Thank Goodness for Spring
The harsh winter weather definitely slowed US economic growth during the first quarter of 2015. The bad weather contributed to factory slowdowns and lackluster construction activity. Even with the cold and snow US unemployment numbers held steady around 5.5 percent through March. The strong dollar and declines in the oil industry added some interesting variables into two areas of the economy that had been fairly positive over the last several years. Through March, the ISM manufacturing index still showed growth for the economy (even if it was slight), and better weather ought to bring out consumers who have been stuck inside. Most economists expect the US economy to snap back this spring like it did after a similar start in 2014.
Bruce Peacock
Vice President of Business Development
The Richmond Group USA