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NEW YORK — The impact of Hurricane Sandy has the potential of extending to holiday sales as a battered supply chain comes back online. The New York Times on Monday featured a story on those recovery efforts, noting that in addition to shutting down shipping terminals Hurricane Sandy impacted warehouses and distribution centers and slowed down delivers across the Northeast as delivery drivers contended with closed roads and gasoline shortages.
And the impact could be great — the Northeast corridor is responsible for $3 trillion in output, equivalent to 20% of the gross domestic product, the New York daily noted.
"The supply chain is backing up at a crucial time, just as retailers normally bring their final shipments into stores for the holiday shopping season, which retailers depend on for annual profitability," the New York Times report read. "Many economists expect the storm to shave up to half a percentage point from growth in the fourth quarter. That is a big reduction, with growth estimated to reach an annual rate of 1% to 2% before the storm, and the economy facing other significant headwinds, including fiscal uncertainty in Washington."
For the complete report, click here.