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 </div> <div id="adBanner"><div id="ad_bnr_atf_01"></div></div> <main class="container js-social-anchor-start" role="main"> <header> <div class="row"> <div class="column"> <div class="breadcrumb"> </div> <h1 class="article-title speakable">Hurricanes will probably hurt the economy, but not for long</h1> <style>
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 </div> </div> <div class="row"> <div class="column share-byline-timestamp"> <span class="byline-timestamp"> <span id="js-byline-icon"> </span> <span class="cnnbyline "> <span class="byline">by Jill Disis </span>&nbsp; <a href="https://twitter.com/intent/user?screen_name=jdisis" class="soc-twtname">@jdisis</a> </span> <span class="cnnDateStamp"> September 11, 2017: 11:42 AM ET </span> </span> <div class="share-tools share-tools--main" id="js-sharebar-main"></div> </div> </div> </header> <div class="row two-columns-fixed-rr"> <section class="column"> <article class="module"> <div id="storycontent" > <!--storytext--> <div id="storytext"> <div id="js-ie-storytop" class="ie--storytop"> <script type="text/javascript"> vidConfig.push({ videoArray : [ {id : "/video/news/2017/09/11/irma-monday-update.cnnmoney", collection: "", hed : "Irma heads northwest, flooding continues"}, {id : "/video/news/2017/09/14/irma-destruction-caribbean-orig.cnnmoney", collection: "Hurricane Irma", hed : "Irma\'s destructive path through the Caribbean"}, {id : "/video/news/2017/09/13/irma-destruction-florida-keys-orig.cnnmoney", collection: "Hurricane Irma", hed : "Widespread destruction in the Florida Keys "}, {id : "/video/news/2017/09/10/hurricane-irma-wrath-on-florida.cnnmoney", collection: "Hurricane Irma", hed : "See Hurricane Irma\'s wrath hit Florida "}, {id : "/video/news/2017/09/10/hurricane-irma-skyline-slammed-100mph-winds.cnnmoney", collection: "Hurricane Irma", hed : "Miami skyline slammed by 100 mph winds"}, {id : "/video/news/2017/09/08/hurricane-irma-destruction-caribbean-orig.cnnmoney", collection: "Hurricane Irma", hed : "Hurricane Irma\'s trail of destruction"}, {id : "/video/news/2017/09/07/hurricane-irma-florida-prepares-orig.cnnmoney", collection: "Hurricane Irma", hed : "Florida begins to evacuate and prepare for Irma"}, {id : "/video/news/2017/09/08/irma-florida-fuel-trucks.cnnmoney", collection: "Hurricane Irma", hed : "Fuel trucks get Florida Highway Patrol escort"}, {id : "/video/technology/business/2017/09/07/spacex-launches-air-force-spacecraft.cnnmoney", collection: "Hurricane Irma", hed : "SpaceX launches secretive space plane"}, {id : "/video/news/2017/09/05/hurricane-irma-space-nasa.cnnmoney", collection: "Hurricane Irma", hed : "Space station gets a look at Hurricane Irma"}, {id : "/video/news/2017/09/07/devastating-atlantic-hurricanes.cnnmoney", collection: "Hurricane Irma", hed : "The fiercest Atlantic hurricanes"}, {id : "/video/news/2017/09/06/hurricane-irma-caribbean-orig.cnnmoney", collection: "Hurricane Irma", hed : "Wrath of Hurricane Irma on the Caribbean"} ], loc : 'top', autoplay : true, playerprofile : 'story', playerid : 'cvp_story_0', hedtarget : '#cnnplayer0 .cnnHeadline', divid : 'vid0' }); </script> <div class="cnnplayer" id="cnnplayer0"> <div class="cnnVidplayer"> <div class="summaryImg" id="vid0" href="/video/news/2017/09/06/hurricane-irma-caribbean-orig.cnnmoney" onclick="javascript:VideoPlayerManager.playVideos('cvp_story_0'); return false;"> <img src="http://i2.cdn.turner.com/money/dam/assets/170911082813-42-irma-florida-0910-1024x576.jpg" width="780" height="439" alt="Irma heads northwest, flooding continues" border="0" /> <span class="button video-play"><i class="icon icon--type-video"></i></span> </div> </div> <div class="cnnVidFooter"> <div class="js-vid-hed-cvp_story_0 cnnHeadline">Irma heads northwest, flooding continues</div> <div class="js-vid-countdown-cvp_story_0 countdown"></div> </div> </div> </div> <div class="share-tools share-tools--floater" id="js-sharebar-floater"></div>
 <h2 class="speakable">The back-to-back hurricanes that slammed the United States will probably make a dent in the economy, too.</h2> <p class="speakable"> That's according to Goldman Sachs, which says economic growth could slow by almost a full percentage point during the third quarter because of damage caused by Harvey and Irma. Goldman cut its forecast from 2.8% to 2%. </p> <div id="ie_column"> </div> <p class="speakable"> Economic growth came in at 3% last quarter, <a href='http://money.cnn.com/2017/08/30/news/economy/gdp-second-quarter-economy-3-percent/index.html'>the fastest pace in two years</a>. It was also more than double the pace of the first three months of 2017. </p> <p> <a href='http://money.cnn.com/2017/09/10/news/economy/hurricane-irma-harvey-economic-damage/index.html'><span class='inStoryHeading'>Related: The U.S. has been hit by two giant hurricanes. Here's the financial toll</span></a> </p> <p> Harvey, which flooded parts of Texas and Louisiana last month, is expected to be one of the costliest natural disasters ever in the United States. Moody's Analytics estimates it caused as much as $108 billion in economic and property damage. </p> <div id="ad_nat_btf_03"></div> <p> Damage caused by Irma, meanwhile, will be much less than feared, according to Goldman. </p> <p> Any dip in the economy will likely be temporary. And hurricane recovery efforts should help the economy rebound. Goldman Sachs raised its economic growth forecasts for the next three quarters and said that would more than make up for what was lost. </p> <p> The recovery should include higher wages in construction, where workers are already hard to find, said Peter Boockvar, a chief market analyst at the Lindsey Group. </p> <p> "If you have the skills, there is now plenty of work for you in Texas and Florida," he said. </p> <div id="storyFooter"></div> <div class="clearfix"></div> <div class="storytimestamp"> <span class="cnnStorySource"> CNNMoney (New York) </span> <span class="cnnDateStamp">First published September 11, 2017: 10:07 AM ET</span> </div> </div> <!--/storytext--> <div class="foot"> <div id="postedin"></div> <div class="clearFloat"></div> </div> </div> </article> <div class="cnnoutbrain outbrain-recommended" id="js-outbrain-recommended"></div>
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