Snowstorms and frigid temperatures affected every aspect of the economy, from sales and hours worked to logistics and supply chains during the first quarter of the year. You can’t sell a house if buyers can’t get in the front door. You can’t sell a car if it is buried in snow.
And even if your factory is producing goods, you can’t deliver them to your customers as scheduled if trucks can’t navigate the highways or if trains have to slow down to half their normal speed. My own view is that it will take another month or two before we can hope to see a somewhat clearer picture of the economy.