Fed confirms bad weather hit to U.S. economy in early 2014

Severe weather across much of the United States took a toll on shopping and consumer spending in recent weeks, leading to slower economic growth or outright contraction in some areas of the country, the Federal Reserve said on Wednesday. The Fed, in its anecdotal Beige Book report, said economic activity in January and February shrank slightly in two of its 12 districts, New York and Philadelphia, mostly due to "unusually severe weather." While the other eight districts reported growth, the Fed said it was characterized as "modest to moderate" in most cases, an overall downgrade from its last report on January 15, which showed "moderate" growth in nine regions.

by via Yahoo! Finance: Top Stories