5:35 PM » Range of Snow Impact on Jobs: Negligible to 220,000; Have Your Snow Job Decoder Ring Handy?
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Having read , inquiring minds just might be asking "What is the range of estimates given by economists for the impact of February blizzards?" February 28, 2010 Please consider Payrolls probably fell by 50,000 after declining 20,000 in January, according to the median forecast of 62 economists surveyed by Bloomberg News before the Labor Department’s March 5 report. “Even leaving aside the effects of inclement weather, the economy still appears to be shedding jobs,” said Aaron Smith, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania. “Although businesses have stopped cutting inventories and are beginning to invest more, they have been more hesitant to increase their hiring.” “The weather will certainly play a role,” said Raymond Stone, managing director and an economist at Stone & McCarthy Research Associates in Skillman, New Jersey, who projects payrolls will be reduced by as many as 200,000 because of the storms. His overall forecast is for a decline of 150,000 and he referenced a snow-related payroll drop in January 1996. March 3, 2005 All that snow talk got economists to revise their forecasts. On February 28, the estimate was -50,000. The jobs estimate is now -65,000. Please consider Amid signs that the U.S. economic recovery is about to start creating jobs, the influence of bad weather will make the government’s February employment report difficult to decipher, economists said. The world’s largest economy probably lost 65,000 jobs last month, more than triple the 20,000 drop in January payrolls, according to the median forecast of economists surveyed by Bloomberg News before the Labor Department’s March 5 report. Snow in parts of the country that caused some businesses to temporarily close during the government’s survey week may potentially depress the payroll count by as much as 220,000 workers, according to Joel Prakken at Macroeconomic Advisers LLC. One thing is certain, the Labor Department will not precisely quantify the storms...