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					<h1 class="entry-title">Is Hurricane Harvey worth worrying about?</h1>
					<div class='entry-meta'><p class="author">By <a href="https://www.macrobusiness.com.au/author/david/" rel="author" class="fn" title="View all posts by Houses and Holes">Houses and Holes</a> in <a href="https://www.macrobusiness.com.au/category/australian-economy/" title="View all posts in Australian Economy">Australian Economy</a></p><p class='time-comments-num'><time class="updated" datetime="2017-08-29T10:39:39+00:00">at 10:39 am on August 29, 2017</time><span class=''> | <a class='comment-number ' href='https://www.macrobusiness.com.au/2017/08/hurricane-harvey-worth-worrying/#comments' title=' View Is Hurricane Harvey worth worrying about? Comments'>0 comments</a></span></p></div>				</header>
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			<p>In short, no. Via Citi:</p>
<blockquote><p> Natural disasters often have substantive local impact but less of a national effect. Hurricane Katrina left a devastating wake with an estimated $160 billion cost and a blow to the Bush administration for its seemingly sloppy response while Hurricane Sandy was awful as well (estimated at $75 billion). Harvey has lacked a “storm surge” thereby limiting its damage generation despite the deaths already incurred and the tremendous flooding wreaking havoc in Houston and surrounding areas. The historic rainfall will likely cause a sharp slowdown in regional business trends as people stay home or in shelters rather than go about their normal course of activity, with submerged roads and highways, halted rail and air traffic plus ports being closed down.</p>
<p> The exogenous nature of these storms makes it difficult to calculate in simple economic terms, especially in light of the human toll and regional pain, but the size and breadth of the US economy must be kept in mind. Refining operation shutdowns could cause a near-term upward spike in gasoline prices and even some chemical commodities, but repair/rebuild work should add to future quarters of GDP and thus any lost business in 3Q17 will be made up for in the future. Some industries sadly benefit from these highly disruptive and destructive forces as the reconstruction efforts take place in the months ahead.</p>
<p> These tragedies are generally viewed by the Street as nonrecurring events with no significant equity market effects. Without trying to diminish the devastating consequences of such weather, the stock market typically does not get roiled even when Sandy knocked out much of lower Manhattan in 2012 with power outages lasting as long as two-to-three weeks in areas of Long Island and New Jersey. Yet, the broader country’s GDP was not affected in a very meaningful way.</p>
<p> Equities are still likely to be focused on earnings trends and Fed policy initiatives. One of the strange aspects to the equity market rally since 2009 has been the exit of US-oriented equity fund flows. There have been nearly $150 billion of cumulative outflows via combined domestic mutual funds and exchange traded funds (on a net basis) since 2009, despite a more than tripling of the S&amp;P 500 off of its March low that year. In this context, one could easily argue that investors have been scaling cliffs of concern with the latest tragic hurricane headlines adding to the next set of woes. Yet, it is unlikely that Harvey will be the event to force share prices lower.</p>
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<p>At least, not in terms of stocks. Climate, on the other hand&#8230;</p>
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<li><a href="https://www.macrobusiness.com.au/damien-klassen/">Damien Klassen</a></li>
<li><a href="http://www.macrobusiness.com.au/david-llewellyn-smith/">David Llewellyn-Smith</a></li>
<li><a href="http://www.macrobusiness.com.au/deep-t/">Deep T.</a></li>
<li><a href="http://www.macrobusiness.com.au/delusional-economics/">Delusional Economics</a></li>

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