WASHINGTON — The full economic effect of the 16-day partial government shutdown will take months to tally. But it’s already clear it left its footprints in key areas of the economy.
Spending at chain retail stores fell 0.7 percent last week. Mortgage applications dropped 5 percent. Auto sales slumped about 2 percent.
Overall, the shutdown cost the U.S. economy $24 billion, according to Beth Ann Bovino, an economist at Standard & Poor’s. That’s why she’s cut her forecast for growth in the October-December quarter to a 2.4 percent annual rate from an earlier estimate of 3 percent. Other economists have also downgraded their outlooks.
Still, the pain won’t be as severe as it could have been. For one thing, furloughed government workers will receive back pay. Full story for BostonGlobe.com subscribers.