Morning Brief: The economic myth about hurricanes
Friday, September 14, 2018
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What to watch today
Friday comes with a nice cross section on the U.S. economy. At 8:30 a.m. ET, we’ll get the August retail sales report. Economists estimate sales climbed 0.4% month-over-month, or 0.5% excluding autos and gas. The August industrial production report, which will be released at 9:15 a.m., is expected to show activity increased by 0.3% during the month. At 10 a.m., we’ll get the preliminary University of Michigan consumer sentiment report. Economists expect the index to have increased to 96.6 in September from 96.2 in August.
Top news
(AP Photo/Tom Copeland)
The economic myth about hurricanes: Once Hurricane Florence has subsided, billions in recovery aid will flood into the impact zone. News reports will most likely claim the buzz of new activity will stimulate the local economy. But that’s nonsense. Hurricanes and other natural disasters destroy value, on the whole, and normally cause an economic setback — not a boom. [Yahoo Finance]
Sears’ same-store sales losses narrow: Sears Holdings Corp. (SHLD) reported a smaller decline in quarterly same-store sales, but warned again that there is doubt about the company’s continued operation as it awaits approval to sell some of its businesses to its chief executive’s hedge fund. [Reuters]
First passenger signs up for moon trip on SpaceX: Elon Musk’s rocket company signed up its first passenger for a flight around the moon, taking a giant leap toward commercializing space travel. The person’s identity will be revealed on Sept. 17, Space Exploration Technologies Corp. said in a tweet. [Bloomberg]
Adobe sales forecast beats estimates: Adobe Systems Inc. (ADBE), the maker of Photoshop, gave a sales forecast that topped analysts’ estimates, signaling that strong demand for its creative products continues to drive growth, even as the company pushes more into software for businesses. [Bloomberg]
VW to stop making iconic Beetle: After selling it on and off in the U.S. for nearly seven decades, Volkswagen has decided to squash its iconic Beetle. The company’s American unit announced that it would end global production of the third-generation bulbous bug in July of next year. [AP]
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