Experts: Storm Could Cut US Economic Growth Rate

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Gregory Daco, of IHS Global Insight said rebuilding activity probably will keep the slowdown from being even worse. He spoke¹ Tuesday at an online conference of the National Association for Business Economics.

Chief Economist² of the Associated General Contractors³ of America said there will be a "modest and gradual" improvement in construction hiring. Ken⁴ Simonson said rebuilding will take a while because it takes time to clear away debris⁵, get insurance payments and government aid, apply for numerous permits, and design new buildings.

Meantime, a top economic official from hard-hit New Jersey⁶ said electric power is being restored, most roads and ports are open and the casinos are doing business. But Charlie Steindel of the state's treasury⁷ department also said problems remain with passenger rail service and supplies of gasoline.

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