WASHINGTON (MarketWatch) — Hurricane Sandy contributed to negative readings for both Philadelphia- and New York-area manufacturing gauges in November, demonstrating the disruption the storm took on economic activity in the Northeast.— Marketwatch.com
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Jobless claims also came in much higher than expected. But, most of these readings reflect the disruptions from Sandy, we should see some recovery in the weeks to come.
The economy has been hit with an acute exogenous shock in the Sandy and is also faced with additional strengthening shocks from increasing worry over the fiscal cliff and a double-dipping Eurozone economy. Certainty the economy’s meddle will be tested over the short-term.