The US economy has been blessed with an unseasonably warm winter, highlighted by very few snow storms.
In fact, according to statistics compiled by the labour Department and reported by Bank of America Merrill Lynch, this has been the least disruptive winter for workers in a decade. During December and January, 167k people were snowed in, which compares to 533k in the same period a year ago.
“Warm weather and an absence of severe snow storms helps boost construction, retail sales and general economic activity,” wrote Ethan Harris, North American Economist for Bank of America Merrill Lynch.
Unfortunately, this economic stimulus from the gods is fleeting. In fact, Harris warns that the economy has been supported by a combination of three things that all appear to be fading: foreclosure delays, warm weather, and low gas prices.
Here’s a the table from BofA’s latest Global Economic Weekly report: