ECONOMISTS AREN’T SWEATING BIG BLIZZARD …
Well guess what … that pesky “global warming” is back.
Winter storm Juno is the latest, greatest meteorological threat to the U.S. economy … and as the system prepares to dump two feet of snow (or more) on the northeast, analysts are beginning to assess its potential impact on our “recovering” economy.
“This will most likely be one of the largest blizzards in the history of New York City,” Big Apple mayor Bill de Blasio said. “This is not a typical storm. It’s going to pack a punch.
So far, economists don’t appear to be terribly concerned, though …
“Based on the timing of the storm (we) suspect the impact on the January employment data will be near zero,” an analyst for Stone & McCarthy wrote.
And what about February?
“As for the impact on the February payroll and household employment data we wouldn’t expect much of an impact,” the analyst noted.
Concurring is Joseph A. LaVorgna – who is Deutsche Bank’s top U.S. economist.
“Given its late month timing, winter storm Juno is unlikely to have a big impact on the economic data,” he tweeted.
In other words all those people who are out of labor force … will remain out of the labor force.
Of interest will be Juno’s impact on retail figures for January. Last month was an unexpectedly terrible print for retail – and a second consecutive weak month could conceivably be blamed on a storm like this (even if Juno is affecting a smaller area of the country than last year’s “polar vortex“).