Irma

Global disaster costs in 2017 to hit $306 billion

Zurich - Muslimchronicle

Total economic losses from natural and man-made disasters in 2017 are estimated to be $306 billion, up from $188 billion last year, reinsurance firm Swiss Re said Wednesday. "The US was hardest hit, including by hurricanes Harvey, Irma and Maria, which have made 2017 the second costliest hurricane season" after 2005, the company said. source: AFPRead more

US jobless claims up less than expected as labor market tightens

Washington - Muslimchronicle

The number of Americans filing for unemployment benefits increased less than expected last week, suggesting the labor market continued to tighten after recent hurricane-related disruptions. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 233,000 for the week ended October 21, the Labor Department said on Thursday. Claims fell to 223,000 in the prior week, which wasRead more

Hotelier IHG reports revenue growth slowdown in Americas after hurricanes

Bengaluru - Muslimchronicle

InterContinental Hotels Group (IHG) reported a slowdown in revenues in its Americas business on Friday, due to the affects of Hurricanes Harvey and Irma on the regional business. Revenue per available room (RevPAR), a key industry measure, at its Americas business rose 0.8 percent in the three months ended Sept. 30, compared with a 1.1 percent rise in the secondRead more

US wages fail to rise despite 'widespread' labor scarcity

Washington - Muslimchronicle

There are scant signs of inflation and wages for American workers remain stubbornly low despite "widespread" labor shortages, according to a US Federal Reserve survey published Wednesday. Growth in the world's largest economy also continued nationwide between September and early October at a pace "split between modest and moderate" while temporary disruptions from Hurricanes Harvey and Irma persisted, according toRead more

US home construction hits one-year low in September

Washington - Muslimchronicle

Construction of new US homes fell to a one-year low in September as hurricane-damaged housing markets struggled to recover from back-to-back hurricanes in August and September, government data showed Wednesday. However, US regions not affected by Hurricanes Harvey and Irma also saw steep drops in home building. After nearly a decade of economic recovery, economists say rising wages and steadyRead more

Hurricanes Harvey, Irma expected to dim US jobs growth in short term

Washington - Muslimchronicle

US job growth probably slowed further in September as Hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring, the latest indication that the storms undercut economic activity in the third quarter. According to a Reuters survey of economists, the Labor Department’s closely watched employment report on Friday will likely show that nonfarm payrolls increased by 90,000 jobsRead more

Lloyd’s of London expects $4.5bn in losses from Harvey, Irma

London - Muslimchronicle

Lloyd’s of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability. Although losses from natural catastrophes have been low in recent years, including in the first half of 2017, that is set to change in the second half of the year, Lloyd’s chief executiveRead more

Weekly US jobless claims spike as hurricanes' effects persist

Washington - AFP

New US claims for jobless benefits jumped in late September as the aftermath of hurricanes Harvey and Irma continued to disrupt economic hubs in Texas and Florida, official figures showed Thursday. Despite the rise, a record streak of low levels of new claims remained unbroken, pointing to the resilience of labor markets amid strong job creation and low unemployment. ForRead more

Hurricane Maria bears down on battered Caribbean

New York - Muslimchronicle

Caribbean island nations still recovering from Irma are bracing for a third hurricane strike in two weeks, while the U.S. Northeast is expected to take a glancing shot from Hurricane Jose. Hurricane Maria with top winds of 120 miles per hour, was 60 miles east of Martinique and bearing down on Dominica and Guadeloupe in the Caribbean's Leeward Islands, theRead more

Residents return to storm-ravaged Florida Keys

Islamorada - Muslimchronicle

Residents of the Florida Keys ravaged by Hurricane Irma, which has left at least 12 dead statewide, discovered scenes of desolation as they returned home Tuesday amid a massive operation to restore electricity to millions of people still without power in three southern US states. As emergency workers picked through the rubble, Irma's death toll in Florida rose from anRead more