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Gotta love how they always blame it on the weather.
Gotta love how they always blame it on the weather.
La dee dah. I remember two feet of snow in early June back in the 90s. I'm sure it "impacted things" but it didn't bring the economy to a screeching halt.It snowed in Minnesota.
Yesterday.
Yes, this impacts things.
Gotta love how they always blame it on the weather.
Gotta love how they always blame it on the weather.
It snowed in Minnesota.
Yesterday.
Yes, this impacts things.
It was a horrible Jan - March. The real measure is what is April - June. If that comes up anemic then we have issues. I am not ready to jump out the window on the Jan - Mar report. My work hasn't even started yet this year because of the weather and I am heavily tied into construction.
The snow in Minnesota brought the entire country to its knees?
By my rough calculation, roughly half of the country (by population) was not/was barely affected by the snowstorms...including CA, TX and FL (which alone make up over 1/4 of the total population).
States - Ranked by Size & Population - ipl2 Stately Knowledge: Facts about the United States
http://www.bea.gov/newsreleases/national/gdp/2014/txt/gdp1q14_adv.txt
I'll buy that the weather negatively affected the GDP for Q1 2014...but no way that I will buy that it single handedly plummeted the entire economy to virtual stagnation in Q1.
Well it's a good thing you won't buy it because nobody is claiming the weather was the only factor,
My work is nationwide and it rained to much to work, snowed to much to work...it was just tough weather. They still have frost restrictions in the North. It was rough.
Sure it wasn't the only reason...but it was a major contributor in my sector which is construction.
Most of the large construction projects don't begin(in Minnesota at least) until April 1. Even later if the frost isn't out of the ground like it wasn't this year.It was a horrible Jan - March. The real measure is what is April - June. If that comes up anemic then we have issues. I am not ready to jump out the window on the Jan - Mar report. My work hasn't even started yet this year because of the weather and I am heavily tied into construction.
My work is nationwide and it rained to much to work, snowed to much to work...it was just tough weather. They still have frost restrictions in the North. It was rough.
Sure it wasn't the only reason...but it was a major contributor in my sector which is construction.
Meanwhile, in Canada:
February growth puts Canada on track for stronger than expected first quarter | GlobalPost
Canadian economists now seeing a much stronger 1st quarter than originally predicted... maybe 2.4%?
Canadians must be overjoyed that they don't have to deal with the sort of brutal winter weather we have in the States.
Yeah, there's a hangar in Minnesota that was supposed to be finished last October. They're finally making real progress now. My company has been waiting to rent space in it.
The vast majority of economists are just desperate to come up with excuses to maintain the fiction of a recovery because they are in some way dependent on people continuing to buy into the blatantly rigged stock market. Everything up to this point has been based on massive and unsustainable injections of cash from the government through bailouts, stimulus, and the Federal Reserve. Had it not been for the temporary uptick in health insurance payments courtesy of Obamacare, the GDP would have contracted. Mind you, that is the annualized figure and it is likely the economy saw a substantial quarterly contraction. One piece of data not getting attention is the massive drop in mortgage applications the previous week. Mortgage applications are at four-year lows and refi applications are at six-year lows. Home sales now are being driven primarily by cash purchases and investors looking to rent properties or flip them. None of that is about the weather as it is an ongoing issue. One effect weather will have is that there will be a significant bounce due to some of the backlog. That will fade and the downward trend will most likely resume.By "they" I assume you mean the vast majority of economists?
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