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A deadly storm is coming! Biden declared a state of emergency, affecting nearly 2 million homes and businesses...
Dec 29,2022
The United States is experiencing an "epic" winter storm this winter. This snowstorm that has swept across the United States has so far caused power outages for millions of homes and businesses and canceled thousands of flights.
According to a report on the website of Singapore's "Lianhe Zaobao" on December 27, New York State in the United States was paralyzed by a snowstorm of the century, and President Biden approved the issuance of emergency relief funds to New York State.
According to reports, the White House issued a statement saying that Biden issued a federal state of emergency in New York on the evening of the 26th, authorizing the federal government to provide assistance to New York State and strengthen the recovery work of New York State and localities.
Biden said on Twitter earlier in the day: "My heart goes out to those who have lost loved ones this holiday weekend. Jill and I pray for you."
Buffalo, the second largest city in New York State, has suffered the worst disaster. Since December 23, the snow thickness in Buffalo has exceeded 1.2 meters.
As of the 26th, Buffalo has reported at least 27 blizzard-related deaths and tens of thousands of residents have lost power. Authorities say the death toll is likely to rise because there are still many bodies waiting to be examined to determine whether they died as a result of the snowstorm.
According to CCTV news, as of December 26 local time, the death toll caused by winter storms across the United States has reached 60.
According to the Associated Press, a severe winter storm caused power outages to nearly 2 million homes and businesses across the United States on the 24th.
Snowstorms, freezing rain and cold across much of the United States have left about 1.7 million homes and businesses without power, while major grid operators have warned that 65 million people in the eastern part of the country may need to rotate without power, the report said.
Pennsylvania-based PJM United Power Grid said power plants were having trouble operating in the cold weather and called on residents in 13 states to avoid unnecessary electricity.
The Tennessee Valley Authority, which supplies power to 10 million people in Tennessee and parts of six surrounding states, asked local power companies to implement planned outages to "ensure the reliability of the power system".
In six New England states, nearly 400000 of the power customers still have not restored power, and it may take several days to restore power. The National Blackout Information Network said more than 415000 users were cut off in North Carolina.
PJM United Power Grid issued an emergency appeal, advising residents to turn down the heating temperature, postpone the use of large appliances such as stoves and dishwashers, and turn off the lights. Commercial and industrial power users are also being asked to reduce their use of electricity.
In addition, electricity prices in parts of the United States soared by more than 6000 percent. On December 23, the price of electricity in Houston, the United States, soared to nearly $3700 per megawatt hour, up 65 times from $57 the previous day.
As the blizzard had a damaging effect this Christmas holiday season, electricity prices in many parts of the country broke through the $1000 mark, from Chicago to Virginia to New England.
Part of the reason for the surge in electricity prices is that demand is much higher than the forecasts of several U.S. grid operators, and there are additional costs to support power supply reserves.
In Texas, grid operators signed contracts on behalf of consumers for at least twice as much backup power as usual to avoid a repeat of last year's deadly blackouts.
Along with the temperature, the U.S. economy is frozen. During the busy Christmas holiday season, the ravages of winter storms have completely disrupted the daily lives and vacation plans of tens of millions of Americans.
According to FlightAware data, as of the afternoon of the 25th, American Airlines canceled more than 1800 flights to and from the United States or within the United States, while on the 24th, American Airlines canceled nearly 3500 flights. Airlines have canceled more than 17000 flights since December 21.
Although the winter storm has had a significant impact on US holiday consumption, the impact is relatively short-lived, and the bigger problem is the economic shock of aggressive interest rate hikes, which puts the outlook for consumption at risk.
According to a Bloomberg report on December 27 local time, as the current inflation rate in the United States is at the highest level in 40 years, pushing up the prices of all necessities of life, consumer enthusiasm has been hit.
Rising interest rates in the United States are hitting the housing market, while factors such as extreme weather and political battles in the United States are dimming the economic outlook, the report said.
For companies that serve consumers, they must prepare for a slowdown in economic growth next year, especially retailers that are more affected by their financial situation.
In addition, according to the University of Michigan, the U.S. consumer confidence index stood at 59.7 in December and has remained below 60 for the eighth consecutive month, at its lowest level since the outbreak. Lack of consumer confidence will affect their propensity to consume.
In fact, U.S. consumer spending growth is already slowing. According to data from the U.S. Bureau of Economic Analysis, the nominal year-on-year growth rate of U.S. consumer spending fell to 7.7 percent in November, and has continued to decline since May;
Excluding price changes, real year-on-year growth was 2.0 per cent, unchanged from the pre-epidemic 2019 average.
In terms of month-on-month growth, U.S. consumer spending grew at 0 percent in nominal and 0.1 percent in real terms in November, which is already below the 2019 average.
Ian Shepherdson, chief economist for macroeconomics at Pantheon, said it's not surprising that consumers are becoming more cautious as the excess savings they saved during the epidemic have now been spent in half, while the highly strained labor market is showing signs of easing.
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