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America’s big chill

First published:, 1/05/2014

We know now that the harsh winter weather, largely affecting eastern parts of the US, sent its economy into a funk. In the first quarter of 2014, the economy expanded by 0.1 per cent at an annualised rate. Allowing for the inevitability of statistical revisions, it may have actually declined or increased at a modest rate, but analysts remain fairly confident that this was a “weather event” that will be reversed. They’re probably right, but not so much that they should get carried way.

The good news was that US household spending rose….’more’