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VOL. 126 | NO. 23 | Thursday, February 03, 2011

Winter Storms Expected to Slow US Economy Slightly

AP

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WASHINGTON (AP) – The winter storms that are paralyzing the Midwest after battering the Northeast are likely to slow the U.S. economy only modestly, analysts say.

"Annoying as it all is, the effect on (growth) is going to be on the smaller side," says David Resler, chief U.S. economist at Nomura Global Economics.

Economists who were surveyed last month by The Associated Press estimated the economy would grow at an annual pace of 3.4 percent in the first three months of 2011. Most aren't ready to revise their forecasts to reflect a slowdown at airlines, retailers and other businesses.

"There has to be a negative effect," says Joseph LaVorgna, chief U.S. economist at Deutsche Bank. But he thinks the weather will be only a "temporary depressant" for a steadily strengthening economy.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 415 10,637
MORTGAGES 87 499 13,826
FORECLOSURE NOTICES 19 99 2,743
BUILDING PERMITS 0 915 25,222
BANKRUPTCIES 79 343 10,235
BUSINESS LICENSES 19 97 3,833
UTILITY CONNECTIONS 143 573 15,130
MARRIAGE LICENSES 23 106 3,273

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