There are at least 200,000 homes along the coast from Florida to North Carolina at risk of damage from the storm surge alone from Hurricane Matthew. Even if Matthew is downgraded to a category 1 storm, repairing and replacing those homes would cost $43 billion, according to Corelogic. Should it remain a categoy 3 storm, the surge could affect an additional 300,000 homes, which would cost an additional $60 billion. That would make Matthew among the most expensive storms in U.S. history. Right now the costliest storm was Katrina in 2005, which caused $154 billion in damages. The Labor Department will release September jobs numbers today. Most economists are forecasting between 165,000 to 175,000 new jobs, down from July’s hiring binge that created 275,000. Today’s numbers could impact the election as well as the Federal Reserve policy on interest rates. Overnight, the British Pound plummeted 6%. Market speculation was that the rapid decline was caused by a wrongly entered trade since there was no news behind the sell-off.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
