It’s not just the East Coast getting slammed by the snow and wintry weather, but retail sales, too. Reuters recently reported that retails sales in the United States dropped because of the chilly weather. And, Reuters said, jobless claims have increased as well because of the cold conditions.
"Today's data unequivocally show that the unusually cold winter weather is weighing on economic activity. Consumer spending has literally frozen," said Harm Bandholz, chief economist at UniCredit Research in New York, to Reuters.