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NEW YORK – Experts say New York City's businesses lost about $200 million following the fizzled snowstorm and decision to shut down the transit system. City officials argued it was better to err on the side of caution.
Moody's Analytics economist Adam Kamins says consumers who would have otherwise made other major purchases on Tuesday will likely do so a day or two later. And he notes that many employees forced to stay home were able to telecommute.
Experts say the biggest impact would be on small businesses and hourly workers such as taxi drivers and restaurant workers. The city's 24,000 restaurants could lose millions.