“The shutdown clearly affected Americans’ confidence in the economy, and made them less optimistic about their own standard of living. But one unfortunate though real economic effect of the shutdown was a likely damper on hiring activity, which prior to the government’s suspending non-essential services had been the most positive since the recession ended. Both government and non-government workers reported a less positive hiring situation during the shutdown than before it began. Now that Congress has reached an agreement to end the shutdown, at least for the next several months, the question is how quickly the effects the shutdown had on Americans’ economic attitudes and behavior will dissipate. By comparison, Gallup’s Job Creation Index suffered during the 2011 negotiations to increase the federal debt limit, dropping from +15 in June to +12 in September. But it regained most of those losses quickly, with the index back up to +14 by October. It took longer, nearly five months, for economic confidence to recover at that time. If the current situation follows a similar timeline, Americans’ economic attitudes may not improve before Congress must act to avoid another government shutdown, unless Congress can find a more permanent solution to its disagreements over the federal budget.”
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