Trump warns hurricanes will hit US economy

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INDIANAPOLIS: President Donald Trump on Wednesday warned that a series of deadly hurricanes will trim US third quarter growth, hinting it may fall short of his three percent target.

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“GDP growth last quarter reached three percent, way ahead of schedule,” Trump said, as he unveiled ambitious tax cuts in Indiana.

“This quarter, I believe, would have been better, but the hurricanes will have an impact,” he added. “It would have been, in my opinion, even better.”

A series of storms have cut through the southeast United States, leaving parts of Houston—the country’s petrochemical hub—under water and battering Florida.

In Puerto Rico, Hurricane Maria has made food, water and fuel scarce.

The Federal Reserve has warned that the impact of the three hurricanes will complicate short-term economic forecasts.

Storms normally depress economic activity as they hit, but business then picks up as the recovery takes hold and infrastructure spending resumes.

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