Chill out: The US economy is fine

History suggests harsh American winters are followed by months of strong growth. With this winter being more severe than most, we could soon see a sharp US upswing.

Recent economic data in the US has hinted at a flagging recovery, with January numbers on house prices, jobs growth, home building, consumer confidence and retail sales all falling short of expectations. But take a closer look and it’s not nearly as worrying as it appears at first glance.

The weather, a rarely mentioned impact on an economy outside of when things go awry, has arguably been at its most menacing in three decades in some of America’s biggest markets.

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