So can the bad winter storms during the first quarter of 2014 explain the shrinking economy?

The Obama administration has blamed the slow growth on the “historically severe winter weather, which temporarily lowered growth.”  Jason Furman, the chair of Obama’s Council of Economic Advisors, made this assertion again on July 3rd

In a list of the worst United States winter storms since 1888, Epic Disasters, using National Weather Service data, lists five of the ten worst occurring since 1947.  Four of the five saw economic growth.  Only during the fifth worst storm did the economy shrink.  

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