We're back on track after the ill effects of the hurricanes. But it is also fair to conclude that global competition and corporate layoffs are weighing on job growth.
This suggests that the economy has largely shrugged off the ill effects of the hurricanes. Christmas will turn out better than expected.
People are able to pull money out of their homes and put it into their gas tanks. So the overall effects on consumer spending have been small.
It depends on your time frame. For the next few months, it's decidedly a negative event. But in a year or so, the effects will likely have faded.