Wednesday, January 05, 2011
Snow creates an economic fog
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

Next has reported that the December snows impacted on its Christmas trading, with an estimated 22m in lost sales and like-for-like sales in the five months to December 24 down 6.1% on a year earlier.

Snow was also a factor in the drop in the Markit/CIPS construction sector purchasing managers' index, which fell from 51.8 in November to 49.1 in December. Employment fell very sharply, though the industry was relatively upbeat about prospects. We will see a lot more of this in the coming days and weeks, making it harder to read what's happening to the economy.