Shutdown to cost US economy $300 million a day

The US Government shutdown would cost 300 million dollars per day, according the economic consulting firm IHS Global Insight.

Updated: Oct 02, 2013, 12:24 PM IST

Washington: The US Government shutdown would cost 300 million dollars per day, according the economic consulting firm IHS Global Insight.

The figure means that about 12.5 million dollars will be lost an hour, or roughly 1.6 billion dollars a week, while the government is closed.

The IHS analysis accounts only for the lost wages and productivity from the nearly 800,000 federal workers, ABC News reports.

IHS estimates a week-long shutdown would cut the 4th quarter economic growth rate by 0.2 percentage points, bringing its forecast of 2.2 percent growth down to just 2.0 percent.

According to the report, the bigger concern right now is the shutdown's impact on the tepid economic recovery.

ANI