='font-service-css'  href='https://assets.bwbx.io/font-service/css/AvenirNextPForBBG:400,500,600,700/styled-font-face.css?ver=1.0.0' type='text/css' media='all' />
<link rel='stylesheet' id='bloomberg-styles-css'  href='https://www.bloomberg.com/professional/content/themes/professional/assets/stylesheets/style.min.css?ver=1518453578760' type='text/css' media='all' />
<script type='text/javascript' src='https://www.bloomberg.com/professional/wp-includes/js/jquery/jquery.js?ver=1.12.4'></script>
<link rel='https://api.w.org/' href='https://www.bloomberg.com/professional/wp-json/' />

<link rel='shortlink' href='https://www.bloomberg.com/professional/?p=57454' />
<link rel="alternate" type="application/json+oembed" href="https://www.bloomberg.com/professional/wp-json/oembed/1.0/embed?url=https%3A%2F%2Fwww.bloomberg.com%2Fprofessional%2Fblog%2Fharvey-irma-disrupt-not-derail-gdp-growth%2F" />
<link rel="alternate" type="text/xml+oembed" href="https://www.bloomberg.com/professional/wp-json/oembed/1.0/embed?url=https%3A%2F%2Fwww.bloomberg.com%2Fprofessional%2Fblog%2Fharvey-irma-disrupt-not-derail-gdp-growth%2F&#038;format=xml" />
<!--[if lte IE 9]><link rel="stylesheet" type="text/css" href="https://www.bloomberg.com/professional/content/plugins/wpbakery-visual-composer/assets/css/vc_lte_ie9.min.css" media="screen"><![endif]--><!--[if IE  8]><link rel="stylesheet" type="text/css" href="https://www.bloomberg.com/professional/content/plugins/wpbakery-visual-composer/assets/css/vc-ie8.min.css" media="screen"><![endif]-->
<script type="text/javascript">
var _elqQ = _elqQ || [];
_elqQ.push(['elqSetSiteId', "522772699"]);
_elqQ.push(['elqTrackPageView']);
(function () {
	function async_load() {
		var s = document.createElement('script');
		s.type = 'text/javascript';
		s.async = true;
		s.src = '//img.en25.com/i/elqCfg.min.js';
		var x = document.getElementsByTagName('script')[0];
		x.parentNode.insertBefore(s, x);
	}

	if (window.addEventListener) window.addEventListener('DOMContentLoaded', async_load, false);
	else if (window.attachEvent) window.attachEvent('onload', async_load);
})();
</script>
	<script>
		(function() {
			var _fbq = window._fbq || (window._fbq = []);
			if (!_fbq.loaded) {
				var fbds = document.createElement('script');
				fbds.async = true;
				fbds.src = '//connect.facebook.net/en_US/fbds.js';
				var s = document.getElementsByTagName('script')[0];
				s.parentNode.insertBefore(fbds, s);
				_fbq.loaded = true;
			}
			_fbq.push(['addPixelId', "723668127746601"]);
		})();
		window._fbq = window._fbq || [];
		window._fbq.push(['track', 'PixelInitialized', {}]);

			</script>
	<noscript><img height="1" width="1" alt="" style="display:none" src="https://www.facebook.com/tr?id=723668127746601&amp;ev=PixelInitialized" /></noscript>
	<script src="//platform.twitter.com/oct.js" type="text/javascript"></script>
<script type="text/javascript">
if ( 'undefined' !== typeof twttr ) {
	twttr.conversion.trackPid('l5w34', {tw_sale_amount: 0, tw_order_quantity: 0});
}
</script>
<noscript>
	<img height="1" width="1" style="display:none;" alt="" src="https://analytics.twitter.com/i/adsct?txn_id=l5w34&p_id=Twitter&tw_sale_amount=0&tw_order_quantity=0"/>
	<img height="1" width="1" style="display:none;" alt="" src="//t.co/i/adsct?txn_id=l5w34&p_id=Twitter&tw_sale_amount=0&tw_order_quantity=0"/>
</noscript>

<script type="text/javascript">(function(){ var s =
document.createElement("script"); s.async = true; s.type =
"text/javascript"; s.src =
"//analytics.newscred.com/analytics_d4f13577de2048c8bbac003cb54ff6c9.js";
(document.getElementsByTagName("head")[0] ||
document.getElementsByTagName("script")[0] ||
document.getElementsByTagName("body")[0]).appendChild(s);
})(); </script>
<script>

	function ssJSCodeWrapper(){

	}

	function ssJSImmediator(){
		if(typeof window.ssJSConnWriteCookies === "function"){
			window.ssJSConnWriteCookies();
		} else {
			window["ss_uzjs_ssresp"] = 0;
			window["ss_uzjs_datasent"] = true;
			ssJSCodeWrapper();
		}
	}

	(function(w, d, e, u, c, g, t ,a ,b){
		w["SSJSConnectorObj"] = w["SSJSConnectorObj"] || {ss_cid : c, domain_info: g};
		w["ss_uzjs_datasent"] = w["ss_uzjs_datasent"] || false;
		a = d.createElement(e);
		a.async = true;
		a.src = u;
		b = d.getElementsByTagName(e)[0];
		b.parentNode.insertBefore(a, b);
		if(typeof setTimeout === "function"){
			setTimeout(ssJSImmediator, t);
		} else {
			ssJSCodeWrapper();
		}
	})(window, document, "script" , "https://cdn.perfdrive.com/aperture/spectrum.js" , "p8ce8", 2, 2000);


</script><noscript><style type="text/css"> .wpb_animate_when_almost_visible { opacity: 1; }</style></noscript>
<style type="text/css">@media (min-width: 760px) { #bb-that .bb-that-header.bb-that--container { width: 700px; } }@media (min-width: 1020px) { #bb-that .bb-that-header.bb-that--container { width: 960px; } }@media (min-width: 1280px) { #bb-that .bb-that-header.bb-that--container { width: 1160px; } }</style>
	</head>

	<body class="post-template-default single single-post postid-57454 single-format-standard wpb-js-composer js-comp-ver-4.11.2.1 vc_responsive">
			
<script>
	dataLayer = [{
		'gtm.heading-override': 'Bloomberg Intelligence'
	}];
</script>
<!-- Google Tag Manager -->
<noscript><iframe src="//www.googletagmanager.com/ns.html?id=GTM-MXDP8WD"
height="0" width="0"
style="display:none;visibility:hidden"></iframe></noscript>
<script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':
new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],
j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src=
'//www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);
})(window,document,'script','dataLayer','GTM-MXDP8WD');</script>
<!-- End Google Tag Manager -->
<script type="text/javascript">
	</script><style>
@font-face {
    font-family: 'AvenirNextPForBBG-Regular';
    
    
    src: url('https://assets.bwbx.io/font-service/fonts/AvenirNextPForBBG-Regular-09359fef74.woff2') format('woff2'),
         url('https://assets.bwbx.io/font-service/fonts/AvenirNextPForBBG-Regular-91967b382a.woff') format('woff');
}

@font-face {
    font-family: 'AvenirNextPForBBG-Demi';
    
    
    src: url('https://assets.bwbx.io/font-service/fonts/AvenirNextPForBBG-Demi-62597c630e.woff2') format('woff2'),
         url('https://assets.bwbx.io/font-service/fonts/AvenirNextPForBBG-Demi-d7e488b711.woff') format('woff');
}
#bb-that a{text-decoration:none}#bb-that .bb-that__sitemap{overflow:hidden;position:relative}#bb-that .bb-that__sitemap{max-height:0;-webkit-transition:max-height 0.6s ease-in-out;-o-transition:max-height 0.6s ease-in-out;transition:max-height 0.6s ease-in-out}#bb-that{background:#000;position:relative}@media (max-width: 759px){#bb-that{display:none}}#bb-that .bb-that--container{margin:0 auto;padding:0 30px;box-sizing:content-box}@media (min-width: 1020px){#bb-that .bb-that--container{padding:0}}#bb-that .bb-that--container:before,#bb-that .bb-that--container:after{content:" ";display:table}#bb-that .bb-that--container:after{clear:both}@media (min-width: 760px){#bb-that .bb-that--container{width:680px}}@media (min-width: 1020px){#bb-that .bb-that--container{width:980px}}@media (min-width: 1280px){#bb-that .bb-that--container{width:1160px}}#bb-that .bb-that-header{font-family:"AvenirNextPForBBG-Demi","Helvetica Neue",Helvetica,Arial,sans-serif;font-size:15px;line-height:30px;padding:15px}@media (min-width: 760px){#bb-that .bb-that-header{font-family:"AvenirNextPForBBG-Demi","Helvetica Neue",Helvetica,Arial,sans-serif;font-size:12px;height:30px;padding:0}}#bb-that .bb-that-header__link{position:relative;display:block}@media (min-width: 760px){#bb-that .bb-that-header__link{display:inline-block;padding:0 12px}}#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{color:#f3f4ef;font-family:inherit;font-size:inherit;line-height:inherit}@media (min-width: 760px){#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{line-height:1;-webkit-font-smoothing:subpixel-antialiased;-moz-osx-font-smoothing:auto}}#bb-that .bb-that-header__link:first-child{padding-left:0}#bb-that .bb-that-header__link:after{font-size:9px;position:absolute}@media (min-width: 760px){#bb-that .bb-that-header__link+.bb-that-header__link{border-left:1px solid #b3b3b3}#bb-that .bb-that-header__link+.bb-that-header__link:after{top:-3px}}#bb-that .bb-that-header__link>span:first-of-type{display:inline}#bb-that .bb-that-header__link>span:first-of-type+span{display:none}@media (max-width: 1019px){#bb-that .bb-that-header__link>span:first-of-type{display:none}#bb-that .bb-that-header__link>span:first-of-type+span{display:inline}}#bb-that .bb-that-header--sitemap-trigger{padding:0 27px 0 12px}#bb-that .bb-that-header--sitemap-trigger:after{display:inline-block;content:url("data:image/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20viewBox%3D%270%200%2015%2015%27%3E%3Cpath%20d%3D%27M0,2.5l7.5,10l7.5-10H0z%27%20fill%3D%27%23fff%27%2F%3E%3C%2Fsvg%3E");height:9px;width:9px;line-height:initial;opacity:0.7;-webkit-transition:opacity 0.1s ease-out;-o-transition:opacity 0.1s ease-out;transition:opacity 0.1s ease-out}#bb-that .bb-that-header--sitemap-trigger:hover:after{opacity:1}#bb-that .bb-that-header--sitemap-trigger:after{height:9px;width:9px;-webkit-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0);transform:rotate(0);-webkit-transition:transform 0.35s ease;-o-transition:transform 0.35s ease;transition:transform 0.35s ease}@media (min-width: 760px){#bb-that .bb-that-header--sitemap-trigger:after{right:12px;top:2px;line-height:1}}@media (min-width: 1020px){#bb-that .bb-that--open{border-bottom:1px solid #474747}}#bb-that .bb-that--open .bb-that-header--sitemap-trigger:after{-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);-o-transform:rotate(180deg);transform:rotate(180deg)}
</style>
<div id="bb-that">
    <nav class="bb-that">
        <header class="bb-that-header bb-that--container">
        <a class="bb-that-header__link bb-that-header--sitemap-trigger" href="http://www.bloomberg.com/company/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg the Company &amp; Its Products</a><a class="bb-that-header__link" href="https://bba.bloomberg.net/?utm_source=bloomberg-menu&amp;utm_medium=terminal"><span>Bloomberg Anywhere Remote Login</span><span>Bloomberg Anywhere Login</span></a><a class="bb-that-header__link" href="http://www.bloomberg.com/professional/request-demo/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-DEMO-bbgmenu">Bloomberg Terminal Demo Request</a>    </header>
        <div class="bb-that__sitemap bb-that--container">
    <div class="bb-that__close"></div>

        <ul class="bb-that__sitemap-sections bb-that--visible-md bb-that--visible-lg">
                    <li class="bb-that__col bb-that__col--md">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Bloomberg</h2>
    <div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">For Customers</h2>
    <div class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://bba.bloomberg.net/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&amp;utm_medium=terminal">Manage Products and Account Information</a></li></div></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Support</h2>
    <div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section>    </li>
                    <li class="bb-that__col bb-that__col--md">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Company</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/london/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/company/?utm_source=bloomberg-menu&amp;utm_medium=terminal">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Philanthropy and Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/bcause/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.techatbloomberg.com?utm_source=bloomberg-menu&amp;utm_medium=terminal">Tech</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Communications</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Press Contacts</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Follow</h2>
    <div class="bb-that-category__content"><li class="bb-that-category__item"><a href="http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank">Facebook</a></li><li class="bb-that-category__item"><a href="https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank">Twitter</a></li><li class="bb-that-category__item"><a href="https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank">Instagram</a></li></div></section>    </li>
                    <li class="bb-that__col bb-that__col--md">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Products</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu">Execution and Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu">Data and Content</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu">Financial Data Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu">Integration and Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu">Bloomberg Tradebook</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Industry Products</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bna.com/bloomberglaw/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bna.com/tax?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://about.bgov.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bna.com/ehs/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Environment</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://about.bnef.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg New Energy Finance</a></li></ul></section>    </li>
                    <li class="bb-that__col bb-that__col--md">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Media</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/view/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberglive.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloombergapps.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloombergradio.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/live?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&amp;utm_medium=terminal">News Bureaus</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Media Services</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloombergmedia.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Advertising</a></li></ul></section>    </li>
            </ul>

        <ul class="bb-that__sitemap-sections bb-that--visible-sm">
                    <li class="bb-that__col bb-that__col--sm">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Company</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/london/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/company/?utm_source=bloomberg-menu&amp;utm_medium=terminal">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Philanthropy and Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/bcause/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.techatbloomberg.com?utm_source=bloomberg-menu&amp;utm_medium=terminal">Tech</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Communications</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Press Contacts</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Follow</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a href="http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank">Facebook</a></li><li class="bb-that-category__item"><a href="https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank">Twitter</a></li><li class="bb-that-category__item"><a href="https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank">Instagram</a></li></ul></section>    </li>
                    <li class="bb-that__col bb-that__col--sm">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Products</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu">Execution and<br /> Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu">Data and Content</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu">Financial Data<br /> Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu">Integration and<br /> Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&amp;utm_medium=terminal&amp;bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu">Bloomberg<br /> Tradebook</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Industry Products</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bna.com/bloomberglaw/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bna.com/tax?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://about.bgov.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bna.com/ehs/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Environment</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://about.bnef.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg New Energy Finance</a></li></ul></section>    </li>
                    <li class="bb-that__col bb-that__col--sm">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Media</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg<br /> Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/view/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg<br /> Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberglive.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloombergapps.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www.bloombergradio.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/live?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&amp;utm_medium=terminal">News Bureaus</a></li></ul></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Media Services</h2>
    <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloombergmedia.com/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Advertising</a></li></ul></section>    </li>
                    <li class="bb-that__col bb-that__col--sm">
            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Bloomberg</h2>
    <div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">For Customers</h2>
    <div class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://bba.bloomberg.net/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&amp;utm_medium=terminal">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&amp;utm_medium=terminal">Manage Contracts and Orders</a></li></div></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Support</h2>
    <div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section>    </li>
            </ul>
</div>    </nav>
</div>

		<!-- content wrapper -->
		<div id="content" class="site-content">

            
<div class="search-form">

    <div class="search-form__close js-search-close" title="Close Search">
        <svg viewbox="0 0 40 40">
            <path d="M 10,10 L 30,30 M 30,10 L 10,30"/>
        </svg>
    </div>

    <form class="search-form__form js-search-form" action="https://www.bloomberg.com/professional" method="get">

        <input type="search" name="s" placeholder="Search">
        <input type="image" alt="search" src="https://www.bloomberg.com/professional/content/themes/professional/assets/images/search.png"/>

    </form>

    <div class="search-form__links -header h4-demi">
        Quick links    </div>

    <div class="search-form__links -content h4-regular">
        <?xml encoding="utf-8" ?><a href="https://www.bloomberg.com/professional/solution/bloomberg-terminal/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">Bloomberg Terminal</a><a href="https://www.bloomberg.com/professional/support/software-updates/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">Software Updates</a><a href="https://www.bloomberg.com/professional/solution/regulation/mifid-ii/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">MiFID II</a>
    </div>


</div>
            <header id="header" class="site-header">

				<nav class="site-header__navbar">
					<div class="site-header__logo">
						<a href="https://www.bloomberg.com/professional/" rel="home">Bloomberg Professional Services</a>
					</div>

					<!-- Site navigation -->
					<ul id="menu-main-menu" class="main-navigation"><li id="menu-item-42200" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42200"><a href="#" data-element="menu-main" data-description="Solutions" data-element-position="1" data-page-position="2" data-label="Solutions">Solutions</a>
<ul  class="sub-menu">
	<li id="menu-item-48467" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48467"><a data-element="menu-main" data-description="Buy Side" data-element-position="2" data-page-position="3" data-label="Buy Side">Buy Side</a>
	<ul  class="sub-menu">
		<li id="menu-item-46486" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46486"><a href="https://www.bloomberg.com/professional/expertise/accounting-and-finance/" data-element="menu-main" data-description="Accounting and Finance" data-element-position="3" data-page-position="4" data-label="Accounting and Finance">Accounting and Finance</a></li>
		<li id="menu-item-46487" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46487"><a href="https://www.bloomberg.com/professional/expertise/analyst/" data-element="menu-main" data-description="Analyst" data-element-position="4" data-page-position="5" data-label="Analyst">Analyst</a></li>
		<li id="menu-item-46488" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46488"><a href="https://www.bloomberg.com/professional/expertise/app-developer/" data-element="menu-main" data-description="App Developer" data-element-position="5" data-page-position="6" data-label="App Developer">App Developer</a></li>
		<li id="menu-item-46489" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46489"><a href="https://www.bloomberg.com/professional/expertise/compliance/" data-element="menu-main" data-description="Compliance" data-element-position="6" data-page-position="7" data-label="Compliance">Compliance</a></li>
		<li id="menu-item-46490" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46490"><a href="https://www.bloomberg.com/professional/expertise/data-and-operations/" data-element="menu-main" data-description="Data and Operations" data-element-position="7" data-page-position="8" data-label="Data and Operations">Data and Operations</a></li>
		<li id="menu-item-46491" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46491"><a href="https://www.bloomberg.com/professional/expertise/financial-advisor/" data-element="menu-main" data-description="Financial Advisor" data-element-position="8" data-page-position="9" data-label="Financial Advisor">Financial Advisor</a></li>
		<li id="menu-item-46492" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46492"><a href="https://www.bloomberg.com/professional/expertise/portfolio-manager/" data-element="menu-main" data-description="Portfolio Manager" data-element-position="9" data-page-position="10" data-label="Portfolio Manager">Portfolio Manager</a></li>
		<li id="menu-item-46493" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46493"><a href="https://www.bloomberg.com/professional/expertise/quantitative-analyst/" data-element="menu-main" data-description="Quantitative Analyst" data-element-position="10" data-page-position="11" data-label="Quantitative Analyst">Quantitative Analyst</a></li>
		<li id="menu-item-46494" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46494"><a href="https://www.bloomberg.com/professional/expertise/risk/" data-element="menu-main" data-description="Risk" data-element-position="11" data-page-position="12" data-label="Risk">Risk</a></li>
		<li id="menu-item-46495" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46495"><a href="https://www.bloomberg.com/professional/expertise/technologists/" data-element="menu-main" data-description="Technologists" data-element-position="12" data-page-position="13" data-label="Technologists">Technologists</a></li>
		<li id="menu-item-46496" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46496"><a href="https://www.bloomberg.com/professional/expertise/buy-side-trader/" data-element="menu-main" data-description="Buy Side Trader" data-element-position="13" data-page-position="14" data-label="Buy Side Trader">Buy Side Trader</a></li>
	</ul>
</li>
	<li id="menu-item-48468" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48468"><a data-element="menu-main" data-description="Sell Side" data-element-position="14" data-page-position="15" data-label="Sell Side">Sell Side</a>
	<ul  class="sub-menu">
		<li id="menu-item-46497" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46497"><a href="https://www.bloomberg.com/professional/expertise/accounting-and-finance/" data-element="menu-main" data-description="Accounting and Finance" data-element-position="15" data-page-position="16" data-label="Accounting and Finance">Accounting and Finance</a></li>
		<li id="menu-item-46498" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46498"><a href="https://www.bloomberg.com/professional/expertise/analyst/" data-element="menu-main" data-description="Analyst" data-element-position="16" data-page-position="17" data-label="Analyst">Analyst</a></li>
		<li id="menu-item-46499" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46499"><a href="https://www.bloomberg.com/professional/expertise/app-developer/" data-element="menu-main" data-description="App Developer" data-element-position="17" data-page-position="18" data-label="App Developer">App Developer</a></li>
		<li id="menu-item-46500" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46500"><a href="https://www.bloomberg.com/professional/expertise/compliance/" data-element="menu-main" data-description="Compliance" data-element-position="18" data-page-position="19" data-label="Compliance">Compliance</a></li>
		<li id="menu-item-46501" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46501"><a href="https://www.bloomberg.com/professional/expertise/data-and-operations/" data-element="menu-main" data-description="Data and Operations" data-element-position="19" data-page-position="20" data-label="Data and Operations">Data and Operations</a></li>
		<li id="menu-item-46503" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46503"><a href="https://www.bloomberg.com/professional/expertise/risk/" data-element="menu-main" data-description="Risk" data-element-position="20" data-page-position="21" data-label="Risk">Risk</a></li>
		<li id="menu-item-46504" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46504"><a href="https://www.bloomberg.com/professional/expertise/sales/" data-element="menu-main" data-description="Sell Side Sales" data-element-position="21" data-page-position="22" data-label="Sell Side Sales">Sell Side Sales</a></li>
		<li id="menu-item-46505" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46505"><a href="https://www.bloomberg.com/professional/expertise/technologists/" data-element="menu-main" data-description="Technologists" data-element-position="22" data-page-position="23" data-label="Technologists">Technologists</a></li>
		<li id="menu-item-46506" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46506"><a href="https://www.bloomberg.com/professional/expertise/sell-side-trader/" data-element="menu-main" data-description="Sell Side Trader" data-element-position="23" data-page-position="24" data-label="Sell Side Trader">Sell Side Trader</a></li>
	</ul>
</li>
	<li id="menu-item-48470" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48470"><a data-element="menu-main" data-description="Corporations" data-element-position="24" data-page-position="25" data-label="Corporations">Corporations</a>
	<ul  class="sub-menu">
		<li id="menu-item-46507" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46507"><a href="https://www.bloomberg.com/professional/expertise/c-suite/" data-element="menu-main" data-description="C-Suite" data-element-position="25" data-page-position="26" data-label="C-Suite">C-Suite</a></li>
		<li id="menu-item-46508" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46508"><a href="https://www.bloomberg.com/professional/expertise/investor-relations/" data-element="menu-main" data-description="Investor Relations" data-element-position="26" data-page-position="27" data-label="Investor Relations">Investor Relations</a></li>
		<li id="menu-item-46509" class="test-padding menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46509"><a href="https://www.bloomberg.com/professional/expertise/treasury/" data-element="menu-main" data-description="Treasury" data-element-position="27" data-page-position="28" data-label="Treasury">Treasury</a></li>
	</ul>
</li>
	<li id="menu-item-42205" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42205"><a data-element="menu-main" data-description="Offerings" data-element-position="28" data-page-position="29" data-label="Offerings">Offerings</a>
	<ul  class="sub-menu">
		<li id="menu-item-42243" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42243"><a href="https://www.bloomberg.com/professional/solution/bloomberg-terminal/" data-element="menu-main" data-description="Bloomberg Terminal" data-element-position="29" data-page-position="30" data-label="Bloomberg Terminal">Bloomberg Terminal</a></li>
		<li id="menu-item-42246" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42246"><a href="https://www.bloomberg.com/professional/solution/execution-order-management/" data-element="menu-main" data-description="Execution and Order Management" data-element-position="30" data-page-position="31" data-label="Execution and Order Management">Execution and Order Management</a></li>
		<li id="menu-item-42245" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42245"><a href="https://www.bloomberg.com/professional/solution/data-and-content/" data-element="menu-main" data-description="Data and Content" data-element-position="31" data-page-position="32" data-label="Data and Content">Data and Content</a></li>
		<li id="menu-item-42282" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42282"><a href="https://www.bloomberg.com/professional/solution/financial-data-management/" data-element="menu-main" data-description="Financial Data Management" data-element-position="32" data-page-position="33" data-label="Financial Data Management">Financial Data Management</a></li>
		<li id="menu-item-42281" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42281"><a href="https://www.bloomberg.com/professional/solution/integration-and-distribution/" data-element="menu-main" data-description="Integration and Distribution" data-element-position="33" data-page-position="34" data-label="Integration and Distribution">Integration and Distribution</a></li>
		<li id="menu-item-42244" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42244"><a href="https://www.bloomberg.com/professional/solution/tradebook/" data-element="menu-main" data-description="Bloomberg Tradebook" data-element-position="34" data-page-position="35" data-label="Bloomberg Tradebook">Bloomberg Tradebook</a></li>
	</ul>
</li>
	<li id="menu-item-42206" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42206"><a data-element="menu-main" data-description="Spotlight on" data-element-position="35" data-page-position="36" data-label="Spotlight on">Spotlight on</a>
	<ul  class="sub-menu">
		<li id="menu-item-55050" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-55050"><a href="https://www.bloomberg.com/professional/solution/focus-on-technology/" data-element="menu-main" data-description="Technology" data-element-position="36" data-page-position="37" data-label="Technology">Technology</a></li>
		<li id="menu-item-48269" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48269"><a href="https://www.bloomberg.com/professional/solution/family-office/" data-element="menu-main" data-description="Family Offices" data-element-position="37" data-page-position="38" data-label="Family Offices">Family Offices</a></li>
		<li id="menu-item-48166" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-48166"><a href="https://www.bloomberg.com/professional/expertise/government/" data-element="menu-main" data-description="Government" data-element-position="38" data-page-position="39" data-label="Government">Government</a></li>
		<li id="menu-item-48270" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48270"><a href="https://www.bloomberg.com/professional/solution/hedge-funds/" data-element="menu-main" data-description="Hedge Funds" data-element-position="39" data-page-position="40" data-label="Hedge Funds">Hedge Funds</a></li>
		<li id="menu-item-48180" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-48180"><a href="https://www.bloomberg.com/professional/expertise/private-equity/" data-element="menu-main" data-description="Private Equity" data-element-position="40" data-page-position="41" data-label="Private Equity">Private Equity</a></li>
		<li id="menu-item-48272" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48272"><a href="https://www.bloomberg.com/professional/solution/regulation/" data-element="menu-main" data-description="Regulation" data-element-position="41" data-page-position="42" data-label="Regulation">Regulation</a></li>
		<li id="menu-item-48273" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48273"><a href="https://www.bloomberg.com/professional/solution/sustainable-finance/" data-element="menu-main" data-description="Sustainable Finance" data-element-position="42" data-page-position="43" data-label="Sustainable Finance">Sustainable Finance</a></li>
		<li id="menu-item-48182" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-48182"><a href="https://www.bloomberg.com/professional/expertise/universities/" data-element="menu-main" data-description="Universities" data-element-position="43" data-page-position="44" data-label="Universities">Universities</a></li>
	</ul>
</li>
</ul>
</li>
<li id="menu-item-42424" class="sub-menu-categories menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42424"><a href="#" data-element="menu-main" data-description="Insights" data-element-position="44" data-page-position="45" data-label="Insights">Insights</a>
<ul  class="sub-menu">
	<li id="menu-item-48064" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48064"><a data-element="menu-main" data-description="Features" data-element-position="45" data-page-position="46" data-label="Features">Features</a>
	<ul  class="sub-menu">
		<li id="menu-item-42371" class="menu-item menu-item-type-post_type menu-item-object-page current_page_parent menu-item-42371"><a href="https://www.bloomberg.com/professional/blog/" data-element="menu-main" data-description="Top Stories" data-element-position="46" data-page-position="47" data-label="Top Stories">Top Stories</a></li>
		<li id="menu-item-48060" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48060"><a href="https://www.bloomberg.com/professional/blog/category/brexit/" data-element="menu-main" data-description="Brexit" data-element-position="47" data-page-position="48" data-label="Brexit">Brexit</a></li>
		<li id="menu-item-48061" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48061"><a href="https://www.bloomberg.com/professional/blog/category/mifid-ii/" data-element="menu-main" data-description="MiFID II" data-element-position="48" data-page-position="49" data-label="MiFID II">MiFID II</a></li>
	</ul>
</li>
	<li id="menu-item-50678" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50678"><a data-element="menu-main" data-description="Markets" data-element-position="49" data-page-position="50" data-label="Markets">Markets</a>
	<ul  class="sub-menu">
		<li id="menu-item-48028" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48028"><a href="https://www.bloomberg.com/professional/blog/category/commodities/" data-element="menu-main" data-description="Commodities" data-element-position="50" data-page-position="51" data-label="Commodities">Commodities</a></li>
		<li id="menu-item-48029" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48029"><a href="https://www.bloomberg.com/professional/blog/category/derivatives/" data-element="menu-main" data-description="Derivatives" data-element-position="51" data-page-position="52" data-label="Derivatives">Derivatives</a></li>
		<li id="menu-item-48030" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48030"><a href="https://www.bloomberg.com/professional/blog/category/emerging-markets/" data-element="menu-main" data-description="Emerging Markets" data-element-position="52" data-page-position="53" data-label="Emerging Markets">Emerging Markets</a></li>
		<li id="menu-item-48031" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48031"><a href="https://www.bloomberg.com/professional/blog/category/equities/" data-element="menu-main" data-description="Equities" data-element-position="53" data-page-position="54" data-label="Equities">Equities</a></li>
		<li id="menu-item-48032" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48032"><a href="https://www.bloomberg.com/professional/blog/category/fixed-income/" data-element="menu-main" data-description="Fixed Income" data-element-position="54" data-page-position="55" data-label="Fixed Income">Fixed Income</a></li>
		<li id="menu-item-48033" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48033"><a href="https://www.bloomberg.com/professional/blog/category/foreign-exchange/" data-element="menu-main" data-description="Foreign Exchange" data-element-position="55" data-page-position="56" data-label="Foreign Exchange">Foreign Exchange</a></li>
		<li id="menu-item-48034" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48034"><a href="https://www.bloomberg.com/professional/blog/category/indices/" data-element="menu-main" data-description="Indices" data-element-position="56" data-page-position="57" data-label="Indices">Indices</a></li>
	</ul>
</li>
	<li id="menu-item-50682" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50682"><a data-element="menu-main" data-description="Trading / Investing" data-element-position="57" data-page-position="58" data-label="Trading / Investing">Trading / Investing</a>
	<ul  class="sub-menu">
		<li id="menu-item-48036" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48036"><a href="https://www.bloomberg.com/professional/blog/category/family-offices/" data-element="menu-main" data-description="Family Offices" data-element-position="58" data-page-position="59" data-label="Family Offices">Family Offices</a></li>
		<li id="menu-item-48037" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48037"><a href="https://www.bloomberg.com/professional/blog/category/hedge-funds/" data-element="menu-main" data-description="Hedge Funds" data-element-position="59" data-page-position="60" data-label="Hedge Funds">Hedge Funds</a></li>
		<li id="menu-item-48038" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48038"><a href="https://www.bloomberg.com/professional/blog/category/portfolio-management/" data-element="menu-main" data-description="Portfolio Management" data-element-position="60" data-page-position="61" data-label="Portfolio Management">Portfolio Management</a></li>
		<li id="menu-item-48039" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48039"><a href="https://www.bloomberg.com/professional/blog/category/private-equity/" data-element="menu-main" data-description="Private Equity" data-element-position="61" data-page-position="62" data-label="Private Equity">Private Equity</a></li>
		<li id="menu-item-48040" class="menu-item menu-item-type-taxonomy menu-item-object-category current-post-ancestor current-menu-parent current-post-parent menu-item-48040"><a href="https://www.bloomberg.com/professional/blog/category/research-analysis/" data-element="menu-main" data-description="Research and Analysis" data-element-position="62" data-page-position="63" data-label="Research and Analysis">Research and Analysis</a></li>
		<li id="menu-item-48041" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48041"><a href="https://www.bloomberg.com/professional/blog/category/sales-trading/" data-element="menu-main" data-description="Sales and Trading" data-element-position="63" data-page-position="64" data-label="Sales and Trading">Sales and Trading</a></li>
		<li id="menu-item-48042" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48042"><a href="https://www.bloomberg.com/professional/blog/category/sustainable-investing/" data-element="menu-main" data-description="Sustainable Investing" data-element-position="64" data-page-position="65" data-label="Sustainable Investing">Sustainable Investing</a></li>
	</ul>
</li>
	<li id="menu-item-50681" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50681"><a data-element="menu-main" data-description="Risk / Regulation" data-element-position="65" data-page-position="66" data-label="Risk / Regulation">Risk / Regulation</a>
	<ul  class="sub-menu">
		<li id="menu-item-48044" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48044"><a href="https://www.bloomberg.com/professional/blog/category/compliance/" data-element="menu-main" data-description="Compliance" data-element-position="66" data-page-position="67" data-label="Compliance">Compliance</a></li>
		<li id="menu-item-48045" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48045"><a href="https://www.bloomberg.com/professional/blog/category/credit-counterparty-risk/" data-element="menu-main" data-description="Credit / Counterparty Risk" data-element-position="67" data-page-position="68" data-label="Credit / Counterparty Risk">Credit / Counterparty Risk</a></li>
		<li id="menu-item-48046" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48046"><a href="https://www.bloomberg.com/professional/blog/category/market-risk/" data-element="menu-main" data-description="Market Risk" data-element-position="68" data-page-position="69" data-label="Market Risk">Market Risk</a></li>
		<li id="menu-item-48047" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48047"><a href="https://www.bloomberg.com/professional/blog/category/operational-risk/" data-element="menu-main" data-description="Operational Risk" data-element-position="69" data-page-position="70" data-label="Operational Risk">Operational Risk</a></li>
		<li id="menu-item-48048" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48048"><a href="https://www.bloomberg.com/professional/blog/category/pricing/" data-element="menu-main" data-description="Pricing" data-element-position="70" data-page-position="71" data-label="Pricing">Pricing</a></li>
		<li id="menu-item-48049" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48049"><a href="https://www.bloomberg.com/professional/blog/category/regulation/" data-element="menu-main" data-description="Regulation" data-element-position="71" data-page-position="72" data-label="Regulation">Regulation</a></li>
	</ul>
</li>
	<li id="menu-item-50679" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50679"><a data-element="menu-main" data-description="Data / Tech Ops" data-element-position="72" data-page-position="73" data-label="Data / Tech Ops">Data / Tech Ops</a>
	<ul  class="sub-menu">
		<li id="menu-item-48051" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48051"><a href="https://www.bloomberg.com/professional/blog/category/apps-programming/" data-element="menu-main" data-description="Apps and Programming" data-element-position="73" data-page-position="74" data-label="Apps and Programming">Apps and Programming</a></li>
		<li id="menu-item-48053" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48053"><a href="https://www.bloomberg.com/professional/blog/category/data-governance/" data-element="menu-main" data-description="Data Governance" data-element-position="74" data-page-position="75" data-label="Data Governance">Data Governance</a></li>
		<li id="menu-item-48054" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48054"><a href="https://www.bloomberg.com/professional/blog/category/data-management/" data-element="menu-main" data-description="Data Management" data-element-position="75" data-page-position="76" data-label="Data Management">Data Management</a></li>
		<li id="menu-item-48055" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48055"><a href="https://www.bloomberg.com/professional/blog/category/data-science/" data-element="menu-main" data-description="Data Science" data-element-position="76" data-page-position="77" data-label="Data Science">Data Science</a></li>
		<li id="menu-item-48056" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48056"><a href="https://www.bloomberg.com/professional/blog/category/integration/" data-element="menu-main" data-description="Integration" data-element-position="77" data-page-position="78" data-label="Integration">Integration</a></li>
	</ul>
</li>
	<li id="menu-item-50680" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50680"><a data-element="menu-main" data-description="Corporations" data-element-position="78" data-page-position="79" data-label="Corporations">Corporations</a>
	<ul  class="sub-menu">
		<li id="menu-item-48057" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48057"><a href="https://www.bloomberg.com/professional/blog/category/corporate-treasury/" data-element="menu-main" data-description="Corporate Treasury" data-element-position="79" data-page-position="80" data-label="Corporate Treasury">Corporate Treasury</a></li>
		<li id="menu-item-48059" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48059"><a href="https://www.bloomberg.com/professional/blog/category/investor-relations/" data-element="menu-main" data-description="Investor Relations" data-element-position="80" data-page-position="81" data-label="Investor Relations">Investor Relations</a></li>
	</ul>
</li>
</ul>
</li>
<li id="menu-item-42201" class="sub-menu-help menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42201"><a href="#" data-element="menu-main" data-description="Support" data-element-position="81" data-page-position="82" data-label="Support">Support</a>
<ul  class="sub-menu">
	<li id="menu-item-49485" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-49485"><a data-element="menu-main" data-description="Contact" data-element-position="82" data-page-position="83" data-label="Contact">Contact</a>
	<ul  class="sub-menu">
		<li id="menu-item-49481" class="no-hover menu-item menu-item-type-custom menu-item-object-custom menu-item-49481"><a href="tel:+1%20212%20318%202000" data-element="menu-main" data-description="Americas  +1 212 318 2000" data-element-position="83" data-page-position="84" data-label="Americas  +1 212 318 2000">Americas  +1 212 318 2000</a></li>
		<li id="menu-item-49482" class="no-hover menu-item menu-item-type-custom menu-item-object-custom menu-item-49482"><a href="tel:+44%2020%207330%207500" data-element="menu-main" data-description="EMEA  +44 20 7330 7500" data-element-position="84" data-page-position="85" data-label="EMEA  +44 20 7330 7500">EMEA  +44 20 7330 7500</a></li>
		<li id="menu-item-49483" class="no-hover menu-item menu-item-type-custom menu-item-object-custom menu-item-49483"><a href="tel:+65%206212%201000%20" data-element="menu-main" data-description="Asia Pacific  +65 6212 1000" data-element-position="85" data-page-position="86" data-label="Asia Pacific  +65 6212 1000">Asia Pacific  +65 6212 1000</a></li>
	</ul>
</li>
	<li id="menu-item-42818" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42818"><a data-element="menu-main" data-description="Customer Support" data-element-position="86" data-page-position="87" data-label="Customer Support">Customer Support</a>
	<ul  class="sub-menu">
		<li id="menu-item-50214" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-50214"><a href="https://www.bloomberg.com/professional/support/software-updates/" data-element="menu-main" data-description="Software Updates" data-element-position="87" data-page-position="88" data-label="Software Updates">Software Updates</a></li>
		<li id="menu-item-48293" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48293"><a target="_blank" href="https://service.blpprofessional.com/portal/sessions/new?utm_source=bps-nav&#038;utm_medium=bps" data-element="menu-main" data-description="Manage Products and Account Information" data-element-position="88" data-page-position="89" data-label="Manage Products and Account Information">Manage Products and Account Information</a></li>
		<li id="menu-item-46551" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-46551"><a href="https://www.bloomberg.com/professional/support/b-unit/" data-element="menu-main" data-description="B-Unit Setup" data-element-position="89" data-page-position="90" data-label="B-Unit Setup">B-Unit Setup</a></li>
		<li id="menu-item-50225" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-50225"><a href="https://www.bloomberg.com/professional/support/api-library/" data-element="menu-main" data-description="API Library" data-element-position="90" data-page-position="91" data-label="API Library">API Library</a></li>
		<li id="menu-item-46534" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-46534"><a href="https://www.bloomberg.com/professional/support/documentation/" data-element="menu-main" data-description="Documentation" data-element-position="91" data-page-position="92" data-label="Documentation">Documentation</a></li>
		<li id="menu-item-46565" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-46565"><a href="https://www.bloomberg.com/professional/support/faq/" data-element="menu-main" data-description="FAQ" data-element-position="92" data-page-position="93" data-label="FAQ">FAQ</a></li>
	</ul>
</li>
	<li id="menu-item-48063" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48063"><a data-element="menu-main" data-description="Client Access" data-element-position="93" data-page-position="94" data-label="Client Access">Client Access</a>
	<ul  class="sub-menu">
		<li id="menu-item-48290" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48290"><a target="_blank" href="https://bba.bloomberg.net/?utm_source=bps-nav&#038;utm_medium=bps" data-element="menu-main" data-description="Bloomberg Anywhere" data-element-position="94" data-page-position="95" data-label="Bloomberg Anywhere">Bloomberg Anywhere</a></li>
		<li id="menu-item-48291" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48291"><a target="_blank" href="https://www.bloombergvault.com/vault/login/?utm_source=bps-nav&#038;utm_medium=bps" data-element="menu-main" data-description="Bloomberg Vault" data-element-position="95" data-page-position="96" data-label="Bloomberg Vault">Bloomberg Vault</a></li>
		<li id="menu-item-56647" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56647"><a target="_blank" href="https://console.bloomberg.com/?utm_source=bps-nav&#038;utm_medium=bps" data-element="menu-main" data-description="Enterprise Console" data-element-position="96" data-page-position="97" data-label="Enterprise Console">Enterprise Console</a></li>
		<li id="menu-item-48292" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48292"><a target="_blank" href="https://ee.bloomberg.com/cp/?utm_source=bps-nav&#038;utm_medium=bps" data-element="menu-main" data-description="Entity Exchange" data-element-position="97" data-page-position="98" data-label="Entity Exchange">Entity Exchange</a></li>
	</ul>
</li>
</ul>
</li>
<li id="menu-item-43130" class="menu-item-highlight menu-item-hide-xs menu-item menu-item-type-post_type menu-item-object-page menu-item-43130"><a href="https://www.bloomberg.com/professional/request-demo/" data-element="menu-main" data-description="Request a demo" data-element-position="98" data-page-position="99" data-label="Request a demo">Request a demo</a></li>
<li id="menu-item-50897" class="close-sub-menu menu-item menu-item-type-custom menu-item-object-custom menu-item-50897"><a href="#" data-element="menu-main" data-description="Close" data-element-position="99" data-page-position="100" data-label="Close">Close</a></li>
<li id="menu-item-53253" class="search-icon js-search-open menu-item menu-item-type-custom menu-item-object-custom menu-item-53253"><a data-element="menu-main" data-description="Search" data-element-position="100" data-page-position="101" data-label="Search">Search</a></li>
</ul>
                    

<div class="site-header__mobile" id="site-header__mobile">

    
    
        <aside>
	        Bloomberg Professional Services connect decision makers to a dynamic network of information, people and ideas. <a href="https://www.bloomberg.com/professional/request-demo/">Request a demo</a>.

        </aside>

    
    
    <a class="about" href="http://www.bloomberg.com/company/" target="_blank" data-element='menu-main' data-description='menu-about' data-element-position='101' data-page-position='102' data-label='' >About the Company</a>

</div>
                </nav>

			</header>


    
        
        <div class="article-template">

            <div id="featured-section" class="featured-section blog-post">
                <div class="image blog-post" style="background-image: url('https://data.bloomberglp.com/professional/sites/10/hurricane1.jpg');"></div>
            </div>

            <div class="headline-section">

                <div class="article-intro">

                                            <div class="meta cta-large-regular">
                            <a href="https://www.bloomberg.com/professional/blog/category/research-analysis/">Research and Analysis</a>
                        </div>
                    
                    <h1 class="h1-regular-7">Harvey, Irma to disrupt, not derail GDP growth</h1>

                </div>

            </div>


            <div id="main-section" class="main-section">
						<div class="social-icons">
		<ul>
		<li>
		<a href="https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.bloomberg.com%2Fprofessional%2Fblog%2Fharvey-irma-disrupt-not-derail-gdp-growth%2F&amp;text=Harvey%2C+Irma+to+disrupt%2C+not+derail+GDP+growth&amp;via=theterminal"
		   target="_blank" data-element='social-share' data-description='Twitter' data-element-position='0' data-page-position='102' data-label='' ><span class="social-icons__twitter"></span></a>
		</li>
		<li>
		<a href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.bloomberg.com%2Fprofessional%2Fblog%2Fharvey-irma-disrupt-not-derail-gdp-growth%2F&title=Harvey%2C+Irma+to+disrupt%2C+not+derail+GDP+growth&source=Bloomberg"
		   target="_blank" data-element='social-share' data-description='Linkedin' data-element-position='0' data-page-position='102' data-label='' ><span class="social-icons__linkedin"></span></a>
		</li>
		<li>
		<a href="http://www.facebook.com/share.php?u=https%3A%2F%2Fwww.bloomberg.com%2Fprofessional%2Fblog%2Fharvey-irma-disrupt-not-derail-gdp-growth%2F&amp;title=Harvey%2C+Irma+to+disrupt%2C+not+derail+GDP+growth" target="_blank" data-element='social-share' data-description='Facebook' data-element-position='0' data-page-position='102' data-label='' ><span class="social-icons__facebook"></span></a>
		</li>
		<li>
		<a href="mailto:?subject=Harvey%2C%20Irma%20to%20disrupt%2C%20not%20derail%20GDP%20growth&amp;body=Harvey%2C%20Irma%20to%20disrupt%2C%20not%20derail%20GDP%20growth Check Out: https%3A%2F%2Fwww.bloomberg.com%2Fprofessional%2Fblog%2Fharvey-irma-disrupt-not-derail-gdp-growth%2F" data-element='social-share' data-description='Email' data-element-position='0' data-page-position='102' data-label='' ><span class="social-icons__email"></span></a>
		</li>
		</ul>
		</div>
				<article>
                <div class="article__content">

                    <div class="article__date">

                        
                            
                            <b>Bloomberg Intelligence</b>

                            

                    
                        September 13, 2017                    </div>

                    <div class="vc_row wpb_row row-fluid"><div class="vc_col-sm-12 wpb_column vc_column_container"><div class="vc_column-inner "><div class="wpb_wrapper">
	<div class="wpb_text_column wpb_content_element ">
		<div class="wpb_wrapper">
			<p><em>This analysis is by Bloomberg Intelligence economists Yelena Shulyateva and Carl Riccadonna. It appeared first on the Bloomberg Terminal. </em></p>

		</div>
	</div>

	<div class="wpb_text_column wpb_content_element ">
		<div class="wpb_wrapper">
			<p>While the destruction caused by Hurricanes Harvey and Irma is still being assessed, a look at how previous storms impacted GDP growth shows that the disruption to overall U.S. economic activity and employment will prove to be temporary.</p>
<p>Natural disasters tend to cause significant damage to an economy’s capital stock. As such, billions of dollars in damage estimates reduce the value of assets on the economy-wide balance sheet. Bloomberg Intelligence analyst Jonathan Adams estimates insured losses from both Harvey and Irma at $33 billion, while total damage could exceed $100 billion.</p>
<p>BI Economics analyzed the impact of the seven costliest U.S. hurricanes &#8212; Andrew, Charley, Ivan, Katrina, Wilma, Ike and Sandy &#8212; on GDP, its major components and hiring. The analysis shows that in the quarter when a hurricane strikes, GDP could be reduced by as much as a full percentage point. Yet the impact is subsequently reversed in the following quarters as repair efforts boost investment and consumption. Based on the aforementioned hurricane history, BI Economics estimates the reduction to 3Q GDP to range between 0.5-1.0 percentage points, therefore lowering the real GDP growth forecast for the period to 1.5-2.0 percent.</p>

		</div>
	</div>

	<div class="wpb_single_image wpb_content_element vc_align_center">
		<div class="wpb_wrapper">
			
			<div class="vc_single_image-wrapper  "><img width="800" height="467" src="https://data.bloomberglp.com/professional/sites/10/Eco-12-800x467.jpg" class="vc_single_image-img attachment-large" alt="" srcset="https://data.bloomberglp.com/professional/sites/10/Eco-12-800x467.jpg 800w, https://data.bloomberglp.com/professional/sites/10/Eco-12-552x322.jpg 552w, https://data.bloomberglp.com/professional/sites/10/Eco-12-768x449.jpg 768w, https://data.bloomberglp.com/professional/sites/10/Eco-12.jpg 1243w" sizes="(max-width: 800px) 100vw, 800px" /></div>
		</div> 
	</div> 
	<div class="wpb_text_column wpb_content_element ">
		<div class="wpb_wrapper">
			<p>Depending on the severity of a hurricane, disruption could last for a few months, thereby delaying rebuilding activities. A rebound in activity takes longer if one major hurricane is followed by another. When Hurricane Katrina hit the Gulf Coast in 3Q of 2005, it was followed by Hurricane Wilma, which struck Florida in 4Q. This year, though, Harvey and Irma both occurred in 3Q &#8212; just two weeks apart. As such, the positive impact on GDP might not take too long as rebuilding efforts could start boosting activity in 4Q.</p>
<p>Among GDP categories, business investment is typically among the hardest hit. Business investment in structures, such as power and communication as well as mining exploration, shafts and wells, usually suffers a sharp decline in the quarter of landfall &#8212; but then rebounds in the following quarter or two. Sometimes the impact is drawn out longer, as was the case with Hurricane Sandy in 2012; it took several quarters to restore damaged railroad infrastructure and power lines in New York’s Tri-State area. When this year’s 3Q GDP numbers are released, it may appear that the nascent recovery in business investment has halted as a result of Harvey and Irma; however, it will likely just be a temporary pause.</p>

		</div>
	</div>

	<div class="wpb_single_image wpb_content_element vc_align_center">
		<div class="wpb_wrapper">
			
			<div class="vc_single_image-wrapper  "><img width="800" height="482" src="https://data.bloomberglp.com/professional/sites/10/Eco215-800x482.jpg" class="vc_single_image-img attachment-large" alt="" srcset="https://data.bloomberglp.com/professional/sites/10/Eco215-800x482.jpg 800w, https://data.bloomberglp.com/professional/sites/10/Eco215-100x60.jpg 100w, https://data.bloomberglp.com/professional/sites/10/Eco215-552x333.jpg 552w, https://data.bloomberglp.com/professional/sites/10/Eco215-768x463.jpg 768w, https://data.bloomberglp.com/professional/sites/10/Eco215.jpg 1238w" sizes="(max-width: 800px) 100vw, 800px" /></div>
		</div> 
	</div> 
	<div class="wpb_text_column wpb_content_element ">
		<div class="wpb_wrapper">
			<p>The impact on personal consumption is most evident in certain categories, such as spending on motor vehicles. This segment almost always subtracts from GDP growth in the quarter of a hurricane’s landfall because of lost sales days. In subsequent quarters, however, damaged vehicles get replaced, prompting a rebound in the category’s GDP growth.</p>
<p>Gasoline is another area of personal consumption that is affected, as surging prices limit real consumption, and a halt in overall activity results in less driving. Prices at the pump rose 3.5% in August and have continued rising in September in the aftermath of Harvey, so a similar impact on real gasoline consumption should be expected. In addition, growth in recreation services drops, as people focus on essentials rather than discretionary spending, such as vacations and restaurants. Given that Florida is a major vacation destination, recreation services will also see a reduction in 3Q.</p>
<p>Both exports and imports are typically disrupted in the aftermath of a hurricane, relative to their recent trend, as port activity is impaired. Closed ports in Houston, Miami, Savannah and Tampa will likely result in declines in both exports and imports in 3Q.</p>
<p>September payrolls will most certainly suffer a major negative impact from Harvey and Irma. Harvey had no discernible effect on the employment and unemployment data for August, given that the collection period was largely completed before the hurricane hit. In contrast, Irma struck Florida right at the beginning of the September employment survey week. At the same time, many businesses remained closed in Texas in the middle of the month. In order to be counted as employed in the payrolls tally, an individual needs to be both employed and compensated for at least a portion of the pay period that includes the 12th of the month.</p>

		</div>
	</div>

	<div class="wpb_single_image wpb_content_element vc_align_center">
		<div class="wpb_wrapper">
			
			<div class="vc_single_image-wrapper  "><img width="800" height="465" src="https://data.bloomberglp.com/professional/sites/10/Eco312-800x465.jpg" class="vc_single_image-img attachment-large" alt="" srcset="https://data.bloomberglp.com/professional/sites/10/Eco312-800x465.jpg 800w, https://data.bloomberglp.com/professional/sites/10/Eco312-552x321.jpg 552w, https://data.bloomberglp.com/professional/sites/10/Eco312-768x446.jpg 768w, https://data.bloomberglp.com/professional/sites/10/Eco312.jpg 1269w" sizes="(max-width: 800px) 100vw, 800px" /></div>
		</div> 
	</div> 
	<div class="wpb_text_column wpb_content_element ">
		<div class="wpb_wrapper">
			<p>As rebuilding efforts escalate, payrolls will get a boost from increased demand in industries like construction. An already acute shortage for these workers could become more severe, resulting in heightened wage pressures.</p>
<p>According to the Bureau of Labor Statistics, the impact of severe weather on hours’ estimates typically results in a reduction in average weekly hours. In the household survey, people who miss an entire week of work for weather-related events are still counted as employed whether or not they are paid for the time off. Therefore, unemployment-rate estimates should be less affected by the storms.</p>
<p>It is the view of BI Economics that the near-term volatility in the economic data following Harvey and Irma will not have a lasting impact, though it could temporarily mask underlying economic momentum at the start of the second half of the year. The recent history of major hurricanes points to GDP growth slowing in 3Q, but rebounding in 4Q. The immediate hit to business investment, certain categories of personal consumption, international trade and payrolls will likely reverse quickly, most likely by the end of the year, as underlying economic momentum remains strong and rebuilding efforts support activity.</p>
<p>The most recent fedspeak suggests there will be no impact on the FOMC’s plans to start unwinding the balance sheet. If economic growth rebounds in 4Q &#8212; the Fed will have two months of economic data for the quarter when they convene in December &#8212; the spate of hurricanes should not affect rates policy, either.</p>

		</div>
	</div>

	<div class="wpb_single_image wpb_content_element vc_align_center">
		<div class="wpb_wrapper">
			
			<div class="vc_single_image-wrapper  "><img width="800" height="465" src="https://data.bloomberglp.com/professional/sites/10/ECo44-800x465.jpg" class="vc_single_image-img attachment-large" alt="" srcset="https://data.bloomberglp.com/professional/sites/10/ECo44-800x465.jpg 800w, https://data.bloomberglp.com/professional/sites/10/ECo44-552x321.jpg 552w, https://data.bloomberglp.com/professional/sites/10/ECo44-768x446.jpg 768w, https://data.bloomberglp.com/professional/sites/10/ECo44.jpg 1269w" sizes="(max-width: 800px) 100vw, 800px" /></div>
		</div> 
	</div> </div></div></div></div>

                </div>
				</article>


                
<div class="inside__box">
    <div class="inside__box--container">
        <div class="heading h1-demi">Request a demo.</div>
        <div class="inside__box--body">

            
            
                            	
	<div class="subscribe">
		<a class="cta-large" href="https://www.bloomberg.com/professional/request-demo/" data-element='interstitial' data-description='button' data-element-position='1' data-page-position='103' data-label='Contact us' >Contact us</a>
	</div>
	            
        </div>
    </div>
</div>


            </div>

        </div>

        <script>
						if ('undefined' !== typeof dataLayer) {
							dataLayer.push( {
								article_source : 'Bloomberg Intelligence',
								article_author : [''],
								article_published : 'September 13, 2017' ,
								article_category_primary : 'Research and Analysis',
								article_category_secondary : ['Trading and Investing'],
								article_tags : ['Economic Analysis']
							});
						}
                    </script>
    


					<div class="aside-section-wrapper">
				<div class="aside-section">
					
    <div class="related-content" id="related-content"
         data-page="57454"
         data-loaded="59701,58776,58783,58756,58591,58586,58583,59186,59181,59175,59221,60264,60277,60261,60828,57454">

        <div class="__loader dot-loader load-container">
            <div class="__loader__animation loader">Sending...</div>
        </div>

    </div>

				</div>

			</div>
		
		</div>	<!-- end content wrapper opened on header.php-->

		<footer id="footer" class="site-footer">

			<div class="site-footer__container">

				<div class="site-footer__about">

					<div class="site-footer__sitemap">

						<ul>

																					<li>
																<h3>Contact</h3>
																<ul id="menu-contact-footer" class="menu"><li id="menu-item-48229" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48229"><a href="tel:+1%20212%20318%202000" data-element="menu-main" data-description="Americas &lt;em&gt; +1 212 318 2000 &lt;/em&gt;" data-element-position="102" data-page-position="104" data-label="Americas &lt;em&gt; +1 212 318 2000 &lt;/em&gt;">Americas <em> +1 212 318 2000 </em></a></li>
<li id="menu-item-48230" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48230"><a href="tel:+44%2020%207330%207500" data-element="menu-main" data-description="EMEA &lt;em&gt;+44 20 7330 7500 &lt;/em&gt;" data-element-position="103" data-page-position="105" data-label="EMEA &lt;em&gt;+44 20 7330 7500 &lt;/em&gt;">EMEA <em>+44 20 7330 7500 </em></a></li>
<li id="menu-item-48231" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48231"><a href="tel:+65%206212%201000%20" data-element="menu-main" data-description="Asia Pacific &lt;em&gt; +65 6212 1000 &lt;/em&gt;" data-element-position="104" data-page-position="106" data-label="Asia Pacific &lt;em&gt; +65 6212 1000 &lt;/em&gt;">Asia Pacific <em> +65 6212 1000 </em></a></li>
</ul>							</li>
							

																					<li>
															<h3>Customer Support</h3>
																<ul id="menu-customer-support-footer" class="menu"><li id="menu-item-48235" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-48235"><a href="https://www.bloomberg.com/professional/support/software-updates/" data-element="menu-main" data-description="Software Updates" data-element-position="105" data-page-position="107" data-label="Software Updates">Software Updates</a></li>
<li id="menu-item-50258" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-50258"><a target="_blank" href="https://service.blpprofessional.com/portal/sessions/new?utm_source=bps-nav&#038;utm_medium=bps" data-element="menu-main" data-description="Manage Products and &lt;em&gt;Account Information&lt;/em&gt;" data-element-position="106" data-page-position="108" data-label="Manage Products and &lt;em&gt;Account Information&lt;/em&gt;">Manage Products and <em>Account Information</em></a></li>
<li id="menu-item-49508" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-49508"><a href="https://www.bloomberg.com/professional/support/b-unit/" data-element="menu-main" data-description="B-Unit Setup" data-element-position="107" data-page-position="109" data-label="B-Unit Setup">B-Unit Setup</a></li>
<li id="menu-item-50257" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-50257"><a href="https://www.bloomberg.com/professional/support/api-library/" data-element="menu-main" data-description="API Library" data-element-position="108" data-page-position="110" data-label="API Library">API Library</a></li>
<li id="menu-item-48236" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-48236"><a href="https://www.bloomberg.com/professional/support/documentation/" data-element="menu-main" data-description="Documentation" data-element-position="109" data-page-position="111" data-label="Documentation">Documentation</a></li>
<li id="menu-item-48237" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-48237"><a href="https://www.bloomberg.com/professional/support/faq/" data-element="menu-main" data-description="FAQ" data-element-position="110" data-page-position="112" data-label="FAQ">FAQ</a></li>
</ul>							</li>
							
																					<li>
														<h3>Client Access</h3>
														<ul id="menu-client-access-footer" class="menu"><li id="menu-item-48232" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48232"><a target="_blank" href="https://bba.bloomberg.net/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Bloomberg Anywhere" data-element-position="111" data-page-position="113" data-label="Bloomberg Anywhere">Bloomberg Anywhere</a></li>
<li id="menu-item-48233" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48233"><a target="_blank" href="https://www.bloombergvault.com/vault/login/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Bloomberg Vault" data-element-position="112" data-page-position="114" data-label="Bloomberg Vault">Bloomberg Vault</a></li>
<li id="menu-item-48234" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48234"><a target="_blank" href="https://ee.bloomberg.com/cp/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Entity Exchange" data-element-position="113" data-page-position="115" data-label="Entity Exchange">Entity Exchange</a></li>
<li id="menu-item-53701" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-53701"><a href="https://lei.bloomberg.com/users/login/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Bloomberg LEI" data-element-position="114" data-page-position="116" data-label="Bloomberg LEI">Bloomberg LEI</a></li>
</ul>							</li>
							
																					<li>
														<h3>Regions</h3>
														<ul id="menu-regions-footer" class="menu"><li id="menu-item-48240" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48240"><a target="_blank" href="https://www.bloomberg.com.br/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Brazil" data-element-position="115" data-page-position="117" data-label="Brazil">Brazil</a></li>
<li id="menu-item-48241" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48241"><a target="_blank" href="https://www.bloomberg.cn/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="China" data-element-position="116" data-page-position="118" data-label="China">China</a></li>
<li id="menu-item-48242" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48242"><a target="_blank" href="https://www.bloomberg.in/about/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="India" data-element-position="117" data-page-position="119" data-label="India">India</a></li>
<li id="menu-item-48243" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48243"><a target="_blank" href="https://about.bloomberg.co.jp/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Japan" data-element-position="118" data-page-position="120" data-label="Japan">Japan</a></li>
<li id="menu-item-48244" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48244"><a target="_blank" href="https://www.bloomberg.co.kr/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Korea" data-element-position="119" data-page-position="121" data-label="Korea">Korea</a></li>
<li id="menu-item-48278" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48278"><a target="_blank" href="https://www.bloomberg.com/latam/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Latin America" data-element-position="120" data-page-position="122" data-label="Latin America">Latin America</a></li>
</ul>							</li>
							
						</ul>

					</div>

					<div class="site-footer__description">
																		<aside><p>Bloomberg Professional Services connect decision makers to a dynamic network of information, people and ideas. <a href="https://www.bloomberg.com/professional/request-demo/">Request a demo</a>.</p>

<div class="wpb_text_column wpb_content_element">
	
	
	<div id="bbgfb-5a83aaa0c616e" class="bbgfb bbg-form-builder-styles -oneline" data-tracking-field="bbgsum">

		
		
		<form method="POST" id="bbgfb-5a83aaa0c616e-form" class="bbgfb__form bbgform-builder">

			<fieldset class="bbgfb__fields">

									<legend class="bbgfb__heading">Get insights delivered to your inbox</legend>
				<input class="bbgfb_hidden" type="hidden" name="post_id" value="57454">
<input class="bbgfb_hidden" type="hidden" name="form_id" value="60955">
<input class="bbgfb_hidden" type="hidden" name="action" value="bbg_form_builder">

<input type="hidden" id="prospectNumber1" name="prospectNumber1" value="">
<input type="hidden" id="contactNumber1" name="contactNumber1" value="">
<input type="hidden" id="_wpnonce" name="_wpnonce" value="3394868e9d" /><input type="hidden" name="_wp_http_referer" value="/professional/blog/harvey-irma-disrupt-not-derail-gdp-growth/?utm_medium=Twitter&amp;utm_campaign=null&amp;utm_source=social-o&amp;bbgsum=DG-WS-CORE-SM-TW&amp;__prclt=kvpm0kEq" />
<span class="bbgfb__fields__field bbgform_field bbgfb_text field-emailAddress required bbgfb_email bbgfb__fields__field--email">
	<label class="bbgfb__fields__field__label bbgfield_label bbgfb__fields__field__label--required" for="bbgfb-5a83aaa0c616e-emailAddress">Email</label>
	<input class="bbgfb__fields__field__input" type="email" required id="bbgfb-5a83aaa0c616e-emailAddress" name="emailAddress" value="" placeholder="Enter your email">
</span>
<input class="bbgfb_hidden bbgfb_campaign" type="hidden" name="bbgsum" value="DG-WS-CORE-SM-TW">
<style>.bbgfb__fields__valid_field{ display: none !important; }</style>
<span class="bbgfb__fields__valid_field">
    <input type="text" name="website_bloomberg_uid" value="" tabindex="-1" autocomplete="off">
    <input type="hidden" name="bloomberg_tid" value="1518578336">
</span>

<span class="bbgfb__fields__field bbgfb__fields__field--submit bbgform_field bbgfb-submit">
	<button class="bbgfb__fields__field__button" type="submit">SUBMIT</button>
	<div class="bbgfb__loader dot-loader load-container">
		<div class="bbgfb__loader__animation loader">Sending...</div>
	</div>
</span>

		</fieldset>
	</form>
	<div class="bbgfb__message bbgform-message" style="display: none;"></div>
</div>

</div>

</aside>
						
						
					</div>

				</div>

				<div class="social-icons">
											<a target="_blank" href="https://www.linkedin.com/company/bloomberg-professional-service" data-element='social-follow' data-description='Linkedin' data-element-position='1' data-page-position='129' data-label='' ><i class="social-icons__linkedin"></i>LinkedIn</a>
					
											<a target="_blank" href="https://twitter.com/theterminal" data-element='social-follow' data-description='Twitter' data-element-position='2' data-page-position='130' data-label='' ><i class="social-icons__twitter"></i> Twitter</a>
					
											<a target="_blank" href="https://www.facebook.com/bloomberglp/" data-element='social-follow' data-description='Facebook' data-element-position='3' data-page-position='131' data-label='' ><i class="social-icons__facebook"></i> Facebook</a>
					
											<a target="_blank" href="https://www.instagram.com/bloomberg/" data-element='social-follow' data-description='Instagram' data-element-position='4' data-page-position='132' data-label='' ><i class="social-icons__instagram"></i> Instagram</a>
					
					
											<a target="_blank" href="https://www.bloomberg.com/professional/feed/" data-element='social-follow' data-description='RSS' data-element-position='5' data-page-position='133' data-label='' ><i class="social-icons__rss"></i> RSS</a>
									</div>

				<div class="site-footer__footnote">
															<aside>

						<p>&copy; 2018 Bloomberg Finance L.P. All rights reserved.</p>

																			<ul id="menu-footer-footnote" class="menu"><li id="menu-item-48249" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48249"><a href="https://www.bloomberg.com/notices/privacy/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Privacy" data-element-position="121" data-page-position="123" data-label="Privacy">Privacy</a></li>
<li id="menu-item-48250" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48250"><a href="https://www.bloomberg.com/notices/tos/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Terms" data-element-position="122" data-page-position="124" data-label="Terms">Terms</a></li>
<li id="menu-item-50243" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-50243"><a href="https://www.bloomberg.com/professional/tradebook-compliance/" data-element="menu-main" data-description="Tradebook Compliance" data-element-position="123" data-page-position="125" data-label="Tradebook Compliance">Tradebook Compliance</a></li>
<li id="menu-item-48252" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48252"><a href="https://www.bloomberg.com/company/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Company" data-element-position="124" data-page-position="126" data-label="Company">Company</a></li>
<li id="menu-item-48253" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48253"><a href="https://www.bloomberg.com/company/announcements/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Press" data-element-position="125" data-page-position="127" data-label="Press">Press</a></li>
<li id="menu-item-48254" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48254"><a href="https://www.bloomberg.com/careers/?utm_source=bps-footer&#038;utm_medium=bps" data-element="menu-main" data-description="Careers" data-element-position="126" data-page-position="128" data-label="Careers">Careers</a></li>
</ul>						
					</aside>
					
					<div class="logo">
						<img src="https://www.bloomberg.com/professional/content/themes/professional/assets/images/logo-b-b-gwht@3x.png">
					</div>
				</div>

			</div>

		</footer>

	<script type="text/javascript">
	_bizo_data_partner_id = "612";
</script>
<script type="text/javascript">
	(function() {
		var s = document.getElementsByTagName("script")[0];
		var b = document.createElement("script");
		b.type = "text/javascript";
		b.async = true;
		b.src = (window.location.protocol === "https:" ? "https://sjs" : "http://js") + ".bizographics.com/insight.min.js";
		s.parentNode.insertBefore(b, s);
	})();
</script>
<noscript><img height="1" width="1" alt="" style="display:none;" src="//www.bizographics.com/collect/?pid=612&fmt=gif"></noscript><script type='text/javascript' src='https://www.bbthat.com/assets/v1.4.0/that.js'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-video/dist/js/front-end.js?ver=b2341b1076'></script>
<script type='text/javascript'>
/* <![CDATA[ */
var bbgfb_cookies = {"host":"www.bloomberg.com","path":"\/professional","per_page":"bbgsum-page","campaign":"bbgsum","expires":"0.0208"};
/* ]]> */
</script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/assets/cookies.min.js?rel=68df456b05'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-social-oembed/assets/js/scripts.min.js?rel=0aa4db09c7&#038;ver=e96eb41525b6c795ba7e8eafc02113ffbc0a3a6fd127720631e4759cd2eaa07f'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/themes/professional/assets/javascripts/scripts.min.js?ver=1518453578752'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/themes/professional/assets/javascripts/libraries/styleguide/scripts.min.js?ver=1518453578752'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/wp-includes/js/wp-embed.min.js?ver=e96eb41525b6c795ba7e8eafc02113ffbc0a3a6fd127720631e4759cd2eaa07f'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-external-scripts/js/jquery.scrolldepth.min.js'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-external-scripts/js/scroll-tracking.min.js?rel=9c1a06670d'></script>
<script type='text/javascript'>
/* <![CDATA[ */
var bbgfb_data = {"ajax_url":"https:\/\/www.bloomberg.com\/professional\/wp-admin\/admin-ajax.php"};
/* ]]> */
</script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/assets/scripts.min.js?rel=3a5b2b63c9'></script>
<script type='text/javascript' src='https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/assets/l.scripts.min.js?rel=9011d1dc2d'></script>

	<script type="text/javascript">window.NREUM||(NREUM={});NREUM.info={"beacon":"bam.nr-data.net","licenseKey":"cd0676da66","applicationID":"22181671","transactionName":"YQEHZRZXWkpVVhVbWlhLJFIQX1tXG0YIXFJaAQ==","queueTime":0,"applicationTime":467,"atts":"TUYEE15NSUQ=","errorBeacon":"bam.nr-data.net","agent":""}</script></body> <!-- end body tag opened on header.php-->
</html> <!-- end html tag opened on header.php-->
