And here come the excuses:
BMO Capital Markets economist Sal Guatieri notes that the BMO Economics team has lowered its U.S. fourth quarter gross domestic product (GDP) growth estimate to 2.5% from 2.8% due to weaker housing starts and a view that November’s activity could get chilled by polar vortex 2. While October was relatively warm, November has been anything but. However, he does not expect the sort of massive hit that GDP suffered in the first quarter of 2014 due to cold weather.
Because remember: the only thing more unprecedented for the US economy than heavy snowfall in one winter, is, gasp, heavy snowfall two years in a row! Of course, there is Art Cashin who apparently was not a Keynesian-indoctrinated voodoobot apologist, when he said “The weather is always with us.” Banish the thought.
via Zero Hedge http://ift.tt/1AnhHgJ Tyler Durden