Job Market Takes the Heat from all the Cold Weather
Updated: Tuesday, February 18 2014, 11:43 PM CST
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WASHINGTON, D.C. - In Nashville, we're finally getting some relief from the cold. We're improving, but recent cold weather and heavy snow across the country is hurting businesses from coast to coast. FOX17's National Correspondent Kristine Frazao shows us how much the job market is taking the heat from all the cold weather. The U.S. economy has caught a bad cold this winter. Nearly $50 billion in lost productivity with nearly 80,000 jobs lost. That, according to a CNBC poll of Wall Street financial experts. Certainly nothing florist Bill Dewall could do before a snowstorm forced him to close his shop a day before Valentine's Day last week.
It left Dewall with nothing to do but count the imaginary cash that slipped through his hands. Nearly every major sector of the economy has been left out in the cold this winter. Delayed and cancelled flights cost airlines and passengers $1.4 billion according to the consulting firm Masflight. Retail stores saw sales from last December into January slip 4/10%. In much of the country, realtors report tumbling sales of new and existing homes. New data is due out later this week. Sales of cars and light trucks plummeted by 3% in January. February is looking even worse.
Economist Steven Isberg sees the negative impacts of this winter as a temporary mask for long term problems with the economy. Isberg still believes the economy is re-aligning itself and unlike this winter, the pain will stick around long after the snow melts.
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