The federal shutdown cost the economy $11 billion

The federal government shutdown cost the economy $11 billion, according to a new analysis from the nonpartisan Congressional Budget Office, reflecting lost output from federal workers, delayed government spending and reduced demand.

The report, which was released Monday, estimated a hit of $3 billion, or 0.1 percent, to economic activity during the fourth quarter of 2018. The impact was greater during the first quarter of 2019: $8 billion, or 0.2 percent of GDP.

Although most of the damage to the economy will be reversed as the government re-opens and workers return to their jobs, the CBO estimated $3 billion in economic activity is permanently lost.

"Among those who experienced the largest and most direct negative effects are federal workers who faced delayed compensation and private-sector entities that lost business," the report says. "Some of those private-sector entities will never recoup that lost income."

https://www.msn.com/en-us/money/markets/the-federal-shutdown-cost-the-economy-dollar11-billion/ar-BBSQWxk?li=BBnb7Kz

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