By Paul Homewood
The White House has released their latest disappointing estimate for Q1 GDP, and comment:
Overall the first quarter was subject to a number of notable influences, including historically severe winter weather, which temporarily lowered growth.
They go on to show this graph of heating days and comment:
The first quarter of 2014 was marked by unusually severe winter weather, including record cold temperatures and snowstorms, which explains part of the difference in GDP growth relative to previous quarters. The left chart shows the quarterly deviation in heating degree days from its average for the same quarter over the previous five years. By this measure, the first quarter of 2014 was the third most unusually cold quarter over the last sixty years, behind only the first quarter of 1978 and the fourth quarter of 1976.
This is all rather strange, because the heavily adjusted temperatures, published…
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