Hurricane Irma is now among the top 4 strongest hurricanes on record, with winds clocked at over 185 mph. Our thoughts go out to everyone affected, and it’s definitely a bad one. Hurricane Andrew hasn’t been talked about in a while, now the memories are flooding back. In gold price news: this highly-potent natural disaster could have a vast effect on the metal.
One side effect from last week’s Hurricane Harvey in Texas was this morning’s jobs report, where initial jobless claims rose by 62,000 to 298,000. This makes sense as a lot of temporary workers and laborers simply don’t have a place to work right now.
Once insurance money starts flowing toward Texas, we would expect to see an influx of building trades-people. In years past, rebuilding drew a lot of talent toward affected areas. Here in upstate NY, the big hurricanes in the mid-1990s drew quite a few roofers, carpenters and other home builders down south, and many stayed. This led to a lack of supply in building talent, which drove up prices. Yes, the usual economic forces still work just fine, even in modern times.