I am sure we have all been enjoying the hot weather this week. However have we thought about how it will affect the economy?
Economists estimate that this heatwave will cost in the region of $190 million a day as workers take sickies. Not only is it expected that hundreds of thousands of workers will have taken at least one day off by the end of this week, but productivity is also expected to drop this week. It is unsurprising really that as temperatures soar workers struggle to continue and output per worker per period of time falls.
What sort of firms are likely to be winners from this heat wave? And who is likely to lose out because of it?
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