CBO Forecast

The Congressional Budget Office (CBO) released its updated economic forecast this afternoon.  It anticipates the unemployment rate rising to 12% in Q2, and declining only slightly to 9% by the end of 2021 (yes, 2021).  Economic growth is expected to be -28% in Q2, but perhaps even worse.

Time for one more. Here's a link  from Homebase that tracks data for hourly workers at many small business.  Quoting Greg Mankiw, from whom this link was obtained (gregmankiw.blogspot.com): "It shows that hours worked by hourly employees is down by more than 50 percent (as of March 27). FYI, hourly workers make up about 60 percent of the labor force, most of the rest being salaried workers. It is not clear to me how representative the Homebase data are, but they may turn out to be a good resource for tracking the economy in real time."