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Wall Street is only slightly adjusting estimates for how the economy will fare to reflect the impact of Hurricane Ida.

Why it matters: The muted national economic impact that’s been penciled in doesn’t capture the human cost of the historic storm: millions displaced or without power as Southeast residents now brace for flash flooding.

What’s new: The storm could cause a 0.2% drag on GDP, weighed down by “higher energy prices, supply chain disruptions and extensive property damage,” per a new report by RSM chief economist Joseph Brusuelas.

  • Moody’s will likely scale back its quarterly GDP forecast by a minimal amount, AP reports — but that would be made up for as rebuilding takes place.

What to watch: How long production remains offline for energy companies with major hubs along the Gulf Coast may impact gas prices.

  • Of note: Futures for natural gas — used for electricity generation — spiked in the wake of the storm.
  • Some 94% of average natural gas production in the region was shut down as of midday today, Reuters reports.

Any labor market impact would show up in the government's jobs report out in October.

  • But jobless claims data next week could show an uptick of people filing for unemployment insurance in the region.

The big picture: The financial toll isn’t estimated to be nearly as dire as that of Hurricane Katrina.

  • Analysts expect insured losses to be roughly one-tenth of the $90 billion-plus from Katrina, given Ida’s “wind field is smaller than Katrina’s, which likely narrows the area of catastrophic damage,” AP reports.

Transcripts show George Floyd told police "I can't breathe" over 20 times

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Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.

The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.

  • The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.

What the transcripts say:

  • Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
  • The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
  • Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."

Read the transcripts via DocumentCloud.