Severe winter weather this season may have cost the economy as much $50 billion and 76,000 jobs.
A CNBC Fed Survey of 19 Wall Street economists, strategists and fund managers puts the total weather impact at about a third of a percentage point on the $16 trillion US economy, or roughly $50 billion.
The big hit to the economy comes this quarter, where survey respondents estimated that bone-chilling cold and driving snow shaved about four-tenths of a point off total growth, including lost work hours and lost sales.
That's on top of a loss in the December quarter of 0.16 percent. But there is also an expected snap back next quarter of about 0.23 percent in part because of pent up demand — houses that still need to be built and cars that Americans had hoped to buy. Add it all up and the net is about 0.3 percent.