August 28, 2017 / 7:28 PM / 2 years ago

Harvey's net impact on U.S. growth 'very small': J.P. Morgan

Interstate highway 45 is submerged during widespread flooding in Houston. REUTERS/Richard Carson

NEW YORK (Reuters) - Harvey, the most powerful storm to hit Texas in more than 50 years, would have a modest impact on overall U.S. economic activity in the third and fourth quarter, a J.P. Morgan economist said on Monday.

Based on the bank’s own and outside research, which estimated physical damage from Harvey could cost $10 billion to $20 billion, or 0.1 percentage point of gross domestic product, “we believe the overall impact on GDP in Q3 and Q4 will be quite small, consistent with the historical experience,” J.P. Morgan economist Michael Feroli wrote in a research note.

Reporting by Richard Leong; Editing by Meredith Mazzilli

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