Hurricane Sandy reduces retail sales by nearly 20%
New York -- Hurricane Sandy is being held responsible for reducing U.S. retail sales in the Mid-Atlantic and Northeast region by about $4 billion last week, according to MasterCard Advisors SpendingPulse.
According to the report, the region, which accounts for about 24% of retail sales nationwide, typically generates $18.7 billion in sales for that particular week ended Saturday, the Associated Press reported. But revenue came in at about $15 billion. (The figures exclude auto sales.)
“This was a significant negative event for the region," said Michael McNamara, VP of research and analysis for SpendingPulse, which monitors all types of spending across retail.