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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 This material may not be published, broadcast, rewritten or redistributed.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 98 376 10,434
MORTGAGES 124 449 13,881
FORECLOSURE NOTICES 14 56 2,766
BUILDING PERMITS 196 798 23,420
BANKRUPTCIES 68 264 8,803
BUSINESS LICENSES 24 77 3,613
UTILITY CONNECTIONS 251 637 13,380
MARRIAGE LICENSES 21 93 3,117

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