White House doubles estimates of shutdown impact on GDP: CNBC
The White House has doubled its estimate of the partial government shutdown's impact on gross domestic product, according to a report on CNBC on Tuesday. The report, quoting administration officials, said the shutdown will trim first quarter GDP by 0.5 percentage points if it lasts through January. According to the new estimates, the shutdown will subtract 0.1 percentage points of growth each week, officials said, instead of earlier estimates that it would take two weeks to cut growth by this amount. The higher estimate was due to adding losses from private contractors also out of work and other government spending that won't occur to earlier estimates that only counted federal workers not receiving paychecks. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.