re: Often-touted Atlanta Fed GDPNow projection has some bad news for 3Q

quote:

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This is how I know you aren't in Florida or Texas.

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Did all economic activities stop? Do people no longer have to pay bills? Did government cease to exist? Did hospitals stop treating patients? Did those who evacuated from the area stop spending money on food, gas, and lodging? Did those who got supplies for the Hurricane, not spend their money on those supplies? Did the media broadcast for free? Were my Facebook friends in Houston, who didn't get flooded, not have to pay for the internet and phones they were using to update people? Were Netflix, Amazon Prime, HBO, HULU, etc. Subscriptions cesse to exist or cost anything? Did those who had to cancel their vacations not spend any of that money elsewhere?

And remember these seasonally adjusted figures. So this may have an impact WAY above the seasonal factors, but some of it would likely be accounted for.

But when if all economic activitiy in the entire state ceased to stop for the final month of the quarter, it would still only be 5% of the economy. And of course, places like Dallas-Fort Worth didn't shut down, so it's far less than 5%.