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Impact of Hurricane Florence — Staffing quotes of the week

September 18, 2018

“We were close to $10 [billion] to $15 billion on Friday. The flooding is more extensive than we had anticipated, and the storm was slow moving. It hung over the Carolinas a lot more than was expected,” CNBC reported Mark Zandi, chief economist at Moody's Analytics, in comments about the dollar amount in property damage and disruption Hurricane Florence is causing to the economy. However, CNBC also reported Macroeconomic Advisers Economist Ben Herzon said the hurricane should not affect payroll employment numbers because the US Bureau of Labor Statistics “defines someone as employed if they were at work or received pay for any portion of the pay period. It's the week that includes the 12th. That's about 20 percent of all pay periods. If they’re on a standard Sunday through Saturday, and they were at work on Monday and evacuated Tuesday, they would be counted.”