Shutdown impact on stocks and local agriculture

By WEEK Producer

October 2, 2013 Updated Oct 2, 2013 at 6:54 PM CDT

PEORIA COUNTY, Ill. -- Financial advisor Scott Elger is watching closely and he doesn't think the partial shutdown of the federal government will impact the markets unless it drags on for a while.

"Each week 15 basis points, which is 15-hundredths of a percentage point, comes off the gross domestic product in The United States when we have a shutdown like this," explained Elger, who works for Robert W. Baird & Company. "That's costing our economy each week that the government is shut down."

But traders on Wall Street don't seem to be concerned. Yet.

"If this gets longer than 21 days, which is the previous record for a shutdown, then we may see issues," said Elger. "The other part of this is we're very used to wrangling going on in Washington and I think a lot of investors are de-sensitized."

Meanwhile, the shutdown has had an immediate impact at the Peoria Ag Lab, which is closed.

So is the Peoria County Farm Service Agency, which could inconvenience some farmers. That office also houses the county's soil and water conservation district.

"They help farmers cost-share conservation structures," explained Patrick Kirchhofer, manager of the Peoria County Farm Bureau, "(things) such as dry dams, terraces, waterways and structures that would save soil on farm land. They can't do that now."

When they can resume is anybody's guess.