<!DOCTYPE html>
<!--[if (gt IE 9)|!(IE)]> <!--> <html lang="en" class="no-js section-upshot format-medium tone-news app-article page-theme-standard has-comments has-top-ad type-size-small has-large-lede" itemid="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" itemtype="http://schema.org/NewsArticle"  itemscope xmlns:og="http://opengraphprotocol.org/schema/"> <!--<![endif]-->
<!--[if IE 9]> <html lang="en" class="no-js ie9 lt-ie10 section-upshot format-medium tone-news app-article page-theme-standard has-comments has-top-ad type-size-small has-large-lede" xmlns:og="http://opengraphprotocol.org/schema/"> <![endif]-->
<!--[if IE 8]> <html lang="en" class="no-js ie8 lt-ie10 lt-ie9 section-upshot format-medium tone-news app-article page-theme-standard has-comments has-top-ad type-size-small has-large-lede" xmlns:og="http://opengraphprotocol.org/schema/"> <![endif]-->
<!--[if (lt IE 8)]> <html lang="en" class="no-js lt-ie10 lt-ie9 lt-ie8 section-upshot format-medium tone-news app-article page-theme-standard has-comments has-top-ad type-size-small has-large-lede" xmlns:og="http://opengraphprotocol.org/schema/"> <![endif]-->
<head>
    <title>Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy - The New York Times</title>
        <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1" />
    <meta name="viewport" content="width=device-width, initial-scale=1, maximum-scale=1" />
<link rel="shortcut icon" href="https://static01.nyt.com/favicon.ico" />
<link rel="apple-touch-icon-precomposed" sizes="144×144" href="https://static01.nyt.com/images/icons/ios-ipad-144x144.png" />
<link rel="apple-touch-icon-precomposed" sizes="114×114" href="https://static01.nyt.com/images/icons/ios-iphone-114x144.png" />
<link rel="apple-touch-icon-precomposed" href="https://static01.nyt.com/images/icons/ios-default-homescreen-57x57.png" />
<meta name="sourceApp" content="nyt-v5" />
<meta id="applicationName" name="applicationName" content="article" />
<meta id="foundation-build-id" name="foundation-build-id" content="" />
<link rel="canonical" href="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<link rel="alternate" media="only screen and (max-width: 640px)" href="http://mobile.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<link rel="alternate" media="handheld" href="http://mobile.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<link rel="amphtml" href="https://mobile.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.amp.html" />
<meta property="al:android:url" content="nytimes://reader/id/100000005395922" />
<meta property="al:android:package" content="com.nytimes.android" />
<meta property="al:android:app_name" content="NYTimes" />
<meta name="twitter:app:name:googleplay" content="NYTimes" />
<meta name="twitter:app:id:googleplay" content="com.nytimes.android" />
<meta name="twitter:app:url:googleplay" content="nytimes://reader/id/100000005395922" />
<link rel="alternate" href="android-app://com.nytimes.android/nytimes/reader/id/100000005395922" />
<meta property="al:iphone:url" content="nytimes://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<meta property="al:iphone:app_store_id" content="284862083" />
<meta property="al:iphone:app_name" content="NYTimes" />
<meta property="al:ipad:url" content="nytimes://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<meta property="al:ipad:app_store_id" content="357066198" />
<meta property="al:ipad:app_name" content="NYTimes" />
<meta name="robots" content="noarchive" />
<meta itemprop="alternativeHeadline" name="hdl_p" content="Hurricane Likely to Spare U.S. Economy From Wrath" />
<meta name="channels" content="" />
<meta itemprop="description" name="description" content="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine." />
<meta name="genre" itemprop="genre" content="News" />
<meta itemprop="identifier" name="articleid" content="100000005395922" />
<meta itemprop="usageTerms" name="usageTerms" content="https://www.nytimes.com/content/help/rights/sale/terms-of-sale.html" />
<meta itemprop="inLanguage" content="en-US" />
<meta name="hdl" content="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy" />
<meta name="col" content="Pricing a Disaster" id="column-name" />
<meta name="pdate" content="20170828" />
<meta name="utime" content="20171028165940" />
<meta name="ptime" content="20170828143525" />
<meta name="DISPLAYDATE" content="Aug. 28, 2017" />
<meta name="dat" content="Aug. 28, 2017" />
<meta name="lp" content="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine." />
<meta name="msapplication-starturl" content="http://www.nytimes.com" />
<meta name="cre" content="The New York Times" />
<meta name="slug" content="29up-markets" />
<meta property="article:collection" content="https://static01.nyt.com/services/json/sectionfronts/upshot/index.jsonp" />
<meta name="sectionfront_jsonp" content="https://static01.nyt.com/services/json/sectionfronts/upshot/index.jsonp" />
<meta property="og:url" content="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<meta property="og:type" content="article" />
<meta property="og:title" content="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy" />
<meta property="og:description" content="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine." />
<meta property="article:published" itemprop="datePublished" content="2017-08-28T14:35:25-04:00" />
<meta property="article:modified" itemprop="dateModified" content="2017-10-28T16:59:40-04:00" />
<meta property="article:section" itemprop="articleSection" content="The Upshot" />
<meta property="article:section-taxonomy-id" itemprop="articleSection" content="D64FAE4C-4425-4E5A-B898-6C8CB59F9957" />
<meta property="article:section_url" content="https://www.nytimes.com/section/upshot" />
<meta property="article:top-level-section" content="upshot" />
<meta property="fb:app_id" content="9869919170" />
<meta name="twitter:site" value="@nytimes" />
<meta property="twitter:url" content="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" />
<meta property="twitter:title" content="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy" />
<meta property="twitter:description" content="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine." />
<meta name="author" content="Neil Irwin" />
<meta name="tone" content="news" id="article-tone" />
<meta name="byl" content="By NEIL IRWIN" />
<meta name="PT" content="article" />
<meta name="CG" content="upshot" />
<meta name="SCG" content="" />
<meta name="PST" content="News" />
<meta name="tom" content="News" />
<meta name="edt" content="NewYork" />
<meta property="og:image" content="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-facebookJumbo.jpg" />
<meta property="twitter:image:alt" content="Hurricane Harvey has left oil refineries, like this one in Texas City, Tex., partly under water." />
<meta property="twitter:image" content="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-videoSixteenByNineJumbo1600.jpg" />
<meta name="twitter:card" value="summary_large_image" />
<meta property="article:author" content="https://www.nytimes.com/by/neil-irwin" />
<meta name="twitter:creator" value="Neil_Irwin" />
<meta property="article:author" content="https://www.facebook.com/neil.irwin" />
<meta property="article:tag" content="United States Economy" />
<meta name="des" content="United States Economy" />
<meta property="article:tag" content="Hurricane Harvey (2017)" />
<meta name="des" content="Hurricane Harvey (2017)" />
<meta property="article:tag" content="Economic Conditions and Trends" />
<meta name="des" content="Economic Conditions and Trends" />
<meta property="article:tag" content="Hurricanes and Tropical Storms" />
<meta name="des" content="Hurricanes and Tropical Storms" />
<meta property="article:tag" content="Gross Domestic Product" />
<meta name="des" content="Gross Domestic Product" />
<meta name="keywords" content="United States Economy,Hurricane Harvey (2017),Economic Conditions and Trends,Hurricanes and Tropical Storms,Gross Domestic Product" />
<meta name="news_keywords" content="US Economy,Hurricane Harvey,Economy,Hurricanes,GDP" />
<meta name="thumbnail_150" content="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-thumbLarge.jpg" />
<meta name="thumbnail_150_height" content="150" />
<meta name="thumbnail_150_width" content="150" />
<meta itemprop="thumbnailUrl" name="thumbnail" content="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-thumbStandard.jpg" />
<meta name="thumbnail_height" content="75" />
<meta name="thumbnail_width" content="75" />
<meta name="dfp-ad-unit-path" content="upshot" />
<meta name="dfp-amazon-enabled" content="false" />
<link rel="alternate" type="application/json+oembed" href="https://www.nytimes.com/svc/oembed/json/?url=https%3A%2F%2Fwww.nytimes.com%2F2017%2F08%2F28%2Fupshot%2Fmarkets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" title="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy" />
<meta property="fb:pages" content="5281959998" />
<meta property="fb:pages" content="1002391179791389" />
<meta property="fb:pages" content="105307012882667" />
<meta property="fb:pages" content="123334484346296" />
<meta property="fb:pages" content="142271415829971" />
<meta property="fb:pages" content="1453472561556218" />
<meta property="fb:pages" content="153491058028703" />
<meta property="fb:pages" content="1545690368981813" />
<meta property="fb:pages" content="1606969219532748" />
<meta property="fb:pages" content="173455642668373" />
<meta property="fb:pages" content="176999952314969" />
<meta property="fb:pages" content="181548405298864" />
<meta property="fb:pages" content="340711315527" />
<meta property="fb:pages" content="5518834980" />
<meta property="fb:pages" content="689907071131476" />
<meta property="fb:pages" content="751965821517958" />
<meta property="fb:pages" content="8254939527" />
<meta property="fb:pages" content="98934992430" />
<meta property="fb:pages" content="993603507345855" />
    
            <link id="legacy-zam5nzz" rel="stylesheet" type="text/css" href="https://typeface.nyt.com/css/zam5nzz.css" media="all" />
    <!--[if (gt IE 9)|!(IE)]> <!-->
        <link rel="stylesheet" type="text/css" media="screen" href="https://g1.nyt.com/assets/article/20180212-210559/css/article/story/styles.css" />
    <!--<![endif]-->
    <!--[if lte IE 9]>
        <link rel="stylesheet" type="text/css" media="screen" href="https://g1.nyt.com/assets/article/20180212-210559/css/article/story/styles-ie.css" />
    <![endif]-->
<link rel="stylesheet" type="text/css" media="print" href="https://g1.nyt.com/assets/article/20180212-210559/css/article/story/styles-print.css" />
                <!--  begin abra  -->
<script>
var NYTD=NYTD||{};NYTD.Abra=function(t){"use strict";function n(t){var n=i[t];return n&&n[1]||null}function e(t,n){if(t){var e,o,r=n[0],i=n[1],u=0,c=0;if(1!==i.length||4294967296!==i[0])for(e=a(t+" "+r)>>>0,u=0,c=0;o=i[u++];)if(e<(c+=o[0]))return o}}function o(n,e,o,a){s+="subject="+n+"&test="+encodeURIComponent(e)+"&variant="+encodeURIComponent(o||0)+"&url="+encodeURIComponent(t.location.href)+"&instant=1&skipAugment=true\n",a&&f.push(a),c||(c=t.setTimeout(r,0))}function r(){var n=new t.XMLHttpRequest,e=f;n.withCredentials=!0,n.open("POST",u),n.onreadystatechange=function(){var t,o;if(4==n.readyState)for(t=200==n.status?null:new Error(n.statusText);o=e.shift();)o(t)},n.send(s),s="",f=[],c=null}function a(t){for(var n,e,o,r,a,i,u,c=0,s=0,f=[],l=[n=1732584193,e=4023233417,~n,~e,3285377520],h=[],p=t.length;s<=p;)h[s>>2]|=(s<p?t.charCodeAt(s):128)<<8*(3-s++%4);for(h[u=p+8>>2|15]=p<<3;c<=u;c+=16){for(n=l,s=0;s<80;n=[0|[(i=((t=n[0])<<5|t>>>27)+n[4]+(f[s]=s<16?~~h[c+s]:i<<1|i>>>31)+1518500249)+((e=n[1])&(o=n[2])|~e&(r=n[3])),a=i+(e^o^r)+341275144,i+(e&o|e&r|o&r)+882459459,a+1535694389][0|s++/20],t,e<<30|e>>>2,o,r])i=f[s-3]^f[s-8]^f[s-14]^f[s-16];for(s=5;s;)l[--s]=l[s]+n[s]|0}return l[0]}var i,u,c,s="",f=[];return n.init=function(n,r){var a,c,s,f,l,h=[],p=(t.document.cookie.match(/(^|;) *nyt-a=([^;]*)/)||[])[2],d=(t.document.cookie.match(/(^|;) *ab7=([^;]*)/)||[])[2],m=new RegExp("[?&]abra(=([^&#]*))"),g=m.exec(t.location.search);if(g&&g[2]&&(d=d?g[2]+"&"+d:g[2]),i)throw new Error("can't init twice");if(u=r,i={},d)for(d=decodeURIComponent(d).split("&"),a=0;a<d.length;a++)l=d[a].split("="),l[0]in i||(i[l[0]]=[,l[1],1],o("ab-alloc",l[0],l[1]),l[1]&&h.push(l[0]+"="+l[1]));for(a=0;a<n.length;a++)s=n[a],(c=s[0])in i||(f=e(p,s)||[],i[c]=f,f[1]&&h.push(c.replace(/[^\w-]/g)+"="+(""+f[1]).replace(/[^\w-]/g)),f[2]&&o("ab-alloc",c,f[1]));h.length&&t.document.documentElement.setAttribute("data-nyt-ab",h.join(" "))},n.reportExposure=function(n,e){var r=i[n];r&&r[2]?o("ab-expose",n,r[1],e):e&&t.setTimeout(function(){e(null)},0)},n}(this);
</script>
<script>NYTD.Abra.init([["www-story-reader-satisfaction",[[21474837,"Control",1],[21474836,"VariantA",1],[4252017623,null,0]]],["www-signup-favor-test",[[2147483648,"0",1],[2147483648,"1",1]]],["www-fixed-nav-subscribe-test",[[4294967296,"1",1]]],["www-ad-diagnostic",[[21474837,"1",0],[4273492459,null,0]]],["www-fabrik-off",[[4294967296,"1",1]]],["www-auto-newsletter",[[4294967296,"1",1]]],["www-STORY_3bundlePayflow-v3",[[4294967296,"1",1]]],["www-STRIK-nl-regi",[[1434519077,"control",1],[1430224110,"1",1],[1430224109,"2",1],[0,null,0]]],["www-indexAsHeaderBidder",[[4294967296,"2",1]]],["abra_dfp",[[3865470567,"control",0],[429496729,"test",0]]],["EC_SampleTest",[[2147483648,"variantA",0],[2147483648,"variantB",0]]]], '//et.nytimes.com/')</script>
<!--  end abra  -->

<script>
/* ABRA reporting for Vi rollout. Please don't hand-edit this minified snippet. <https://github.com/nytm/vi-rollout-abra-reporting-js> (67c2140 @ Mon Dec 11 17:51:59 EST 2017) */ function reportViRolloutToABRA(t,e,o){"use strict";var i,a,n,r,s="";if(e&&(/^mobile\./.test(window.location.hostname)?(i=(document.cookie.match(/(?:^|;) *vi=([^;]*)/)||[,""])[1],a=(document.cookie.match(/(?:^|;) *nyt\.np\.vi=([^;]*)/)||[,""])[1],n=/^b1/.test(i)?"WP_ProjectVi&variant=vi":/^z1/.test(i)?"WP_ProjectVi&variant=0":/^a2/.test(i)?"WP_ProjectVi2&variant=hp-st":/^b2/.test(i)?"WP_ProjectVi2&variant=hp":/^c2/.test(i)?"WP_ProjectVi2&variant=st":/^z2/.test(i)?"WP_ProjectVi2&variant=0":/^1\|/.test(a)?"WP_ProjectVi&variant=vi":/^2\|/.test(a)?"WP_ProjectVi&variant=0":null):/^www\./.test(window.location.hostname)&&(i=(document.cookie.match(/(?:^|;) *vi_www_hp=([^;]*)/)||[,""])[1],n=/^a2/.test(i)?"WP_ProjectVi_www_hp&variant=hp-st":/^b2/.test(i)?"WP_ProjectVi_www_hp&variant=hp":/^c2/.test(i)?"WP_ProjectVi_www_hp&variant=st":/^d2/.test(i)?"WP_ProjectVi_www_hp&variant=hp-2":/^y2/.test(i)?"WP_ProjectVi_www_hp&variant=0-2":/^z2/.test(i)?"WP_ProjectVi_www_hp&variant=0":null),n&&(s+="subject=ab-alloc&test="+n+"&url="+encodeURIComponent(window.location.href)+"&instant=1&skipAugment=true\n")),o&&(/^mobile\./.test(window.location.hostname)?(i=(document.cookie.match(/(?:^|;) *vistorymobile=([^;]*)/)||[,""])[1],r=/^a/.test(i)?"WP_ProjectVi_Story_Mobile&variant=st":/^b/.test(i)?"WP_ProjectVi_Story_Mobile&variant=sth":/^c/.test(i)?"WP_ProjectVi_Story_Mobile&variant=mw":/^z/.test(i)?"WP_ProjectVi_Story_Mobile&variant=mwh":null):/^www\./.test(window.location.hostname)&&(i=(document.cookie.match(/(?:^|;) *vistory=([^;]*)/)||[,""])[1],r=/^a/.test(i)?"WP_ProjectVi_story_desktop&variant=sd":/^b/.test(i)?"WP_ProjectVi_story_desktop&variant=sdh":/^c/.test(i)?"WP_ProjectVi_story_desktop&variant=nyt5":/^z/.test(i)?"WP_ProjectVi_story_desktop&variant=nyt5h":null),r&&(s+="subject=ab-alloc&test="+r+"&url="+encodeURIComponent(window.location.href)+"&instant=1&skipAugment=true\n")),s){var c=new XMLHttpRequest;c.withCredentials=!0,c.open("POST",t),c.send(s)}}
</script>
<script>
  reportViRolloutToABRA(
    '//et.nytimes.com/',
    false,
    true  );
</script>
                <script id="page-config-data" type="text/json">
{"pageconfig":{"ledeMediaSize":"large","keywords":["Pricing a Disaster","article-medium"],"collections":{"sections":["theupshot","economy","businessday"]}}}</script>
<script id="display_overrides">
            []    </script>

			    <script type="text/javascript">
        (function() {
            var s = document.getElementsByTagName("script")[0];
            var mediaDotNet = 'https://contextual.media.net/bidexchange.js?cid=8CU2553YN&amp;https=1';
            var indexBid = 'https://js-sec.indexww.com/ht/p/183760-203795517182556.js';
            var timeout = 300;

            function loadScript(tagSrc) {
                if (tagSrc.substr(0, 4) !== 'http') {
                    var isSSL = 'https:' == document.location.protocol;
                    tagSrc = (isSSL ? 'https:' : '') + tagSrc;
                }
                var scriptTag = document.createElement('script'),
                    placeTag = document.getElementsByTagName("script")[0];
                scriptTag.type = 'text/javascript';
                scriptTag.async = true;
                scriptTag.src = tagSrc;
                s.parentNode.insertBefore(scriptTag, s);
            }

            function loadGPT() {
                if (!window.advBidxc.isAdServerLoaded) {
                    loadScript('//www.googletagservices.com/tag/js/gpt.js');
                    window.advBidxc.isAdServerLoaded = true;
                }
            }

            window.advBidxc = window.advBidxc || {};
            window.advBidxc.renderAd = function () {};
            window.advBidxc.startTime = new Date().getTime();
            window.advBidxc.customerId = "8CU2553YN"; //Media.net Customer ID
            window.advBidxc.timeout = 300;
            window.advBidxc.loadGPT = setTimeout(loadGPT, window.advBidxc.timeout);

            // append index
            var a = document.createElement("script");
            a.type = "text/javascript";
            a.async = true;
            a.src = indexBid;
            s.parentNode.insertBefore(a, s);

            // append media.net
            var b = document.createElement("script");
            b.type = "text/javascript";
            b.async = true;
            b.src = mediaDotNet;
            s.parentNode.insertBefore(b, s);
        })();
    </script>

    <!-- Amazon Bidder version 2 Initialization Script -->
    <script type="text/javascript">
        //Load the ApsTag JavaScript Library
        !function(a9,a,p,s,t,A,g){if(a[a9])return;function q(c,r){a[a9]._Q.push([c,r])}a[a9]={init:function(){q("i",arguments)},fetchBids:function(){q("f",arguments)},setDisplayBids:function(){},targetingKeys:function(){return[]},_Q:[]};A=p.createElement(s);A.async=!0;A.src=t;g=p.getElementsByTagName(s)[0];g.parentNode.insertBefore(A,g)}("apstag",window,document,"script","//c.amazon-adsystem.com/aax2/apstag.js");

        apstag.init({
            pubID: '3030',
            adServer: 'googletag'
        });
    </script>


	<script type="text/json" id="trending-link-json">
	</script>

<!--esi
<script id="user-info-data" type="application/json">
<esi:include src="/svc/web-products/userinfo-v3.json" />
</script>
-->
<script id="magnum-feature-flags" type="application/json">["limitFabrikSave","moreFollowSuggestions","unfollowComments","scoopTool","videoVHSCover","videoVHSShareTools","videoVHSLive","videoVHSNewControls","videoVHSEmbeddedOnly","allTheEmphases","freeTrial","dedupeWhatsNext","trendingPageLinks","sprinklePaidPost","headerBidder","standardizeWhatsNextCollection","onlyLayoutA","simple","simpleExtendedByline","collectionsWhatsNext","mobileMediaViewer","podcastInLede","MovieTickets","MoreInSubsectionFix","seriesIssueMarginalia","serverSideCollectionUrls","multipleBylines","fabrikWebsocketsOnly","translationLinks","papihttps","verticalFullBleed","updateRestaurantReservations","mapDining","newsletterInlineModule","PersonalizationApiUpdate","apsTagEnabled","removeInternationalEdition","headlineBalancer","clientSideABRA","newsletterTitleTracking","surveyInterstitial","removeFBMessengerPromo","removeMarginaliaAbTest","paidpostSprinklingFix","abraOverrideVersion","headlineBalancerEverywhere","signupFavor","lazyloadOakImages","mapleFreeTrial","adQuerySupportForMultipleUserAddedKeywords","removeSectionDependentAdLogicForJanuary","oakUpdateAdStride","autoPlaceNewsletter","piiBlockDFP","adExclusiveIERibbonCheck","FlexAdDoubleHeightTracking","didScroll","supportedByAdFullBleed","anchorsHttps","oakBylineMargin","TopFlexAdSiteWide","BundlePayFlow","loadArticleOptimizely","oakStyleTouchups","oakBasicHeader","serveOakOnVI","opinionHeadline","indexAsHeaderBidder","newsletterRegiTest","bookReviewBuyButton","caslOpt","sectionBasedAmp","abraInCustomParams","jkiddScript","blueKai","showNewDealbookLogo","commentsUserDataUpdateDisabled","tMagazineFontTest"]</script>
<script>
var require = {
    baseUrl: 'https://g1.nyt.com/assets/',
    waitSeconds: 20,
    paths: {
        'foundation': 'article/20180212-210559/js/foundation',
        'shared': 'article/20180212-210559/js/shared',
        'article': 'article/20180212-210559/js/article',
        'application': 'article/20180212-210559/js/article/story',
        'videoFactory': 'https://static01.nyt.com/js2/build/video/2.0/videofactoryrequire',
        'videoPlaylist': 'https://static01.nyt.com/js2/build/video/players/extended/2.0/appRequire',
        'auth/mtr': 'https://static01.nyt.com/js/mtr',
        'auth/growl': 'https://static01.nyt.com/js/auth/growl/default',
        'vhs': 'https://static01.nyt.com/video/vhs/build/vhs-2.x.min',
        'vhs3': 'https://static01.nyt.com/video-static/vhs3/vhs.min'
    },
    map: {
        '*': {
            'story/main': 'article/story/main'
        }
    }
};
</script>
<!--[if (gte IE 9)|!(IE)]> <!-->
<script data-main="foundation/main" src="https://g1.nyt.com/assets/article/20180212-210559/js/foundation/lib/framework.js"></script>
<!--<![endif]-->
<!--[if lt IE 9]>
<script>
    require.map['*']['foundation/main'] = 'foundation/legacy_main';
</script>
<script data-main="foundation/legacy_main" src="https://g1.nyt.com/assets/article/20180212-210559/js/foundation/lib/framework.js"></script>
<![endif]-->
    <script>
    require(['foundation/main'], function () {
        require(['auth/mtr', 'auth/growl']);
    });
    </script>
</head>

<body>
    
    <style>
    .lt-ie10 .messenger.suggestions {
        display: block !important;
        height: 50px;
    }

    .lt-ie10 .messenger.suggestions .message-bed {
        background-color: #f8e9d2;
        border-bottom: 1px solid #ccc;
    }

    .lt-ie10 .messenger.suggestions .message-container {
        padding: 11px 18px 11px 30px;
    }

    .lt-ie10 .messenger.suggestions .action-link {
        font-family: "nyt-franklin", arial, helvetica, sans-serif;
        font-size: 10px;
        font-weight: bold;
        color: #a81817;
        text-transform: uppercase;
    }

    .lt-ie10 .messenger.suggestions .alert-icon {
        background: url('https://static01.nyt.com/images/icons/icon-alert-12x12-a81817.png') no-repeat;
        width: 12px;
        height: 12px;
        display: inline-block;
        margin-top: -2px;
        float: none;
    }

    .lt-ie10 .masthead,
    .lt-ie10 .navigation,
    .lt-ie10 .comments-panel {
        margin-top: 50px !important;
    }

    .lt-ie10 .ribbon {
        margin-top: 97px !important;
    }
</style>
<div id="suggestions" class="suggestions messenger nocontent robots-nocontent" style="display:none;">
    <div class="message-bed">
        <div class="message-container last-message-container">
            <div class="message">
                <span class="message-content">
                    <i class="icon alert-icon"></i><span class="message-title">NYTimes.com no longer supports Internet Explorer 9 or earlier. Please upgrade your browser.</span>
                    <a href="http://www.nytimes.com/content/help/site/ie9-support.html" class="action-link">LEARN MORE »</a>
                </span>
            </div>
        </div>
    </div>
</div>

    <div id="shell" class="shell">
    <header id="masthead" class="masthead masthead-theme-standard" role="banner">
    <div class="container">
        <div class="quick-navigation button-group">
            <button class="button sections-button"><i class="icon sprite-icon"></i><span class="button-text">Sections</span></button>
            <button class="button home-button" data-href="https://www.nytimes.com/" title="Go to the home page to see the latest top stories."><i class="icon sprite-icon"></i>
                <span class="button-text">Home</span>
            </button>
            <button class="button search-button"><i class="icon sprite-icon"></i><span class="button-text">Search</span></button>
            <a class="button skip-button skip-to-content visually-hidden focusable" href="#story-header">Skip to content</a>
                        <a class="button skip-button skip-to-navigation visually-hidden focusable" href="#site-index-navigation">Skip to navigation</a>
                                    <a class="button skip-button skip-to-mobile visually-hidden focusable" href="http://mobile.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html">View mobile version</a>
                    </div><!-- close button-group -->
        <div class="branding">
            <h2 class="branding-heading">
                <a id="branding-heading-link" href="https://www.nytimes.com/">
                    <span class="visually-hidden">The New York Times</span>
                </a>
            </h2>
            <script>window.magnum.writeLogo('small', 'https://g1.nyt.com/assets/article/20180212-210559/images/foundation/logos/', 'upshot', 'masthead-theme-standard', 'standard', 'branding-heading-link', 'article');</script>
        </div><!-- close branding -->
                <div class="story-meta">
            <h6 class="kicker"><span class="kicker-label"><a href="https://www.nytimes.com/section/upshot">The Upshot</a></span><span class="pipe">|</span>Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy</h6>
        </div><!-- close story-meta -->
        <div class="user-tools">
            <div id="Bar1" class="ad bar1-ad nocontent robots-nocontent"></div>
<div id="liftoff-nyt5-bar1" class="hidden"></div>
            <div id="sharetools-masthead" aria-label="tools" role="group" class="sharetools theme-classic  sharetools-masthead  "
data-shares="facebook,twitter,email,show-all,save"
data-url="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html"
data-title="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy"
data-author="By NEIL IRWIN"
data-media="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-jumbo.jpg"
data-description="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine."
	data-publish-date="August 28, 2017"
>
<div class="ad sharetools-inline-article-ad hidden nocontent robots-nocontent">
</div>
</div><!-- close shareTools -->
            <button class="button search-button"><i class="icon sprite-icon"></i><span class="button-text">Search</span></button>
            <div class="user-tools-button-group button-group">
                <button class="button subscribe-button hidden" data-href="https://www.nytimes.com/subscriptions/Multiproduct/lp3004.html?campaignId=4XUYF">Subscribe Now</button>
                <button class="button login-button login-modal-trigger hidden">Log In</button>
                <button class="button comments-button  theme-speech-bubble-small" data-skip-to-para-id="">
</button>
                                <button class="button notifications-button hidden"><i class="icon sprite-icon"></i><span class="button-text">0</span></button>
                <button class="button user-settings-button"><i class="icon sprite-icon"></i><span class="button-text">Settings</span></button>
            </div><!-- close user-tools-button-group -->
        </div><!-- close user-tools -->
    </div><!-- close container -->
    <div class="search-flyout-panel flyout-panel">
    <button class="button close-button" type="button"><i class="icon"></i><span class="visually-hidden">Close search</span></button>
    <nav class="search-form-control form-control layout-horizontal">
    <h2 class="visually-hidden">Site Search Navigation</h2>
    <form class="search-form" role="search">
        <div class="control">
            <div class="label-container visually-hidden">
                                <label for="search-input">Search NYTimes.com</label>
                            </div>
            <div class="field-container">
                                <input id="search-input" name="search-input" type="text" class="search-input text" autocomplete="off" placeholder="Search NYTimes.com" />
                
                <button type="button" class="button clear-button" tabindex="-1" aria-describedby="clear-search-input"><i class="icon"></i><span id="clear-search-input" class="visually-hidden">Clear this text input</span></button>
                <div class="auto-suggest" style="display: none;">
                    <ol></ol>
                </div>
                <button class="button submit-button" type="submit">Go</button>
            </div>
        </div><!-- close control -->
    </form>
</nav>


</div><!-- close flyout-panel -->
    <div id="notification-modals" class="notification-modals"></div>
<span class="story-short-url"><a href="https://nyti.ms/2wcULob">https://nyti.ms/2wcULob</a></span></header>
            <nav id="ribbon" class="ribbon ribbon-start nocontent robots-nocontent" aria-hidden="true">
    <div class="nocontent robots-nocontent">
        <ol class="ribbon-menu">
            <li class="collection ribbon-loader">
                <div class="loader loader-t-logo-32x32-ecedeb-ffffff"><span class="visually-hidden">Loading...</span></div>
            </li>
        </ol>
        <div class="ribbon-navigation-container">
            <nav class="ribbon-navigation next">
                <span class="visually-hidden">See next articles</span>
                <div class="arrow arrow-right">
                    <div class="arrow-conceal"></div>
                </div>
            </nav>
            <nav class="ribbon-navigation previous">
                <span class="visually-hidden">See previous articles</span>
                <div class="arrow arrow-left">
                    <div class="arrow-conceal"></div>
                </div>
            </nav>
        </div>
    </div><!-- close nocontent -->
</nav>

<script type="text/javascript">
(function () {
    var ribbon;
    if (window.magnum.getFlags().indexOf('adAggro') !== -1 &&
        (window.NYTD.Abra('www-story-pro-agro') !== 'control' &&
        window.NYTD.Abra('www-story-pro-agro') !== null &&
        window.NYTD.Abra('www-story-pro-agro') !== 'null' &&
        window.NYTD.Abra('www-story-pro-agro') !== '')) {
        ribbon = document.querySelector('#ribbon');
        if (ribbon && ribbon.parentNode) {
            ribbon.parentNode.removeChild(ribbon);
        }
    }
})();
</script>
        <nav id="navigation" class="navigation">
    <h2 class="visually-hidden">Site Navigation</h2>
</nav><!-- close navigation -->

<nav id="mobile-navigation" class="mobile-navigation hidden">
    <h2 class="visually-hidden">Site Mobile Navigation</h2>
</nav><!-- close mobile-navigation -->

    <div id="navigation-edge" class="navigation-edge"></div>
    <div id="page" class="page">
        <div id="TopAd" class="ad top-ad nocontent robots-nocontent">
    <div class="accessibility-ad-header visually-hidden">
    <p>Advertisement</p>
</div>
</div>

        <main id="main" class="main" role="main">
        <article id="story" class="story theme-main   ">

    <div id='TragedyAd' class='ad tragedy-ad nocontent robots-nocontent'></div>

            <div id="nytint-upshot-nameplate" class="nytint-upshot-nameplate">
    <div id="masthead-social" class="upshot-social">
  <p class="follow-us">Follow Us:</p>
  <ul>
    <li>
      <a href="https://www.facebook.com/Upshot" class="facebook" title="Visit The Upshot on Facebook">
        <i class="icon sprite-icon"></i>
        <span class="visually-hidden">Visit The Upshot on Facebook</span>
      </a>
    </li>
    <li>
      <a href="https://twitter.com/intent/user?screen_name=UpshotNYT" target="_blank" class="twitter" title="Visit The Upshot on Twitter">
        <i class="icon sprite-icon"></i>
        <span class="visually-hidden">Visit The Upshot on Twitter</span>
      </a>
    </li>
    <li>
      <a href="http://rss.nytimes.com/services/xml/rss/nyt/Upshot.xml" class="rss" title="Follow The Upshot via RSS">
        <i class="icon sprite-icon"></i>
        <span class="visually-hidden">Follow The Upshot via RSS</span>
      </a>
    </li>
  </ul>
  <p class="newsletter"><a href="http://www.nytimes.com/newsletters/upshot/">Get the Upshot in your Inbox</a></p>
</div>
    <a href="/upshot" class="section-heading upshot-nameplate-upshot"><h2>The Upshot</h2></a>
</div>
            
    <header id="story-header" class="story-header">
                                <div id="story-meta" class="story-meta ">
                            <div class="supported-by hidden nocontent robots-nocontent">
                    <span class="ad-label">Supported by</span>
                    <div id="supported-by-ad" class="supported-by-ad ad"></div>
                </div>
                                        <h3 id="kicker" class="kicker" role="kicker">
                                                                                                                                                <span class="article-kicker">Pricing a Disaster</span><span data-kicker="Pricing a Disaster" class="primer-test"></span>                                                            </h3>
                        			<h1 itemprop="headline" id="headline" class="headline">Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy</h1>
	                                                <div id="story-meta-footer" class="story-meta-footer">
                                <div class="extended-byline">

          <a class="byline-author-link" href="https://www.nytimes.com/by/neil-irwin" title="More Articles by NEIL IRWIN">
    
    <div class="upshot-author-image upshot-author-image-neil-irwin" data-author-name="neil-irwin"></div>

          </a>
    
    <p class="byline-column has-single-author">
        <span itemprop="author creator" itemscope itemtype="http://schema.org/Person" itemid="https://www.nytimes.com/by/neil-irwin">
                            <a class="byline-author-link" href="https://www.nytimes.com/by/neil-irwin" title="More Articles by NEIL IRWIN">
                            <span class="byline-author" data-byline-name="Neil Irwin" itemprop="name">Neil Irwin</span>
                            </a>
                    </span>
        <span class="byline-twitter-handles">
                            <a href="https://twitter.com/intent/user?screen_name=Neil_Irwin">@Neil_Irwin</a>
                    </span>
        <time class="dateline" datetime="2017-10-28T16:59:40-04:00" itemprop="dateModified" content="2017-10-28T16:59:40-04:00">AUG. 28, 2017</time>
    </p>

</div><!-- close extended-byline -->
                                
                                    <div class="story-meta-footer-sharetools">
                        <div id="sharetools-story-meta-footer" aria-label="tools" role="group" class="sharetools theme-classic  sharetools-story-meta-footer  "
data-shares="facebook,twitter,email,show-all,save"
data-url="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html"
data-title="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy"
data-author="By NEIL IRWIN"
data-media="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-jumbo.jpg"
data-description="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine."
	data-publish-date="August 28, 2017"
>
<a class="visually-hidden skip-to-text-link" href="#story-continues-1">Continue reading the main story</a>
<span class="sharetools-label visually-hidden">Share This Page</span>
<div class="ad sharetools-inline-article-ad hidden nocontent robots-nocontent">
<a class="visually-hidden skip-to-text-link" href="#story-continues-1">Continue reading the main story</a>
</div>
</div><!-- close shareTools -->
                                                    <button class="button comments-button  theme-speech-bubble" data-skip-to-para-id="">
</button>
                                            </div>
                            </div><!-- close story-meta-footer -->
        </div><!-- close story-meta -->
    </header>

    <script type="text/javascript">
        if (
            window.magnum
            && window.magnum.getFlags().indexOf('headlineBalancer') > 0
            && window.magnum.headlineBalancer
            && window.magnum.headlineBalancer.initialize
            && window.magnum.headlineBalancer.shouldRun()
        ) {
            window.magnum.headlineBalancer.initialize();
        }
    </script>

        
    <div class="story-body-supplemental">
    <div class="story-body story-body-1">
        <figure id="media-100000005396225" class="media photo lede layout-large-horizontal" data-media-action="modal" itemprop="associatedMedia" itemscope itemid="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-master768.jpg" itemtype="http://schema.org/ImageObject" aria-label="media" role="group">
    <span class="visually-hidden">Photo</span>
    <div class="image">
            <img src="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-master768.jpg" alt="" class="media-viewer-candidate" data-mediaviewer-src="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-superJumbo.jpg" data-mediaviewer-caption="Hurricane Harvey has left oil refineries, like this one in Texas City, Tex., partly under water." data-mediaviewer-credit="Brendan Smialowski/Agence France-Presse &mdash; Getty Images"  itemprop="url" itemid="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-master768.jpg"/>
            <meta itemprop="height" content="509" />
            <meta itemprop="width" content="768" />
    </div>
        <figcaption class="caption" itemprop="caption description">
                <span class="caption-text">Hurricane Harvey has left oil refineries, like this one in Texas City, Tex., partly under water.</span>
                        <span class="credit" itemprop="copyrightHolder">
            <span class="visually-hidden">Credit</span>
            Brendan Smialowski/Agence France-Presse — Getty Images        </span>
            </figcaption>
    </figure>
<script type="text/javascript">
(function () {
        var figure, fragment, storyHeader;
        var html, header, headline, storyMeta, mediaActionOverlay, supportedBy;
        var story = document.getElementById('story');
        var adAggro = window.magnum.getFlags().indexOf('adAggro') !== -1 &&
            (window.NYTD.Abra('www-story-pro-agro') === 'pro-10' ||
            window.NYTD.Abra('www-story-pro-agro') === 'pro-8' ||
            window.NYTD.Abra('www-story-pro-agro') === 'pro-6' ||
            window.NYTD.Abra('www-story-pro-agro') === 'pro-4');
        var adAggro2 = window.magnum.getFlags().indexOf('story1427AdAggro') !== -1 &&
            (window.NYTD.Abra('www-story-1427-ad-aggro') === 'pro-10' ||
            window.NYTD.Abra('www-story-1427-ad-aggro') === 'pro-8' ||
            window.NYTD.Abra('www-story-1427-ad-aggro') === 'pro-6' ||
            window.NYTD.Abra('www-story-1427-ad-aggro') === 'pro-4');

        if ((adAggro || adAggro2) &&
            document.documentElement.className.indexOf('article-has-layout-large-horizontal') === -1
        ) {
                // only run this test if it's large or jumbo horizontal lede media
                figure = document.querySelectorAll('.lede.photo')[0];
                if (figure.className.indexOf('layout-large-horizontal') === -1 && figure.className.indexOf('layout-jumbo-horizontal') === -1) {
                    require(['foundation/main'], function (main) {
                        require(['foundation/tracking/tracking-mixin'], function (tracking) {
                            tracking.trackingTriggerRaw(
                                'not-running-pro-topper-ad-test',
                                {
                                    'module': 'not-running-pro-topper-ad-test',
                                    'region': 'not-running-pro-topper-ad-test'
                                },
                                'interaction'
                            );
                        });
                    });

                    return;
                }
                document.documentElement.className += ' article-has-layout-large-horizontal';

                // delete supported by
                supportedBy = document.querySelectorAll('.supported-by')[0];
                if (supportedBy) {
                        supportedBy.parentNode.removeChild(supportedBy);
                }

                fragment = document.createDocumentFragment(); // this will be the top ad
                fragment.appendChild(document.getElementById('TopAd'));

                storyHeader = document.getElementById('story-header');
                if (storyHeader.nextSibling) {
                  storyHeader.parentNode.insertBefore(fragment, storyHeader.nextSibling);
                }
                else {
                  storyHeader.parentNode.appendChild(fragment);
                }

                document.getElementById('TopAd').style.display = 'block';
                document.getElementById('TopAd').style.marginBottom = '45px';
        } // end ad if


        if ((adAggro || adAggro2) &&
            document.documentElement.className.indexOf('article-has-layout-large-horizontal') !== -1
        ) {

                html = document.documentElement;
                header = document.getElementById('story-header');
                figure = document.querySelectorAll('.lede.photo')[0];
                headline = document.getElementById('headline');
                storyMeta = document.getElementById('story-meta');

                mediaActionOverlay = figure.getElementsByClassName("media-action-overlay")[0];

                html.className += ' has-cover-media';

                story.className += " has-headline-image-topper bleed-align-left";

                header.appendChild(figure);

            if (window.magnum.getFlags().indexOf('story1427AdAggroTracking') !== -1) {
                require(['foundation/main'], function (main) {
                    require(['foundation/tracking/tracking-mixin'], function (tracking) {
                        tracking.trackingTriggerRaw(
                            'running-pro-topper-ad-test',
                            {
                                'module': 'running-pro-topper-ad-test',
                                'region': 'running-pro-topper-ad-test'
                            },
                            'interaction'
                        );
                    });
                });
            }

        }
})();
</script>
<p class="story-body-text story-content" data-para-count="325" data-total-count="325">Hurricane Harvey is a disaster of monumental proportions that will destroy vast amounts of property and upend millions of lives. But it also appears that the overall economic toll, at least for the United States as a whole, will be modest. And that surprising fact offers important lessons about how the modern economy works.</p><p class="story-body-text story-content" data-para-count="185" data-total-count="510">That benign view of the economic impact of the storm is the immediate verdict of financial markets Monday, which showed no signs of expectations that there will be broad ripple effects.</p><p class="story-body-text story-content" data-para-count="276" data-total-count="786">The stock market was essentially flat at midday. Bond prices are also little changed; if investors expected lasting damage, they would most likely would have bid up bond prices, seeking safety and anticipating a slower pace of interest rate increases from the Federal Reserve.</p><p class="story-body-text story-content" data-para-count="237" data-total-count="1023">And despite the Texas Gulf Coast’s central role in American energy production, oil prices are not exhibiting the kind of spike they did after Hurricane Katrina in 2005; the price of West Texas intermediate crude fell Friday and Monday.</p><div id="story-ad-1" class="story-ad ad ad-placeholder nocontent robots-nocontent ">
    <div class="accessibility-ad-header visually-hidden">
    <p>Advertisement</p>
</div>
<a class="visually-hidden skip-to-text-link" href="#story-continues-1">Continue reading the main story</a>
</div>
<p class="story-body-text story-content" data-para-count="291" data-total-count="1314" id="story-continues-1">Gasoline prices are a different story, having risen because refining capacity was shut down amid the storm. But the 9 percent rise in the price of gasoline futures in the last week is the kind of swing that happens routinely, and has brought prices back only to around their late-July level.</p>        <a class="visually-hidden skip-to-text-link" href="#story-continues-2">Continue reading the main story</a>
    </div><!-- close story-body -->
    <div class="supplemental first" id="supplemental-1">
    </div><!-- close supplemental -->
</div><!-- close story-body-supplemental -->
<div class="story-interrupter" id="story-continues-2">
    <div id="FlexAd" class="ad flex-ad nocontent robots-nocontent">
    <div class="accessibility-ad-header visually-hidden">
    <p>Advertisement</p>
</div>
<a class="visually-hidden skip-to-text-link" href="#story-continues-3">Continue reading the main story</a>
    <div class="flex-ad-creative"></div>
</div>
</div>
<div class="story-body-supplemental">
    <div class="story-body story-body-2">
        <p class="story-body-text story-content" data-para-count="448" data-total-count="1762" id="story-continues-3">This subdued reaction from Wall Street may seem surprising. After all, Houston is the fourth-largest American city and is at the center of a metropolitan area with economic output of half a trillion dollars a year. The New Orleans metro area economy, devastated by Hurricane Katrina 12 years ago, is one-sixth as large. And the economic consequences for Texas <a href="https://www.nytimes.com/2017/08/28/business/economy/texas-hurricane-harvey-economic-impact.html">indeed look likely to be severe</a>, as Houston and the Gulf Coast face years of rebuilding.</p><p class="story-body-text story-content" data-para-count="182" data-total-count="1944">But when you pick apart the ways a disaster — even a huge one — can affect the overall economy, it becomes clearer why financial markets and economic forecasters are so sanguine.</p><p class="story-body-text story-content" data-para-count="277" data-total-count="2221"><strong>Disruption to production and supply lines. </strong>The Gulf Coast is a center of oil drilling, refining and chemicals manufacturing. The details of how those industries will be affected are not yet clear, and the possibility of damage to production and distribution facilities is real.</p><p class="story-body-text story-content" data-para-count="363" data-total-count="2584">There are likely to be power outages, and there is already severe flooding of roads and other transportation infrastructure. Industrial facilities themselves may be damaged by floods. But one thing that the Hurricane Katrina experience, among other disasters, has showed is how effective modern corporations are at overcoming those kinds of logistical challenges.</p><p class="story-body-text story-content" data-para-count="462" data-total-count="3046">In the early days after that disaster, <a href="http://www.washingtonpost.com/wp-dyn/content/article/2005/08/31/AR2005083102755.html?tid=a_inl">there were fears</a> about disruptions to incoming supplies of coffee and bananas and to Midwest grain normally exported via barges down the Mississippi River. If you look at the overall data from that year for those and other affected commodities, though, there’s not much evidence of any lasting problems, reflecting the ability of corporate supply chain and logistics managers to find other ways to get products to market.</p><div class="newsletter-signup hidden auto-newsletter variant-1-hidden " id="newsletter-promo" data-newsletter-productCode="" data-newsletter-productTitle="" aria-labeledby="newsletter-promo-heading">
    <h2 class="visually-hidden" id="newsletter-promo-heading">Newsletter Sign Up</h2>
    <a class="visually-hidden skip-to-text-link" href="#continues-post-newsletter">Continue reading the main story</a>
        <script type="application/json" id="auto-newsletter-rules">[{"headline":"The Upshot","summary":"Get the best of The Upshot\u2019s news, analysis and graphics about politics, policy and everyday life.","product-code":"UP","product-title":"The Upshot","sample-url":"http:\/\/www.nytimes.com\/newsletters\/sample\/upshot?pgtype=subscriptionspage&version=new&contentId=UP&eventName=sample&module=newsletter-sign-up"},{"headline":"Opinion Today","summary":"Every weekday, get thought-provoking commentary from Op-Ed columnists, The Times editorial board and contributing writers from around the world.","product-code":"TY","product-title":"Opinion Today","sample-url":"http:\/\/www.nytimes.com\/newsletters\/sample\/opinion-today?pgtype=subscriptionspage&version=new&contentId=TY&eventName=sample&module=newsletter-sign-up"},{"headline":"Morning Briefing","summary":"Get what you need to know to start your day in the United States, Canada and the Americas, delivered to your inbox.","product-code":"NN","product-title":"Morning Briefing","sample-url":"http:\/\/www.nytimes.com\/newsletters\/sample\/morning-briefing?pgtype=subscriptionspage&version=new&contentId=NN&eventName=sample&module=newsletter-sign-up"}]</script>
        <h3 class="headline"></h3>    <p class="summary"></p>    <form name="regilite" class="newsletter-form" method="post" autocomplete="off">
        <div class="control input-control">
            <div class="form-errors">
                <p class="error captcha-error hidden">Please verify you're not a robot by clicking the box.</p>
                <p class="error invalid-email-error hidden">Invalid email address. Please re-enter.</p>
                <p class="error buffet-error hidden">You must select a newsletter to subscribe to.</p>
            </div>
            <div class="field-container">
                <input id="email" name="email" class="email-input" type="email" aria-required="true" placeholder="Enter your email address" value="">
                <button id="submit-button" type="submit" class="button submit-button">Sign Up</button>
            </div>
        </div><!-- close control -->
        <div class="control checkbox-control">
            <div class="field-container">
                <input id="special-offers" class="checkbox" type="checkbox" name="special-offers" value="MM">
            </div>
            <div class="label-container">
                <label class="checkbox-label" for="special-offers">You agree to receive occasional updates and special offers for The New York Times's products and services.</label>
            </div>
        </div><!-- close control -->
        <div class="g-recaptcha" id="captcha-container" data-sitekey="6LeN0R4TAAAAACwPa5WX2QYE0npOf2-2veTOm2Tp"></div>
    </form>
    <div class="messages">
        <h3 class="success-message hidden">Thank you for subscribing.</h3>
        <h3 class="error submit-error hidden">An error has occurred. Please try again later.</h3>
        <h3 class="subscriber hidden">You are already subscribed to this email.</h3>
        <p class="view-all-link hidden"><a href="/newsletters" target="_blank">View all New York Times newsletters.</a></p>
    </div><!-- close messages -->
    <ul class="footer">
                <li id="sample-newsletter-link" class="sample"><a href="" target="_blank">See Sample</a></li>
                <li class="manage-email"><a href="/mem/email.html" target="_blank">Manage Email Preferences</a></li>
        <li class="logout hidden"><a href="/logout" target="_blank">Not you?</a></li>
        <li class="privacy"><a href="/privacy" target="_blank">Privacy Policy</a></li>
        <li class="contact">Opt out or <a href="/help/index.html" target="_blank">contact us</a> anytime</li>
    </ul><!-- close footer -->
    <script src="https://www.google.com/recaptcha/api.js" async="async" defer="defer"></script>
</div>
<div id="#continues-post-newsletter"></div>
<p class="story-body-text story-content" data-para-count="170" data-total-count="3216"><strong>Financial losses. </strong>In theory, a natural disaster could deliver such severe losses to insurers, banks or other financial institutions as to cause broader economic problems.</p><p class="story-body-text story-content" data-para-count="436" data-total-count="3652">There’s not much evidence of that happening because of Harvey for a few reasons. Home insurance policies generally do not cover flooding, which means the severe flood damage should have less impact on insurers’ payouts than you might expect. For many individuals, the financial losses from flooding can be devastating. But the possibility of the kinds of systemic problems that ripple across global financial markets appears remote.</p><p class="story-body-text story-content" data-para-count="127" data-total-count="3779">Insurers’ balance sheets <a href="https://www.wsj.com/articles/hurricane-harvey-unlikely-to-damage-insurers-balance-sheets-1503849284">are relatively strong</a> after years without mega-catastrophes demanding particularly enormous payouts.</p><div id="story-ad-2" class="story-ad ad ad-placeholder nocontent robots-nocontent ">
    <div class="accessibility-ad-header visually-hidden">
    <p>Advertisement</p>
</div>
<a class="visually-hidden skip-to-text-link" href="#story-continues-4">Continue reading the main story</a>
</div>
<p class="story-body-text story-content" data-para-count="167" data-total-count="3946" id="story-continues-4"><strong>Rebuilding costs. </strong>One of the paradoxes of disaster economics is that they can actually be good for economic growth, at least the way “growth” is commonly measured.</p><p class="story-body-text story-content" data-para-count="382" data-total-count="4328">The need to rebuild or repair flooded buildings in Texas could create a surge in economic output in the state in the months ahead, generating higher growth in gross domestic product. This is a macabre artifact of economic accounting — no one would suggest that people are actually better off when billions of dollars’ worth of capital is destroyed. But it is how the math works.</p><p class="story-body-text story-content" data-para-count="256" data-total-count="4584">If this disaster had happened in a period like 2009 or 2010, when the housing bust had left millions of people — especially construction workers — unemployed, the need to rebuild homes and businesses in Houston might have worked like stimulus spending.</p><button class="button comments-button  theme-speech-bubble-large" data-skip-to-para-id="">
</button>
<p class="story-body-text story-content" data-para-count="608" data-total-count="5192">But it’s not 2010 anymore. The unemployment rate among construction workers peaked at 27.1 percent in February 2010, but is now down to 4.9 percent. There aren’t a lot of qualified, idle construction workers. Perhaps the availability of well-paying jobs in rebuilding homes in Texas and in doing mold remediation work and other tasks that will be in high demand could even coax people into the labor force who have been on the sidelines. In that case, the effort that goes into rebuilding Houston may create a bit of a boost to G.D.P., even if much of it comes at the cost of economic activity elsewhere.</p><p class="story-body-text story-content" data-para-count="208" data-total-count="5400">The storm continues to wallop the Gulf Coast, and it’s premature to declare that the economy is in the clear. But the initial evidence suggests that the human damage is far greater than the economic damage.</p><footer class="story-footer story-content">
    <div class="story-meta">
                        <div class="story-info"><p><a href="http://www.nytimes.com/upshot/">The Upshot</a> provides news, analysis and graphics about politics, policy and everyday life. Follow us on <a href="https://www.facebook.com/upshot">Facebook</a> and <a href="http://twitter.com/UpshotNYT">Twitter</a>. Sign up for our <a href="http://www.nytimes.com/newsletters/upshot/">newsletter</a>.</p></div>

        
        <p class="story-print-citation">A version of this article appears in print on August 29, 2017, on Page B2 of the <span itemprop="printEdition">New York edition</span> with the headline: Hurricane Likely to Spare U.S. Economy From Wrath. <span class="story-footer-links">  <span><a href="http://www.nytreprints.com/" target="_blank">Order Reprints</a><span class="pipe">|</span></span>  <span><a href="http://www.nytimes.com/pages/todayspaper/index.html" target="_blank">Today's Paper</a><span class="pipe">|</span></span><span><a href="http://www.nytimes.com/subscriptions/Multiproduct/lp839RF.html?campaignId=48JQY" target="_blank">Subscribe</a></span>
</span>
</p>

    </div><!-- close story-meta -->
    <div class="upshot-share">
	<div id="upshot-sharetools" aria-label="tools" role="group" class="sharetools theme-classic  upshot-sharetools   nytint-upshot-stream-sharetools"
data-shares="facebook|,twitter|,email|,show-all|More"
data-url="https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html"
data-title="Markets Are Signaling That Hurricane Harvey Won’t Crush the Economy"
data-author="By NEIL IRWIN"
data-media="https://static01.nyt.com/images/2017/08/29/upshot/29up-markets/29up-markets-jumbo.jpg"
data-description="Examining how a disaster can affect the overall economy, we see why financial markets and economic forecasters are relatively sanguine."
	data-publish-date="August 28, 2017"
>
<div class="ad sharetools-inline-article-ad hidden nocontent robots-nocontent">
</div>
</div><!-- close shareTools -->
</div>
</footer>
        <a class="visually-hidden skip-to-text-link" href="#whats-next">Continue reading the main story</a>
    </div><!-- close story-body -->
    <div class="supplemental " id="supplemental-2">
    </div><!-- close supplemental -->
</div><!-- close story-body-supplemental -->

    
    <div class="reader-satisfaction-survey prompt feedback-prompt story-content hidden">
<a class="feedback-link" href="https://docs.google.com/forms/d/e/1FAIpQLSfLW30xgZodF1qRAg80oWEGuDpW-1HHaL0g42G3SmvB2f4lCw/viewform?entry.8537735=https://www.nytimes.com/2017/08/28/upshot/markets-are-signaling-that-hurricane-harvey-wont-crush-the-economy.html" target="_blank">
    <p class="feedback-message">We&#8217;re interested in your feedback on this page. <strong>Tell us what you think.</strong></p>
</a>
</div>

    <div id="storage-drawer" class="hidden">
        <div class="supplemental-sub-item" data-attribute-position="0" data-attribute-name="CombinedMarginalia" data-attribute-type="Related" data-attribute-subtype="">
    <aside class="marginalia related-combined-coverage-marginalia marginalia-item nocontent robots-nocontent" data-marginalia-type="sprinkled" role="complementary" module="Related-CombinedMarginalia">
    <div class="nocontent robots-nocontent">
                <header>
            <h2 class="module-heading">Related Coverage</h2>
        </header>
        <ul>
                                                <li><article class="story theme-summary ">
    <a class="story-link" href="https://www.nytimes.com/2017/08/25/upshot/will-the-republican-tax-bill-be-aimed-at-the-economic-past-or-the-future.html">

                    <div class="thumb">
                <img src="https://static01.nyt.com/images/2017/08/25/upshot/up-view/up-view-thumbStandard.jpg" role="presentation" alt="" />
                <div class="media-action-overlay"></div>
            </div>
        
        <div class="story-body">
                            <h3 class="kicker">ECONOMIC VIEW </h3>
                        <h2 class="headline">
                <span class="title">Will the Republican Tax Bill Be Aimed at the Economic Past, or the Future?</span>
                                    <time class="dateline">AUG. 25, 2017</time>
                                            </h2>
        </div>
    </a>
</article>
</li>
                                                                <li><article class="story theme-summary ">
    <a class="story-link" href="https://www.nytimes.com/2017/08/18/upshot/trump-says-more-jobs-will-help-race-relations-if-only-it-were-so-simple.html">

                    <div class="thumb">
                <img src="https://static01.nyt.com/images/2017/08/18/upshot/up-jobs/up-jobs-thumbStandard.jpg" role="presentation" alt="" />
                <div class="media-action-overlay"></div>
            </div>
        
        <div class="story-body">
                            <h3 class="kicker">SHARING THE PIE </h3>
                        <h2 class="headline">
                <span class="title">Trump Says More Jobs Will Help Race Relations. If Only It Were So Simple.</span>
                                    <time class="dateline">AUG. 18, 2017</time>
                                            </h2>
        </div>
    </a>
</article>
</li>
                                                                <li><article class="story theme-summary ">
    <a class="story-link" href="https://www.nytimes.com/2017/08/15/upshot/obamacares-bare-county-problem-looks-mostly-solved-for-now.html">

        
        <div class="story-body">
                            <h3 class="kicker">PUBLIC HEALTH </h3>
                        <h2 class="headline">
                <span class="title">Obamacare’s Bare County Problem Looks Solved, for Now</span>
                                    <time class="dateline">AUG. 15, 2017</time>
                                            </h2>
        </div>
    </a>
</article>
</li>
                                    </ul>
    </div>
</aside>
</div>
<div class="supplemental-sub-item" data-attribute-position="1" data-attribute-name="PaidPost" data-attribute-type="PaidPost" data-attribute-subtype="">
    <aside id='middle-right-paid-post-container' class='ad middle-right-ad paid-post-ad marginalia-item hidden nocontent robots-nocontent'>
    <h2 class='marginalia-heading'></h2>
    <ul class='story-menu'>
        <li id='MiddleRightPaidPost1' class='story-menu-item ad'></li>
        <li id='MiddleRightPaidPost2' class='story-menu-item ad'></li>
        <li id='MiddleRightPaidPost3' class='story-menu-item ad'></li>
        <li id='MiddleRightPaidPost4' class='story-menu-item ad'></li>
    </ul>
</aside>
</div>
<div class="supplemental-sub-item" data-attribute-position="2" data-attribute-name="Peek" data-attribute-type="Community" data-attribute-subtype="Recent">
    <aside class="marginalia comments-marginalia  selected-comment-marginalia" data-marginalia-type="sprinkled" data-skip-to-para-id="">
</aside>
</div>
<div class="supplemental-sub-item" data-attribute-position="3" data-attribute-name="Peek" data-attribute-type="Community" data-attribute-subtype="Featured">
    <aside class="marginalia comments-marginalia  featured-comment-marginalia" data-marginalia-type="sprinkled" data-skip-to-para-id="">
</aside>
</div>
<div class="supplemental-sub-item" data-attribute-position="4" data-attribute-name="Peek" data-attribute-type="Community" data-attribute-subtype="Prompt">
    <aside class="marginalia comments-marginalia  comment-prompt-marginalia" data-marginalia-type="sprinkled" data-skip-to-para-id="">
</aside>
</div>
    </div>

</article>
<section id="related-combined-coverage" class="related-combined-coverage nocontent robots-nocontent">
    <header class="section-header">
        <h2 class="section-heading">Related Coverage</h2>
    </header>
    <div class="section-body">
        <ol class="story-menu menu">
                                                <li><article class="story theme-summary ">
    <a class="story-link" href="https://www.nytimes.com/2017/08/25/upshot/will-the-republican-tax-bill-be-aimed-at-the-economic-past-or-the-future.html">
        <div class="story-body">
                            <h3 class="kicker">ECONOMIC VIEW </h3>
                        <h2 class="headline">
                <span class="title">Will the Republican Tax Bill Be Aimed at the Economic Past, or the Future?</span>
                                    <time class="dateline">AUG. 25, 2017</time>
                                            </h2>
        </div>

                    <div class="thumb">
                <img src="https://static01.nyt.com/images/2017/08/25/upshot/up-view/up-view-thumbStandard.jpg" role="presentation" alt="" />
                <div class="media-action-overlay"></div>
            </div>
            </a>
</article>
</li>
                                                                <li><article class="story theme-summary ">
    <a class="story-link" href="https://www.nytimes.com/2017/08/18/upshot/trump-says-more-jobs-will-help-race-relations-if-only-it-were-so-simple.html">
        <div class="story-body">
                            <h3 class="kicker">SHARING THE PIE </h3>
                        <h2 class="headline">
                <span class="title">Trump Says More Jobs Will Help Race Relations. If Only It Were So Simple.</span>
                                    <time class="dateline">AUG. 18, 2017</time>
                                            </h2>
        </div>

                    <div class="thumb">
                <img src="https://static01.nyt.com/images/2017/08/18/upshot/up-jobs/up-jobs-thumbStandard.jpg" role="presentation" alt="" />
                <div class="media-action-overlay"></div>
            </div>
            </a>
</article>
</li>
                                                                <li><article class="story theme-summary ">
    <a class="story-link" href="https://www.nytimes.com/2017/08/15/upshot/obamacares-bare-county-problem-looks-mostly-solved-for-now.html">
        <div class="story-body">
                            <h3 class="kicker">PUBLIC HEALTH </h3>
                        <h2 class="headline">
                <span class="title">Obamacare’s Bare County Problem Looks Solved, for Now</span>
                                    <time class="dateline">AUG. 15, 2017</time>
                                            </h2>
        </div>

            </a>
</article>
</li>
                                    </ol>
            </div>
</section>

<!-- While running BundlePayFlow test, hide this module if user is in test) -->
<script type="text/javascript">
            if (window.NYTD && window.NYTD.Abra && window.NYTD.Abra('www-STORY_3bundlePayflow-v3') === '1') {
            (function() {
                require(['foundation/main'], function () {
                    require(['jquery/nyt', 'foundation/models/user-data'], function ($, userData) {
                        if (!userData.hasSynced) {
                            userData.on('change', function() {
                               checkSubStatus();
                            });
                        } else {
                            checkSubStatus();
                        }

                        function checkSubStatus() {
                            if (!userData.isHomeDeliverySubscriber() &&
                                !userData.isWebSubscriber() &&
                                !userData.isMobileSubscriber() &&
                                !userData.isTabletSubscriber()) {
                                    var relatedCoverage = document.querySelector('.related-combined-coverage');
                                    if (relatedCoverage && relatedCoverage.parentNode) {
                                        relatedCoverage.parentNode.removeChild(relatedCoverage);
                                    }
                            }
                        }
                    });
                });
            })();
        }
    </script>
<aside class="module trending-module hidden nocontent robots-nocontent" data-truncate-enabled="true"></aside><section id="whats-next" class="whats-next nocontent robots-nocontent">
    <h2 class="visually-hidden">What's Next</h2>
    <div class="nocontent robots-nocontent">
        <div class="loader-container">
            <div class="loader loader-t-logo-32x32-ecedeb-ffffff"><span class="visually-hidden">Loading...</span></div>
        </div>
    </div><!-- close nocontent -->
</section>
<div id="TopAd1" class="text-ad bottom-left-ad nocontent robots-nocontent"></div>
<div id="Top5" class="ad top5-ad hidden nocontent robots-nocontent"></div>
       <section class="module bundle-payflow-module">    <div class="bundle-payflow hidden"></div> <!-- end bundle-payflow -->
</section>


                    <div class="search-overlay"></div>
            </main><!-- close main -->
            <section id="site-index" class="site-index">
    <header class="section-header">
        <p class="user-action"><a href="https://www.nytimes.com/">Go to Home Page &raquo;</a></p>
        <h2 class="section-heading">
            <span class="visually-hidden">Site Index</span>
            <a id="site-index-branding-link" href="https://www.nytimes.com/">
                <span class="visually-hidden">The New York Times</span>
            </a>
        </h2>
        <script>window.magnum.writeLogo('small', 'https://g1.nyt.com/assets/article/20180212-210559/images/foundation/logos/', '', '', 'standard', 'site-index-branding-link', '');</script>
    </header>

    <nav id="site-index-navigation" class="site-index-navigation" role="navigation">
        <h2 class="visually-hidden">Site Index Navigation</h2>
        <div class="split-6-layout layout">

                                                        
                    <div class="column">
                        <h3 class="menu-heading">News</h3>
                        <ul class="menu">

                                                                                                                                                                                    
                                    <li>
                                        <a href="https://www.nytimes.com/section/world">World</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/us">U.S.</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/politics">Politics</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/nyregion">N.Y.</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/business">Business</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/technology">Tech</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/science">Science</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/health">Health</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/sports">Sports</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/education">Education</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/obituaries">Obituaries</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/pages/todayspaper/index.html">Today's Paper</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/corrections">Corrections</a>
                                    </li>

                                                            
                        </ul>
                    </div><!-- close column -->

                                            
                    <div class="column">
                        <h3 class="menu-heading">Opinion</h3>
                        <ul class="menu">

                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/pages/opinion/index.html">Today's Opinion</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/opinion/columnists">Op-Ed Columnists</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/opinion/editorials">Editorials</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/opinion/contributors">Op-Ed Contributors</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/opinion/letters">Letters</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/opinion/sunday">Sunday Review</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/video/opinion">Video: Opinion</a>
                                    </li>

                                                            
                        </ul>
                    </div><!-- close column -->

                                            
                    <div class="column">
                        <h3 class="menu-heading">Arts</h3>
                        <ul class="menu">

                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/arts">Today's Arts</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/arts/design">Art & Design</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/books">Books</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/arts/dance">Dance</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/movies">Movies</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/arts/music">Music</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/events/">N.Y.C. Events Guide</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/arts/television">Television</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/theater">Theater</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/video/arts">Video: Arts</a>
                                    </li>

                                                            
                        </ul>
                    </div><!-- close column -->

                                            
                    <div class="column">
                        <h3 class="menu-heading">Living</h3>
                        <ul class="menu">

                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/automobiles">Automobiles</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/crosswords">Crossword</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/pages/dining/index.html">Food</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/education">Education</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/fashion">Fashion & Style</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/health">Health</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/jobs">Jobs</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/magazine">Magazine</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/events/">N.Y.C. Events Guide</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/realestate">Real Estate</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/t-magazine">T Magazine</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/travel">Travel</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/fashion/weddings">Weddings & Celebrations</a>
                                    </li>

                                                            
                        </ul>
                    </div><!-- close column -->

                                            
                    <div class="column">
                        <h3 class="menu-heading">Listings & More</h3>
                        <ul class="menu">

                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/reader-center">Reader Center</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/ref/classifieds/">Classifieds</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/marketing/tools-and-services/">Tools & Services</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/events/">N.Y.C. Events Guide</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/section/multimedia">Multimedia</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://lens.blogs.nytimes.com/">Photography</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/video">Video</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://store.nytimes.com/?action=click&contentCollection=NYT%20Store&contentPlacement=2&module=SectionsNav&pgtype=Homepage&region=TopBar&t=qry542&utm_campaign=NYT-HP&utm_content=hp_browsetree&utm_medium=HPB&utm_source=nytimes&version=BrowseTree">NYT Store</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/times-journeys/?utm_source=nytimes&utm_medium=HPLink&utm_content=hp_browsetree&utm_campaign=NYT-HP">Times Journeys</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/seeallnav">Subscribe</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="https://www.nytimes.com/membercenter">Manage My Account</a>
                                    </li>

                                                                                            
                                    <li>
                                        <a href="http://www.nytco.com">NYTCo</a>
                                    </li>

                                                            
                        </ul>
                    </div><!-- close column -->

                            
            <div class="column last-column">
                
<h3 class="menu-heading">Subscribe</h3>

<ul class="menu primary-menu">
    <li class="menu-label">Subscribe</li>
    <li class="home-delivery">
        <i class="icon sprite-icon"></i>
                    <a class="nyt-home-delivery" href="https://www.nytimes.com/hdleftnav">Home Delivery</a>
            </li>
    <li class="digital-subscriptions">
        <i class="icon sprite-icon"></i>
                    <a class="digital-subscription" href="https://www.nytimes.com/digitalleftnav">Digital Subscriptions</a>
            </li>
    <li class="nyt-crossword last-item">
        <i class="icon sprite-icon"></i>
        <a id="nyt-crossword" href="https://www.nytimes.com/crosswords/index.html">Crossword</a>
    </li>
</ul>

<ul class="menu secondary-menu">

    <li class="email-newsletters">
        <a href="https://www.nytimes.com/marketing/newsletters">Email Newsletters</a>
    </li>
    <li>
        <a href="https://myaccount.nytimes.com/mem/tnt.html">Alerts</a>
    </li>
    <li class="gift-subscription">
                    <a href="https://www.nytimes.com/giftleftnav">Gift Subscriptions</a>
            </li>
    <li>
                    <a href="https://www.nytimes.com/corporateleftnav">Group Subscriptions</a>
            </li>
    <li>
                    <a href="https://www.nytimes.com/educationleftnav">Education Rate</a>
            </li>

</ul>
<ul class="menu secondary-menu">
    <li>
        <a href="https://www.nytimes.com/services/mobile/index.html">Mobile Applications</a>
    </li>
    <li>
                    <a href="http://eedition.nytimes.com/cgi-bin/signup.cgi?cc=37FYY">Replica Edition</a>
            </li>
    
</ul>
            </div><!-- close column -->

        </div><!-- close split-6-layout -->

    </nav><!-- close nav -->

</section><!-- close site-index -->

            <footer id="page-footer" class="page-footer" role="contentinfo">
    <nav>
        <h2 class="visually-hidden">Site Information Navigation</h2>
         <ul>
             <li>
                <a href="https://www.nytimes.com/content/help/rights/copyright/copyright-notice.html" itemprop="copyrightNotice">
                    &copy; <span itemprop="copyrightYear">2018</span><span itemprop="copyrightHolder provider sourceOrganization" itemscope itemtype="http://schema.org/Organization" itemid="http://www.nytimes.com"><span itemprop="name"> The New York Times Company</span><meta itemprop="tickerSymbol" content="NYSE NYT"/></span>
                </a>
            </li>
            <li class="visually-hidden"><a href="https://www.nytimes.com">Home</a></li>
            <li class="visually-hidden"><a href="http://query.nytimes.com/search/sitesearch/#/">Search</a></li>
            <li class="visually-hidden">Accessibility concerns? Email us at <a href="mailto:accessibility@nytimes.com">accessibility@nytimes.com</a>. We would love to hear from you.</li>
            <li class="wide-viewport-item"><a href="https://www.nytimes.com/ref/membercenter/help/infoservdirectory.html">Contact Us</a></li>
            <li class="wide-viewport-item"><a href="http://www.nytco.com/careers">Work With Us</a></li>
            <li class="wide-viewport-item"><a href="http://nytmediakit.com/">Advertise</a></li>
            <li class="wide-viewport-item"><a href="https://www.nytimes.com/content/help/rights/privacy/policy/privacy-policy.html#pp">Your Ad Choices</a></li>
            <li><a href="https://www.nytimes.com/privacy">Privacy</a></li>
            <li><a href="https://www.nytimes.com/ref/membercenter/help/agree.html" itemprop="usageTerms">Terms of Service</a></li>
            <li class="wide-viewport-item last-item"><a href="https://www.nytimes.com/content/help/rights/sale/terms-of-sale.html">Terms of Sale</a></li>
         </ul>
    </nav>
    <nav class="last-nav">
        <h2 class="visually-hidden">Site Information Navigation</h2>
        <ul>
            <li><a href="http://spiderbites.nytimes.com">Site Map</a></li>
            <li><a href="https://www.nytimes.com/membercenter/sitehelp.html">Help</a></li>
            <li><a href="https://myaccount.nytimes.com/membercenter/feedback.html">Site Feedback</a></li>
            <li class="wide-viewport-item last-item"><a href="https://www.nytimes.com/subscriptions/Multiproduct/lp5558.html?campaignId=37WXW">Subscriptions</a></li>
        </ul>
    </nav>
</footer>
        </div><!-- close page -->
    </div><!-- close shell -->
        <script src="https://tags.bluekai.com/site/50550?ret=js&limit=1" type="text/javascript" async></script>
            <script src="https://cdn.optimizely.com/public/3013110282/s/article_prod.js" type="text/javascript" async></script>
    <script>
require(['foundation/main'], function () {
    require(['story/main']);


         

    require(['jquery/nyt', 'foundation/views/page-manager'], function ($, pageManager) {
        if (window.location.search.indexOf('disable_tagx') > 0) {
            return;
        }
        $(document).ready(function () {
            require(['https://a1.nyt.com/analytics/json-kidd.min.js'], function () {
                pageManager.trackingFireEventQueue();
            });
        });
    });
});
</script>
<!--esi                                                                                                                    
<esi:include src="/appconfig/https/show-modal.js" />                                                                       
-->

    <div id="Inv1" class="ad inv1-ad hidden"></div>
<div id="Inv2" class="ad inv2-ad hidden"></div>
<div id="Inv3" class="ad inv3-ad hidden"></div>
<div id="ab1" class="ad ab1-ad hidden"></div>
<div id="ab2" class="ad ab2-ad hidden"></div>
<div id="ab3" class="ad ab3-ad hidden"></div>
<div id="prop1" class="ad prop1-ad hidden"></div>
<div id="prop2" class="ad prop2-ad hidden"></div>
<div id="Anchor" class="ad anchor-ad hidden"></div>
<div id="ADX_CLIENTSIDE" class="ad adx-clientside-ad hidden"></div>
</body>
</html>
