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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 This material may not be published, broadcast, rewritten or redistributed.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 96 201 14,244
MORTGAGES 110 219 16,523
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 147 315 29,476
BANKRUPTCIES 54 117 9,440
BUSINESS LICENSES 22 44 4,647
UTILITY CONNECTIONS 47 101 10,336
MARRIAGE LICENSES 21 55 3,407

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