Solar eclipse to cost American businesses $700mn in lost productivity

Solar eclipse to cost American businesses $700mn in lost productivity

This show will cover the path of totality the eclipse will take across the United States, from OR to SC.

And that hasn't gone unnoticed by the nation's business community.

Challenger, Gray & Christmas, Inc. estimates the cost will be $694 million when it comes to lost productivity, according to television station KGTV in San Diego.

Challenger estimates that workers will need approximately 20 minutes to gather their viewing equipment and find a spot to watch the two- to two-and-a-half-minute solar event. Challenger, Grey estimates that the eclipse will cost the Chicago area $28 million, for example.

The overall figure uses average hourly wage data and the number of full-time employed workers older than 16.

He added that some people might take longer than three minutes, as they will need to prepare their telescopes or special viewing glasses or even take off for the day.

All of the interest in Monday's solar eclipse has a cost - for employers.

Just as the Earth is a mere speck in the universe, however, Challenger said this is still a small sum. "It's not going to show up in any type of macroeconomic data", Challenger said.

States and metropolitans that are directly in the path that the eclipse is slated to hit could potentially see almost $200 million in diminished productivity.

The Monday after the Super Bowl reportedly led to $290 million in lost productivity for every 10 minutes of the workday spent by employees talking about the game or watching game highlights and re-runs. The firm estimated lost productivity totaling $694 million.

However, the drop-off in employee productivity will be offset by sales of eclipse-themed merchandise and from spending by eclipse 'chasers, ' who are traveling to see the phenomenon. "By considering how this event may impact employee morale, companies can turn this potential monetary loss to a gain when it comes to employee satisfaction", said Challenger. At Purch's headquarters in Ogden, Utah, employees will head outside to experience their own partial eclipse.