The economy grew at a 3% pace between April and June, and President Trump promises that tax reform will enable the economy and wages to grow more. But the devastation from Harvey could absolutely slow things down. AccuWeather is predicting Harvey will be more expensive than hurricanes Katrina and Rita combined.
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The aftermath has been devastating. Overnight, a chemical plant in Crosby, Texas, about a half-hour from Houston, exploded, sending fumes and toxins into the air.
And while the two main airports in Houston are running on a limited schedule, the ports remained closed to shipping traffic. The oil refiners and pipelines are in jeopardy. Some estimates say a 25% of U.S. refining activity is shut down. Gas prices spiked overnight another four cents.
Wall Street is taking it in stride with the Dow adding 27 points yesterday.