Latest Forecast from the CBO

The Congressional Budget Office just released their latest forecast about the economy through the end of 2021 (while acknowledging a high level of uncertainty).  Here are some of the most interesting numbers:

Economic growth

• Q2: -39.6%
• Q3: +23.5%
• 2020: -5.6%
• 2021: 2.8%

Unemployment Rate:

• Q2: 14%
• Q3: 16%
• Q4: 11.7%
• 2021Q4: 9.5%

note: labor force declines by 6 million between now & the end of 2021

Budget Deficit:

• 2020: $3.7 trillion (17.9% of GDP)
• 2021: $2.1 trillion (9.8% of GDP)