The Congressional Budget Office estimates that around $11 billion of economic activity was lost during the 43-day government shutdown. CBS News' Kelly O'Grady breaks down the figures.

Washington

The U.S. government shutdown resulted in an estimated $11 billion loss to the economy, as reported by the Congressional Budget Office. While this figure represents a small portion of the nation's $29 trillion GDP, the shutdown caused significant financial strain for federal workers and contractors, many of whom faced weeks without pay and had to seek food assistance.

Sectors such as travel, hospitality, and government contracting were among the hardest hit, with some losses unrecoverable. Although federal employees are expected to receive back pay, government contractors will not, and lower-income workers remain especially vulnerable. The full economic impact will become clearer in the coming months, with the Federal Reserve set to meet without complete data on the shutdown's effects.

How much did the government shutdown cost?

All right, we're learning more about the cost of the government shutdown. Many federal workers may be back on the job, but the leader of a union representing about 820,000 government employees told my colleague Errol Barnett many of those people have endured weeks of hardships. Listen. I heard so many stories, and some of them, you know, you don't even want to repeat. Matter of fact, you don't even want them in your mind. Some of the sites that I've seen, I've stood myself in missions in rural Maryland, you know, serving federal employees food as they come through the line with little children, pregnant mothers and all of these types of things, you know, that we had to deal with and that they had to deal with. You know, and it wasn't pleasant. It wasn't a beautiful sight. These are people that really want to work. These are people that, you know, have a job, you know, but to know that they've got to resort to standing in line, long lines to get food to eat for their families, it's not a pretty sight. You know, I was very devastated. One lady came through. She was a pregnant mother, you know, didn't know how she was going to deal with the issue because everything is due, you know, but I'm grateful today that this has finally come to an end. All right. Joining me now in Studio 55 is CBS News Money Watch correspondent Kelly O'Grady. What's up, Kelly? Hey. All right. So let's talk about the ripple effects that this shutdown may have had on the U.S. economy. So it's going to be hard to parse that out for sure. We're going to get more data coming in over the next few months, because normally you do see a dip in economic activity when this happens, but then you see a rebound. So likely what you're going to see is a dip in Q4, so the fourth quarter GDP, but then more than you would have expected in the first quarter, because people get that back pay, they go out and they start spending. The Congressional Budget Office, though, does have an estimate for the lost part of the economy. So you're going to lose some of this, some money from this, and it's $11 billion, as you can see on the screen. Now that being said, you know, the U.S. GDP last year was over $29 trillion. That's a bit of a drop in the bucket, but obviously tell that to the people who haven't had the ability, you know, to be paid during this time, who have struggled. So it is certainly meaningful. What sectors have been hardest hit? Travel. That's a big one. Of course, you know, we had the Delta CEO on CBS Mornings with you earlier today. There are going to be some flights that just aren't rescheduled. Hospitality is another one. Hotels that aren't stayed in. Restaurants that aren't eaten out at, because if you're a federal worker and you weren't getting paid during that time, maybe you didn't go to that restaurant. And then, of course, government contractors, they are not going to get that back pay during this period of time. So I know you said it's going to be hard to sort of parse this out. When might we start to see the impact of this? And I guess the question for me is, for example, simple things like that people perhaps are not thinking about when you're looking at the headlines. If you missed your credit card payment, now you've got an interest payment on top of that. And they don't care that the government shut down, generally, these credit card companies. How do you catch up if you're left sort of reeling from this? It's really tough, especially for those lower income folks that are already feeling behind. The good news is some banks, some credit cards, some landlords, you know, had the conversation and they are giving them some grace. But I think the bigger question in terms of when we're going to see it, you know, we're already feeling it. You're going to see that rebound. But then, you know, I always think about the economic data. When are we going to get that? And the Fed, what the Fed's going to do. Exactly. The Fed is going to be meeting again in December. They're not going to have that complete picture. And there's more questions about, are we even going to see a rate cut or are they just going to hold steady? That's another ripple effect for those lower income folks that are looking for a break on interest rates. All right. Kelly O'Grady with the hard news for us. Thank you, Kelly.

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Breakdown