Lower Manhattan continues to slog through another day without electricity, and it's taking a toll on businesses that have been shuttered since the storm hit. No electricity means no lights, no credit card machines, no heating and no refrigerators to keep food fresh, so local shops and restaurants are waiting desperately for the power to turn back on.
Originally published on Thu November 1, 2012 3:09 pm
Credit Jeff Cohen for NPR
Connecticut Gov. Dannel Malloy wrapped up a post Hurricane Sandy news briefing earlier this week by talking about sewage discharges into Long Island Sound. "Suffice to say in the immediate time being, no one should eat the clams or oysters," he said.
That's right. Because of water quality issues, the state put a temporary stop to oyster farming, but that's usually a short-term thing and it happens fairly regularly after a big storm.
Three closely watched employment indicators are out this morning:
-- Unemployment Benefits. There were 363,000 first-time claims for jobless benefits last week, down from 372,000 the week before, the Employment and Training Administration says. So, as they have all year, claims remain in a range between 350,000 and 400,000.
Switzerland, which is almost synonymous with secretive banking, is looking for more staff to handle a flood of new requests from other countries that are looking for tax cheats. Last year the number of inquiries from overseas tax authorities almost doubled, to more than 700.
Sandy is likely to go down as one of the costliest storms in U.S. history. The initial estimates of the losses are anywhere from $20 billion to $50 billion. But as NPR's Jim Zarroli reports, the impact on the economy is more complicated than it may appear. Some companies will even make money.
JIM ZARROLI, BYLINE: Economist Greg Daco has been tallying the potential costs of Hurricane Sandy and he says there's no question it's going to hurt the economy more than it will help it.
Japanese TV maker Sharp on Thursday doubled its expected net loss for the year to more than $5 billion. The company also raised concerns about its ability to survive on its own. The news comes a day after another Japanese tech giant, Panasonic, forecast a nearly $10 billion loss for the year.
Note: This story was originally published on Oct. 30. It was updated on Nov. 1 to include a radio version of the story.
The stock market, according to a popular narrative, is now just computers making superfast trades with other computers. Those pictures of traders getting emotional on the floor of the New York Stock Exchange are an anachronism. The real action flashes through fiber-optic cables headed for servers in places like Kansas City. It's algorithms all the way down.