Historic Shutdown Nears End After $11 Billion In Losses To U.S. Economy

Benzinga

The six-week U.S. government shutdown is ending, leaving $11 billion in permanent losses and widespread disruption. Over a million workers missed paychecks, airlines lost billions, and the Fed may delay rate cuts amid missing economic data.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03The longest federal government shutdown in U.S. history is nearing an end after six weeks,

00:07leaving lasting damage on the economy, according to the AP.

00:10About 1.25 million federal workers have missed paychecks since October 1st,

00:14and the Congressional Budget Office estimates $11 billion in permanent losses from disrupted

00:19activity. Airlines canceled more than 7,500 flights since Friday, costing the travel industry

00:25roughly $2.6 billion. The shutdown delayed $8 billion in food aid to 42 million Americans

00:32and stalled $800 million in daily federal contracts. Consumer sentiment fell to a three-year low,

00:39and the Federal Reserve may pause its December rate cut due to missing data.

00:44Growth is projected to fall 1.5 percentage points in the fourth quarter,

00:48but rebound 2.2 points next quarter after reopening.

00:51For all things money, visit Benzinga.com.

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