US-POLITICS-ECONOMY-GOVERNMENT-SHUTDOWN

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The federal government shutdown cost the economy $11 billion, according to a report from the Congressional Budget Office.

The figure reflects lost output from federal workers, delayed government spending and reduced demand. Monday’s report estimated a hit of $3 billion, or 0.1 percent, to economic activity during the fourth quarter of 2018. The impact was projected to be 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 federal workers return to their jobs, the CBO said about $3 billion in economic activity has been permanently lost after a quarter of the government was closed for nearly 35 days.

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Source: CNBC

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