Economic analysts are expressing concern that the mania surrounding Monday's eclipse could end up hurting American productivity.

Research and outplacement company Challenger, Gray & Christmas estimates employers could lose nearly $700 million as workers shirk their daily responsibilities to catch a glimpse of the eclipse. In Chicago alone, which is a expected to be within a hair's breadth of seeing a total eclipse, productivity losses are projected to close in on $28 million.

The study parsed data from the Bureau of Labor Statistics and estimated the average cost of 20 minutes of unproductive time per worker in the U.S. would clock in at $7.95. But that total can quickly add up as workers leave their desks – temporarily or for the day – to take in the solar spectacle.

While that sounds like a significant loss, Andrew Challenger, the company's vice president, noted in a statement accompanying the report that losses are in some ways mitigated because the eclipse will be visible around lunch time, when workers are more likely to already be on break.

"That is not to say employers need to board their windows and keep employees locked up in conference room meetings until the eclipse ends," Challenger said. "It offers a great opportunity to boost morale. Employers could offer lunch to their staff, give instructions on how to make viewing devices, and watch together as a team."

Productivity losses are also expected to vary by geographic region, as only a narrow stretch of land will be able to see the eclipse in its totality. An estimated 12 million Americans live in that path, which rolls over only a handful of major cities like St. Louis and Nashville, Tennessee.