According to this article, the first quarter of this year and the first quarter of last year saw decreases in the economy because of cold weather. If cold weather causes the economy to contract, won't global warming help the economy?
http://www.bloomberg.com/news/artic...rank-0-7-in-first-quarter-as-trade-gap-jumped
For the third time since the expansion began in June 2009, the U.S. economy suffered a setback.
Gross domestic product shrank at a 0.7 percent annualized rate in the first quarter, revised from a previously reported 0.2 percent gain, according to Commerce Department figures issued Friday in Washington. That’s the weakest reading since frigid winter temperatures derailed growth at the start of 2014.
While bad weather once again probably contributed to last quarter’s slump, other impediments were also at work -- including a swelling trade deficit caused by a strong dollar and plunging investment in oil exploration following the drop in fuel prices. Federal Reserve officials are among those who believe the slowdown will be temporary, helping explain why they are considering raising interest rates later this year.
http://www.bloomberg.com/news/artic...rank-0-7-in-first-quarter-as-trade-gap-jumped
For the third time since the expansion began in June 2009, the U.S. economy suffered a setback.
Gross domestic product shrank at a 0.7 percent annualized rate in the first quarter, revised from a previously reported 0.2 percent gain, according to Commerce Department figures issued Friday in Washington. That’s the weakest reading since frigid winter temperatures derailed growth at the start of 2014.
While bad weather once again probably contributed to last quarter’s slump, other impediments were also at work -- including a swelling trade deficit caused by a strong dollar and plunging investment in oil exploration following the drop in fuel prices. Federal Reserve officials are among those who believe the slowdown will be temporary, helping explain why they are considering raising interest rates later this year.
