The partial government shutdown this month trimmed 0.25 percentage point from fourth-quarter economic growth and cost the U.S. 120,000 jobs in October, President Barack Obama’s chief economic adviser said.
An analysis of daily and weekly economic data through Oct. 12 showed weakness in such areas as retail sales, economic confidence and mortgage applications, some of which was directly related to the 16-day shutdown, said Jason Furman, head of the Council of Economic Advisers.
“This all just really underscores how unnecessary and harmful the shutdown and the brinkmanship was for the economy, why it’s important to avoid repeating it,” Furman said at a White House briefing today.
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