CBO projects 4.6% growth in Biden’s first year, jobs lag

first_imgThe Congressional Budget Office expects the U.S. economy will grow at a robust 4.6% annual rate this year, but that employment won’t return to pre-pandemic levels until 2024. The 10-year outlook issued Monday said the economic recovery from the coronavirus has been boosted by an unprecedented wave of government spending to combat the outbreak. While the growth estimates suggest a quick snapback in gross domestic product, the CBO shows that hiring will lag as consumer spending returns and employers become more comfortable with adding workers. The CBO projected an average of 521,000 jobs will be added monthly this year, a pace that would fall to 145,000 in 2022.last_img

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