Cold Storms Hit Nation's Economy - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Cold Storms Hit Nation's Economy

Posted: Updated:

 

John Bruno has been selling cars in New York City for 14 years. He says he's never seen winter weather put such a deep freeze on business. "Sales have been down significantly over the past few months for the simple fact that people just don't want to brave the weather."

A string of snowstorms shut down Bruno's auto dealership for five days and sales are down as much as 50%. And the auto industry isn't the only one getting the cold shoulder.

The harsh winter out east has kept shoppers at home. And by at least one estimate, that has cost the economy $50 billion. Home sales plunged in January to the lowest level in a year and a half. Airlines and passengers lost billions on canceled flights. Businesses dipped 1% at restaurants. And other than winter supplies, retailers saw the biggest sales drop in nearly two years. Shoppers say they'd rather stay at home. "I don't want to shop. I don't want to shop. I don't want to do anything 'cause it's just so cold."

Fred Fox analyzes the weather's impact on the economy. He's worried consumers will cut back even more, when they get a look at their next heating bill. "Those heating bills are going to be some of the highest bills they've seen in years, maybe ever. As a result it's going to take money out of their pocket from spending."

John Bruno thinks car shoppers will be back, once spring, out here, has finally sprung.

  • Today's Top StoriesMore>>

  • Aces Rally Past Cubs 11-4

    Aces Rally Past Cubs 11-4

    Thursday, August 21 2014 2:01 AM EDT2014-08-21 06:01:54 GMT
    The Reno Aces used a four-run sixth, and six-run eighth to score an 11-4 win over the Iowa Cubs on Wednesday night at Aces Ballpark. More >>
    The Reno Aces used a four-run sixth, and six-run eighth to score an 11-4 win over the Iowa Cubs on Wednesday night at Aces Ballpark. More >>
  • Expert Says Ebola Threat is Low in Nevada

    Expert Says Ebola Threat is Low in Nevada

    Wednesday, August 20 2014 9:50 PM EDT2014-08-21 01:50:37 GMT
    A local expert on infectious diseases says the likelihood of Ebola spreading in Nevada or other parts of America are very low.More >>
    A local expert on infectious diseases says the likelihood of Ebola spreading in Nevada or other parts of America are very low.More >>
  • UPS Says 51 Retail Stores Breached by Malware; Reno Store Affected

    UPS Says 51 Retail Stores Breached by Malware; Reno Store Affected

    Wednesday, August 20 2014 9:48 PM EDT2014-08-21 01:48:22 GMT
    Some customers of The UPS Store may have had their credit and debit card information exposed by a computer virus found on systems at 51 stores in 24 states including the Keystone Avenue location in Reno.More >>
    Some customers of The UPS Store may have had their credit and debit card information exposed by a computer virus found on systems at 51 stores in 24 states including the Keystone Avenue location in Reno.
    More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.