WASHINGTON (AP) – The president’s top economist said Sunday that hurricanes Katrina and Rita will have a modest impact on the U.S. economy.

Ben Bernanke, chairman of the White House Council of Economic Advisers, gave his assessment in a speech to the Institute of International Finance.

He expressed optimism the economy would weather the double blow and that the fallout would be temporary.

That hope is consistent with the message of Federal Reserve Chairman Alan Greenspan and his central bank colleagues. Last week they said that damage from Hurricane Katrina did not pose a “persistent threat” to the nation’s economic health. Given that, the Fed went ahead and raised short-term interest rates to keep inflation in check.

“I remain pretty optimistic about the economy,” Bernanke said.

Bernanke and private economists expect jobs to take a hit in the short term. Job losses for September could be heavy and the unemployment rate, – now at a 4-year low of 4.9 percent, would rise.

The employment report for September is released by the government in October.