As Florida prepares for the devastation of another powerful storm, Hurricane Milton's economic consequences could be felt throughout the U.S. economy.

The Category 3 storm is expected to make landfall in central Florida late Wednesday evening. According to an analysis from Oxford Economics, approximately 2.8% of the U.S. Gross Domestic Product (GDP) is in Milton's path. Parts of Florida and its southeast neighb🐓ors are still recovering from damages caused by Hurricane Helene nearly two weeks ago.

The damage from the powerful hurricane could be a drag on fourth-quarter GDP, though the true economic impact of storm damage can be difficult to estimate, Oxford analysts said. An estimate from Jeffries anticipated tens of billions 🅰of dollars in property damage and los💜t business from the storm. 

“The economic costs o🦩f Milton are highly uncertain, and 💙hopefully, the storm isn’t as bad as feared,” wrote Ryan Sweet, chief economist at Oxford Economics.

This Fed Officiไal Is Keeping An Eye on the Hurricane

Atlanta Federal Reserve Bank President Raphael Bostic said at an event Tuesday that he was monitoring the economic ramifications of Hurricanes Helene and Milton. The 澳洲幸运5开奖号码历史查询:Federal Reserve Bank of Atlanta district includes Florida, Ge▨orgia, and parts of Tennessee, Louisiana, and Mississippi.

“I’m hopeful that Milton does not inflict the same sort of carnage that Helene did,” Bostic said of the storms. “Those also have significant implications on how the economy is going to perform, and these things are out of the Federal Reserve's hand. What we have to do is make sure we're ready.”

Already, the 澳洲幸运5开奖号码历史查询:eꦐconomic consequeᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚnces of Hurricane Helene are expected to reduce October employment numbers by 40,000 to 50,000, and Milton will likely add to those totals, the🔴 Oxford 𒅌Economics report said.

Bostic said the economic effects of the hurricanes could persist for six months or more and the Federal Reserve will need to formulate an a⭕ppropriate policy strategy to respond.