In referring to the drop in gdp of 2.9%. I have to differ in the opinion that the extremely cold weather was to blame. If you have an extremely cold winter, you aren’t likely to be shopping for bikinis or tennis rackets, but you do have to spend money on fuel and electricity. Those numbers go into gdp. You do have to spend money on a new car battery because your old one can’t handle 0* temps, or maybe your 4-season radials aren’t cutting it so you have to buy some dedicated rims and some snow tires. Maybe a new space heater is in your budget or a new furnace.
My point is that extreme weather causes people to spend money. I don’t care if its a heat wave or a snow storm, a hurricane or a tornado. Extreme weather causes people to spend money that they normally would not spend. I don’t believe that the drop in gdp was due to the extreme cold. Even in Texas, my family bought new coats (because our old coats were inadequate) and I bought a half cord of firewood to supplement my heat pump (which doesn’t work when temps get around freezing). I spent a lot of money on energy costs-more money than I would have spent otherwise shopping at Costco. So…NO! I don’t believe this latest spin that the government is trying to sell us. The economy really does suck.