The new projection shows the long-term impact that economists say the pandemic will have on the U.S. economy, the largest in the world. A severe disruption to production and hiring in March and April has had a jarring impact on the United States.The country’s economic outlook over the coming decade has “deteriorated significantly” since the CBO published its full baseline economic projections in January, the agency said.
The projections are also based on laws already passed by Congress to extend relief to households, businesses and local governments — but do not account for any future stimulus measures. Lawmakers are currently debating how or whether to extend government aid this summer, including to industries hardest-hit by stay-at-home measures.The latest projections showed that real gross domestic product is expected to grow at a 12.
The 10-year economic forecast is being released now, ahead of the CBO’s budget projections later this summer, so Congress can take into account “a rapidly evolving environment,” according to the report.the CBO estimated that real GDP would contract by 11 percent in the second quarter of this year, equivalent to a 38 percent drop at an annual rate. The May report also projected that in the second quarter, almost 26 million fewer Americans would be employed than in the fourth quarter of 2019.
But many economists and lawmakers caution that the jobs data reflects a survey taken in the middle of June — before a surge in cases pushed multiple states to reimpose restrictions and scale back reopening plans. That means scores of Americans have now been kicked out of the workforce for aOn Wednesday, the country reported
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Employment won't recover for a decade, CBO saysThe nation’s unemployment rate will remain stubbornly higher for the next decade than it was before the pandemic, while economic output will be depressed for years under current tax and spending policy, the Congressional Budget Office said This assumes nothing is done about it. The question is, how much room is there to spend more to stimulate the economy moving forward without putting the US into an untenable deficit? You people is the dumbest MF mascarade as journalists. Try to tell Trump that.
Source: politico - 🏆 381. / 59 Read more »
CBO Sees Double-Digit Jobless Rate Through 2020, GDP to Shrink 5.9%The jobless rate is expected to remain in double-digits through the end of the year, and the economy will shrink an estimated 5.9%, according to projections released by the Congressional Budget Office. Reopening stocks leading the market higher today again. Energy and casinos... reopening I can make shit up, too. All for political gain, the dems COULD have put up a moderate candidate who isn't as old as dirt and just barely smarter than dirt. Instead, they used a virus that 99.5% will recover from to out millions out of work, and promote protests & riots which led to a massive outbreak.
Source: WSJ - 🏆 98. / 63 Read more »
'I'm ready to start with a career': 2020 graduates face uncertain job market with hopeThe class of 2020 is entering a turbulent job market due to the novel coronavirus pandemic. Thanks Captain Obvious 🤦🏽♀️ 2008 just called...
Source: USATODAY - 🏆 100. / 63 Read more »
Coronavirus updates: 4-month-old baby hospitalized for COVID-19CORONAVIRUS LATEST: — U.S. reports record-high number of new cases in a day. — 4-month-old baby hospitalized for coronavirus in Alabama. — U.S. testing supply chain is under strain, FEMA memo says. — Oregon sees highest single-day jump in cases. How the Chinese Communist Party(CCP) gained control over Australia, USA and the rest of the world? War Room Pandemic with the most influence of the Whistleblower movement leader, Miles Guo! Welcome to the D party con. BLM — Act Blue — D candidates. moneylaundering rico
Source: ABC - 🏆 471. / 51 Read more »
Coronavirus updates: US reports record-high number of new cases in a dayCORONAVIRUS LATEST: • More than 50,000 new cases of COVID-19 were identified in the United States on Wednesday. • Pandemic has killed over 516,000 people across the globe. • Over 10.6 million people have been diagnosed with COVID-19. uh, I thought President Fauci said the virus can't withstand the heat... it's summer time. And yet dumbasses still refuse to wear masks Hundreds arrested on first day of Hong Kong national security law
Source: ABC - 🏆 471. / 51 Read more »
Coronavirus updates: Party guests exposed to COVID-19 not cooperating, officials sayNEW: White House press sec. Kayleigh McEnany says Pres. Trump 'is confident' COVID-19 'will disappear.' The comment comes as positive cases continue to rise in multiple states across the U.S. McEnany describes the resurgence of cases as 'embers.' lol Heads in the sand. Just like with climate change. Keep it up, Joes election is more assured by the day.
Source: ABC - 🏆 471. / 51 Read more »