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December 27, 2005 10:00 AM, EST

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ast week’s three-day transit strike in New York City cost businesses $1 billion in revenue, Mayor Michael Bloomberg said Sunday, the Associated Press reported.

Transit workers walked off the job last Tuesday, shutting down the bus and subway service that millions of commuters rely on each day.

Service resumed Friday after the Transport Workers Union agreed to return to work while contract negotiations continue. (Click here for previous coverage.)

Several economists said the city's estimate of $400 million a day in lost revenue appeared too high and failed to account for offsets, such as employees working from home, AP reported.

Bloomberg did not explain how he reached the $1 billion figure, AP said.

Negotiations between the Metropolitan Transportation Authority and the TWU have been under a media blackout since the walkout ended last week.