Tag Archives: weather impacts
As the remnants of Hurricane Sandy move inland through the interior Northeast, Great Lakes and Canada, it leaves a path of catastrophic destruction in its wake. While the total economic impact will be finalized over time, initial estimates are that damages from Sandy will top $20 billion, and this will likely rise as the storm is still active and enveloping large population centers. If estimates hold, Sandy will rank in the “Top 10” of most costly storms, more expensive than Hurricane Irene in 2011, which had estimated damages… Read More →
From Bill Kirk, Weather Trends International: After three very disappointing Easter periods the past few years with record cold and snow, retailers are about to lay a golden egg this holiday weekend (the most important period in Q1). The weather will be nothing short of exceptional with the NORTHEAST having the most ideal conditions – warmest and driest in 20+ years for the Easter weekend. The last time Easter weather was this ideal was in middle April 2006 when 1,543 record high temperatures were set across the country… Read More →
I had a few folks comment that my last post was perhaps the most negative that they had seen on Making Cents (given my tendency to try to find the silver lining in most cloudy situations), but remember, I was quoting Bill Kirk who is the CEO of Weather Trends International. I did so because Bill and the folks at WTI have an amazingly accurate track record of forecasting retail sales based on their weather models. So after the February retail report actually showed same-store retail sales actually… Read More →
The massive snow storms that blasted the East Coast this week could reverberate in the economic data for a couple of months, clouding any assessment of the health of the economy. Click here for the full story.
“The most important and statistically significant factors for stronger retail sales performance in January are the consumer confidence index followed closely by less severe weather,” said Bill Kirk, CEO Weather Trends International. Last year the January index was at an all time low (38) which in part explains the disastrous retail SSS results of -4.8% according to ICSC’s tally of 60 major retailers vs. this year’s confidence index of 53. While 53 is nothing to get too excited about (90 is a strong index indicating a strong economy)… Read More →
I’ve reported in a lot of seemingly negative economic news lately, but it remains unclear whether the current state of affairs meets the economists’ definition of a recession (a widespread decline in economic activity lasting more than two consecutive months). But, to take a line from the political world, all economics is local. For example, there are a few economic pundits who proclaim that we are already in recession. Others counter with other data & statistics to the contrary. One thing is for sure, some states have most… Read More →