NEW YORK, Feb. 14 (UPI) -- A new CNBC survey estimates the brutal winter has cost the U.S. economy about $50 billion.
It's called frozen-nomics, and it caused auto, furniture, and department store sales to plummet in January and February since people have not been spending as much because of adverse conditions. Adverse conditions such as the polar vortex that dropped temperatures across the country to record lows, the ice storm that hit the south and paralyzed roadways for hours and cut off power, and then the series of snowstorms that dumped feet of snow in the northeast.
Job growth also slowed with an estimated $80,000 jobs lost. The most flight cancellations in 25 years put a dent in airline profits as well. There are a few who came out ahead this winter. Prices of natural gas soared due to the freezing temperatures and snow plow companies have had plenty of work. Economists predict a better next quarter as the temperatures warm up, and consumers start spending more.
[Newsy]
