Next Week's Solar Eclipse Will Cost US Economy $700 Million

Tyler Durden's picture

$700 million...

That’s the total projected cost to the American economy in lost productivity as workers head outside to watch next week’s solar eclipse, according to Chicago executive-outplacement firm Challenger, Gray and Christmas.

Here's Reuters:

American employers will see at least $694 million in missing output for the roughly 20 minutes that outplacement firm Challenger, Gray & Christmas estimates workers will take out of their workday on Monday to stretch their legs, head outside the office and gaze at the nearly two-and-a-half minute eclipse.”

According to Andy Challenger, the estimate for how much time workers will ultimately lose to the eclipse  – approximately 20 minutes – is probably conservative. That's because some people might take additional time to set up their telescopes, or just linger outdoors on what’s expected to be a beautiful summer day. To get to $700 million figure, Challenger took one-third of the latest reading for US workers’ average hourly wage and multiplied it by the number of all workers 16 and over. By this logic, the final figure might be too generous, because only about half of Americans say they plan on watching the eclipse, according to a survey conducted earlier this month. Though that figure rises to 60% for workers in the eclipse’s narrow “zone of totality.”

Here’s a timeline of the eclipse from coast to coast, courtesy of Accuweather.  

In addition to the manpower wasted, the eclipse will also temporarily stop production of solar power along the 70-mile-wide path of totality. It will also reduce solar power output on the rest of the continent where the moon’s shadow will cause a partial eclipse.

However large the loss in productivity, it’ll likely be a drop in the bucket compared to the amount of time American workers waste on social media every day. For the better part of a decade, anemic US productivity growth has puzzled economists who’ve struggled to explain why advances in technology haven’t translated into more efficient workers. But as we’ve repeatedly suggested, the slowdown isn’t happening in spite of technology, but because of it, as mobile devices offer workers a virtual buffet of distractions that ultimately hinder efficiency. The chart below shows that US productivity growth in 2016 was the worst since 1982.

Earlier this month, Facebook released user-engagement data for its popular Instagram photo-sharing app. The data showed that the average user below the age of 25 now spends more than 32 minutes a day on the app, while the average user aged 25 and older spends 24 minutes a day. The last time Facebook released this data, in October 2014, its users averaged 21 minutes a day on the app.

Challenger also pointed out that the eclipse will have an outsize impact on smaller companies because “when 3 or 4 people are missing from an office of 15, it’s a lot more disruptive.” But whatever the impact, it likely won’t be large enough to register in macroeconomic data, Challenger said.

"Compared to the amount of wages being paid to an employee over a course of a year, it is very small," Challenger said.

As a result, employers worried about the money-losing impact of the eclipse would be better served by banning social media in the office. According to Bloomberg, the eclipse is due to start a little after 9 a.m. local time on the West Coast and peak about 10:15 a.m. The East Coast will see the biggest effect after 2:30 p.m. In the central U.S., the eclipse will peak at 1:18 p.m.  Meanwhile Facebook remains accessible 24/7.

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Sam Clemons's picture

Lol as if most people are productive.  Maybe it will hurt Zuck as people put down Facebook for a few minutes.

Arnold's picture

Welding glass is a lot cheaper than those ineffective GooGoo Goggles.

vato poco's picture

shorter Challenger, Gray, & Christmas study: "If we could just chain these motherfuckers to their desks, productivity would soar!"

BigJim's picture

Shit, that's just over $2 for every man, woman, child, and in-transition otherkin in the USA.

Cancel the eclipse, we can't afford it.

The_Juggernaut's picture

Getting nothing for 700 million is a better deal than we ever get from the government.

moimeme's picture

A society that tabulates how much a 20-minute break to admire God's handiwork would cost it is a freaking SICK society that only thinks in terms of money.

Mammon is its god. No wonder America is sick to its very core. A heart adjustment is sorely needed.

StackShinyStuff's picture

What a bunch of fucking retards.  The economists I mean.  

moimeme's picture

Retard? Maybe. SICK, yes. Here's the cure. http://wp.me/p4OZ4v-20E

BuddyEffed's picture

Eclipse links with merit, covering the science facts side of eclipses, and their history, and also the classic Pink Floyd videos, song and lyrics from album Dark Side of the Moon, track titled Eclipse. 

Enter your zip code here to find exact times and percent of sun covered :
https://interactives.courier-journal.com/projects/eclipse-2017/
http://www.freep.com/story/news/2017/08/17/what-time-solar-eclipse-where...

If you have listened to the Pink Floyd “Eclipse” song (yes you have listened and know it by heart is my guess) then you may find new insights in reviewing these links and be more ready for Monday.
 
Copy and share with friends. 
 
SONG LINKS :
 
https://m.youtube.com/watch?v=Rzy6w_jbNRU Pink Floyd in concert
 
https://youtu.be/g1OOQP1-wOE  — Pink Floyd recording studio insights
 
https://m.youtube.com/watch?v=WZtfsfoKSB0 — eclipse from the album
 
Read More: How 'Eclipse' Provided an Epic Finale for Pink Floyd's 'Dark Side of the Moon'  
 
Concert from 1974, and I wonder if Gallagher might have attended this concert as a sledge’omatic series ends the video : 
 
https://m.youtube.com/watch?v=h3ulXvPLmis
 
SCIENCE FACTS AND HISTORY LINKS :
 
https://en.m.wikipedia.org/wiki/Eclipse_(song)
 
https://m.youtube.com/watch?v=oNH3akWXaV8
 
https://m.youtube.com/watch?v=tTxz_d2q7Js
 
https://m.youtube.com/watch?v=xlr8xlStHyY
 
[Verse: Roger Waters]
All that you touch
And all that you see
All that you taste
All you feel
And all that you love
And all that you hate
All you distrust
All you save
And all that you give
And all that you deal
And all that you buy, beg, borrow, or steal
And all you create
And all you destroy
And all that you do
And all that you say
And all that you eat
And everyone you meet
And all that you slight
And everyone you fight
And all that is now
And all that is gone
And all that's to come
And everything under the sun is in tune
But the sun is eclipsed by the moon
(There is no dark side in the moon really
Matter of fact it's all dark)
 
Bonus link, different concert : 
https://www.youtube.com/watch?v=JiYv1dIR4js&app=desktop

Muddy1's picture

So much BS.  i'll look during coffee break, or a late lunch or an early lunch.  BLAH, BLAH, BLAH.

Howmuch is "lost" in the economy from people surfing the web during work hours?

Mr 9x19's picture

this article is  .... i do not have word for it to translate.

 

when you think in USD and time and productivity,  while there is ponctual  astral events that is still magnificient to see once in our lifetime and have a break like 3 min to see it outside. ...

 

all come to my mind is, in the past, when  tribes saw such event they mass suicided because they though they would die.

now, it is those who prevent to observe such event for money profits that should be suicided.

 

at the pace we are going, in 50 years  when one will occur we will say it is russian sattelite messing with lights or even a UFO...

 

sick

 

 

 

Boondocker's picture

I much prefer the  2nd side of Meddle.

GUS100CORRINA's picture

Below is a fact concerning the solar eclipse that I will bet many never even thought about when the topic of eclipses come up.

Today, we know that the size of the moon and its distance from the earth allow us to calculate the length of the eclipse. This calculation is about 7 1/2 minutes. Question: What would cause the 3 hour solar eclipse that was mentioned in Luke 23:44? I have provided the verse below. Could it be that there is another planetary body involved? Interesting.

The Death of Jesus

Luke 23:44-46

44 It was now about noon, and darkness came over the whole land until three in the afternoon, 45 for the sun stopped shining. And the curtain of the temple was torn in two. 46 Jesus called out with a loud voice, “Father, into your hands I commit my spirit.”[e] When he had said this, he breathed his last.

logicalman's picture

Totallity only lasts a few minutes but the moon blocks part of the sun for much longer.

If I saw an eclipse when I believed god was directing the univers I might view it differently than I do with General Relativity in place.

Perspective is very important.

 

HardAssets's picture

Watch the cult classic movie 'They Live'.

In one scene the hero puts on special sunglasses that enable him to see hidden subliminal messages.

On a stack of dollar bills is the message -

THIS IS YOUR GOD

https://m.youtube.com/watch?v=JI8AMRbqY6w

boattrash's picture

The American people are what have truly been eclipsed and it has been going on longer than 20 min, at a cost far exceeding $700 mil.

whensteamedapumpkinwillfart's picture

I find it amazing that the moon is the right size and distance from the earth for this to happen. That and something coming from nothing, a la big bang. What are the frikkin odds?

Raffie's picture

An 7 years from now the 2nd one will only cost half as much because it is half as long.

GUS100CORRINA's picture

Next Week's Solar Eclipse Will Cost US Economy $700 Million

My response: When this event takes place, I want to suggest that we will probably hear about some very "minor" earthquake tremors because of the change in gravitational forces surrounding this event. 

Arnold's picture

Chuckle inspiring.
Thanks.

ejmoosa's picture

Total bullshit.  Here in North Georgia every room I North Georgia is rented and every restaurant  packed.  And it's only Saturday. 

 

BeerMe's picture

Yeah, but some of those funds are going towards flyover economies.

thedespised's picture

yOU KNOW WHAT?  GO FUCK YOUR PRODUCTIVITY.

takeaction's picture

What about the BILLIONS that have poured into Oregon and the other key eclipse states over the past few months?  Billions.....Hotels full everywhere.  $1500 a night to rent a house in the path...Gas, Food, ice, etc...all sold out.  Camping gear flying off the shelves.    This eclipse thing so far looks good.  Let's see if the "Opportunists" ruin it with violence.

JuliaS's picture

I'll be in Salem, watching. I did take a day off, but I won't cost the economy. I don't work the day, I don't get paid for the day. Fair deal, but you know who will cost the economy? Public sector workers! I listened to the city council report. They're making public sector work overtime to mitigate potential difficulties. Extra police, extra fire fighters, extra planners, extra road crews extra everyone. That's where the money will go - into pockets of politicians. Where will the money come from? From everyone!

Tourism industry will benefit greatly. UV film / glass makers completely sold out throughout entire country. Even shade #14 welding goggles - completely sold out everywhere weeks in advance. Then again, if you're an aspiring welder, hit ebay/craigslist on Tuesday. You'll get the best discount in 99 years.

knicks3005's picture

It's all Trump's fault!!

847328_3527's picture

Obama put 98 million Americans out of work and encouraged over 30 million illegals and millions spent to subsidize Hussein-O-Care.

What does that cost us?

DuneCreature's picture

Tisk, tisk. .. A drop in the bucket compared with what the Awan Brothers make off with out of Congress every week.

Who is running the show on Capitial Hill?

https://www.youtube.com/watch?v=rUQ5Zf6KyqE

I think there is a rat line in the woodshed and they have just about made off with the shed itself. ........ Anyone seen the roof lately?

Live Hard, When The Last Standing Wall Falls Over I Guess We See Who The Unwelcome Guesses Really Are... Or It Will Fall On Us And We Won't, Die Free

~ DC v7.4

Lumberjack's picture

Watch the spot market price of electricity...solar plants will be in trouble.

CheapBastard's picture

Plus, what's the medical cost for eyesight repair for all those fools who failed to wear appropriate glasses and what baout the cost when they come back inside to the office and talk about it for 2 hours instead of working?

Juggernaut x2's picture

You can actually look straight into the sun on the day of an eclipse without protective eyewear

Lucretius's picture

Kind of gives new meaning to snowflakes melting, only it's retinas melting! Awww bless it's pointy lil head! Tards! Here, wanna try my magnifying glass! Gotta get the focal point just right, never mind, lemme "help" ya! Baahahahaha.(sometimes I think evil things ;-D)) Walk it off Jr, you'll continue to be worthless!

RightLineBacker's picture

What's the background on the George Webb - CSTT split?

Did George get tired of Jason's constant whining?

Curious minds want to know.

Juggernaut x2's picture

US morons are easily amused

The Cooler King's picture

Won't cost 'the economy' shit that the FED won't print.

 

When the GIANT METEOR hits, the DOW will hit record highs 2 days later.

JimBobJenkins's picture

What about the 94 million leeches that refuse to work?

Juggernaut x2's picture

Make sure you pay your taxes, slave, so the Dindus get their welfare checks.

Arnold's picture

Hey, my Soaps are on.
Young and the Rest of us, and The Edge of Knife.

Arnold's picture

Get back to work, Mr Yellen.

The Cooler King's picture

"In addition to the manpower wasted, the eclipse will also temporarily stop production of solar power along the 70-mile-wide path of totality."

 

Luckily ~ Al Gore doesn't even have a single cell solar powered 'Malibu Light' on the residence or walkways of his 22 room mansion estate, so the only 'wasted manpower' there would be if he uses the time to write a speech.

are we there yet's picture

Obama will not be able to work on his tan for 2 minutes as well.

Intoxicologist's picture

How dare the slaves go outside for a few minutes!
"Get back to work!"

jsgibson's picture

What do prison inmates get, an hour in the yard?  Who is the slave?

BrerRabbit's picture

Here in East TN is gonna be a boon to the parking ticket industry. 3 times the usual patrols out monday.

Juggernaut x2's picture

My father, who is in Knoxville, said the dad-gummed hotels is plum filled up

Sudden Debt's picture

Who the fuck cares what a few minutes cost.

If a boss won't allow you to see it, look for another job.

A yogurt break takes longer.