Winter's the
Normal, the New Normal
Winter is finally
loosening its icy grip across the Northeastern U.S. and much of the globe. Of
course, as they always do, cold spells may still pop up here and there into
early spring.
Retailers report
the extended cold and snow this winter have hit sales hard. A Bloomberg survey
of 86 economists had forecast a modest 0.3 percent increase in retail sales for
February – almost a full percentage point too high. While online
retailers saw a 2.2 percent increase in sales in February, overall retail sales
saw a 0.6 percent decline – the third straight monthly decline in retail sales
this winter. Despite lower gasoline prices and a stronger dollar, shoppers
seemed to be staying out of the weather and shopping from home. Nine of the 13
major retail categories saw declines, with auto sales falling by 2.5 percent –
the largest decline since the polar vortex-driven snowfall of January 2015.
The United Kingdom
is expecting a fresh bout of winter as a cold front blows in from Scandinavia
and Russia. Temperatures are expected to drop to near freezing and additional
snowfall is expected in parts of the UK. Much of the country is expected to see
temperatures as much as 3.8° C lower than average for March.
A new cold front is
expected to hit Northern China
as well, dropping temperatures 6° C on average for the coming week. Combined
with high winds and arid conditions, dusty weather is expected, getting an
early start on the spring dust storms that contribute to seasonal breathing
difficulties in Northern China.
Managing Editor
The Heartland
Institute is a 30-year-old national nonprofit organization
headquartered in Chicago, Illinois. Its mission is to discover, develop, and
promote free-market solutions to social and economic problems. For more
information, visit our Web site
or call 312/377-4000.
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