Hurricane Milton is expected to have a significant economic impact, directly affecting about 3% of the US economy, according to Ryan Sweet, chief US economist at Oxford Economics.
The storm could shave more than a tenth of a percentage point off fourth-quarter GDP, Sweet estimates. Sectors such as tourism, housing, and oil supply are anticipated to suffer, with canceled trips to Disney World and lagging home sales being just a few examples of potential disruptions.
In addition to the GDP hit, job creation may also be affected. Hurricane Helene, which struck the Southeast two weeks earlier, could reduce the October US jobs report by 50,000 jobs. CNN reported that Sweet warns Milton could have an even more pronounced impact on employment.
Meanwhile, in Washington, President Joe Biden emphasized the potential severity of Hurricane Milton, calling it a "storm of the century" and urging Florida residents to heed evacuation orders.
“Many communities in Hurricane Milton’s path do not have a moment to catch their breath between Helene and Milton, two historic storms in two weeks,” he said from the White House on Wednesday.