BusinessPostCorner.com
No Result
View All Result
Saturday, June 14, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Economic growth will slow and unemployment rise, CBO says

July 27, 2023
in Business
Reading Time: 2 mins read
A A
0
Economic growth will slow and unemployment rise, CBO says
ShareShareShareShareShare

The Congressional Budget Office reported Wednesday that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024.

The latest 10-year budget and economic outlook from the nonpartisan office shows how difficult it is to figure out where the United States is going in the wake of the pandemic. Many economists and investors were caught off guard as Federal Reserve interest rate increases, intended to combat high inflation, have not led to mass layoffs and a recession. Rather, growth and hiring have stayed relatively solid.

The CBO said it expects rates to continue to rise, as well as slower growth in the gross domestic product for the rest of this year and unemployment reaching 4.7% by the end of 2024.

In February, the agency projected that the unemployment rate would jump to 5.1%. It currently stands at 3.6%. The CBO now estimates that rate will end the year at roughly 4.1%.

Consumer spending is expected to flag later this year and labor force participation to decline as employers need fewer workers.

In a bright spot, inflation is expected to decline due to actions by the Fed to tame price increases, which rose at the highest annual pace in four decades in June of last year. The central bank has tried to reduce inflation by raising its benchmark interest rates. The Fed on Wednesday raised its key rate for the 11th time in 17 months, from roughly 5.1% to 5.3%, its highest level since 2001.

The CBO issues projections that are generally more pessimistic than those of other forecasters such as the Fed. The latest report acknowledges that uncertainty, saying “projections are highly uncertain, and many factors could lead to different outcomes.”

Credit: Source link

ShareTweetSendPinShare
Previous Post

How to Create an Ebook From Start to Finish [Free Ebook Templates]

Next Post

SEC Charges Quantstamp $28 million For Conducting an Unregistered Initial Coin Offering

Next Post
SEC Charges Quantstamp  million For Conducting an Unregistered Initial Coin Offering

SEC Charges Quantstamp $28 million For Conducting an Unregistered Initial Coin Offering

Three-quarters of pensioners to get winter fuel payment this year

Three-quarters of pensioners to get winter fuel payment this year

June 9, 2025
Data on contingent talent is changing the game for HR leaders

Data on contingent talent is changing the game for HR leaders

June 12, 2025
Zappi’s CMO shares her secrets for building AI agents that nail brand voice, manage compliance, and more

Zappi’s CMO shares her secrets for building AI agents that nail brand voice, manage compliance, and more

June 9, 2025
SEC vs Ripple Case: Parties Seek Ruling to Dissolve Injunction, Release 5M Civil Penalty

SEC vs Ripple Case: Parties Seek Ruling to Dissolve Injunction, Release $125M Civil Penalty

June 13, 2025
Accounting firms seeing increased profits

Accounting firms seeing increased profits

June 13, 2025
Reactions to winter fuel payment U-turn

Reactions to winter fuel payment U-turn

June 9, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Minnesota state lawmaker and husband killed by gunman dressed as police officer

Minnesota state lawmaker and husband killed by gunman dressed as police officer

June 14, 2025
GameStop Upsizes Convertible Note Offering to .25B — How Could BTC Benefit?

GameStop Upsizes Convertible Note Offering to $2.25B — How Could BTC Benefit?

June 14, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!