USA , Winter's Price Tag this Year Estimated at $50 Billion

Economists said that the brutal winter weather is hurting the U.S. economy, with mounting losses due to slow retail sales, travel disruption and other factors.

The Chicago Tribune reported Saturday that the frigid temperatures in December and January includes jobs lost, flights canceled, slower retail sales and oil production curtailed.

"Following a solid holiday sales season, it seems that many consumers decided to take a break from the stores and shopping malls this January in an attempt to avoid winter weather," said National Retail Federation President Mathew Shay.

A survey of economists indicated economic losses amount to an estimated at $47 billion, as the bitter grip of winter has set the gross domestic product back by 0.3 percentage points.

The losses include an estimated 32,000 jobs in December, 25,000 in January and 19,000 so far in February, the newspaper said.

"The January freeze and crippling storms gripping the eastern United States and upper Midwest are having significant impacts on normal life and commerce," said University of Maryland economics professor Peter Morici. 

Morici estimated losses from the most recent storm that battered the Northeast at $20 billion to $40 billion.

source NRF