The Congressional Budget Office is predicting the economy will come roaring out of the coronavirus recession with growth surging to 12.4% the rest of this year, before settling back into the longer-term trend of about half that.
Unemployment will peak at more than 14% but “fall quickly” as the economy rebounds later this year and into next year, the CBO said in its new update Thursday…
CBO can’t be sure of the numbers it’s using.
“A further contributor to the overall uncertainty is that the speed and intensity of the recent downturn have greatly increased the difficulty of recording and compiling reliable economic data; CBO’s projections are based on data that may later be substantially revised,” the nonpartisan agency said.
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