Thursday, March 4, 2010
Growth Slowed by Snow
According to the Federal Reserve's Beige Book, this year has seen a slight improvement on consumer spending. It found that the growth has been slower due to many snowstorms throughout the country. Labor markets are still weak but there has been a growth in the manufacturing sector as well as an increase in the demand for services.
Subscribe to:
Post Comments (Atom)
Although I can see the snow being a factor in consumer spending, I find it a bit ridiculous that there is an article about this. This article talks about growth in the service sector... This is going to be a really big market when the economy comes back.
ReplyDeleteI am also a little surprised an article was actually written on snowstorms and the effect they are having on our economy. Never the less it makes sense that everything has slowed down with the snowstorms though.
ReplyDeleteTo me it makes complete sense that the economy gets slowed down by the weather conditions. Economic growth is a measure of the increase if economic activity as a whole therefore the snow storms which get in the way of transportation and production most certainly slows down the pace of economic growth.
ReplyDelete