Winter storms across the U.S. are having a crippling effect on the economy, with some sector exchange traded funds slowing down as businesses come to a standstill.

The unruly weather system has closed schools and business, made driving treacherous and cancelled thousands of flights.

Analysts warn that the raging winter storm could further pressure the outlook for capital markets activity and the economy in general, the Financial Times reports.

“Net-net, it’s cold out there and travel is hazardous,” Chris Rupkey, chief US economist at Bank of Tokyo-Mitsubishi, said in the FT article. “Consumers made fewer trips to the shopping mall in January, and February winter weather conditions may not be much better.”

The retail report already revealed a drop in activity as sales in the U.S. fell 0.4% in January after a revised 0.1% drop in December, Bloomberg reports.

Meanwhile, U.S. car manufacturers are blaming the cold weather for the poor January showing.

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