💨 Abstract

Devastating wildfires in Los Angeles could mildly impact the U.S. economy in the short term, causing inflation, slowing growth, and moderately reducing hiring. The economic damage is expected to be around $250 billion, surpassing the cost of Hurricane Katrina. The overall effect on national GDP, employment, and inflation is expected to be minimal, with a potential 0.2 percentage point drag on first-quarter growth.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖