Climate and GDP October 2, 2012 : 3:21 PM

For anyone who doubts the economic impact of extreme weather:

“The U.S. economy grew even more slowly than originally thought in the second quarter of 2012, according to new data from the Commerce Department. One culprit? The severe heat and drought that has dented crop production in the Midwest this summer.”

“The overall economy grew at a disappointing 1.3 percent annual pace in the April through June period, down from the government’s previous estimate of 1.7 percent growth. Roughly half of that decline came from a sharp fall in farm inventories. Crop production declined $12 billion over the quarter, data showed, “due to this summer’s severe heat and drought.”

Source: Washington Post Wonk Blog