Ever so often, an organization called the Congressional Budget Office (CBO) releases economic outlook projections. The economic outlook released today, July 2, 2020, was special for obvious reasons.
So let’s get to it. There’s good news, and there’s bad news. The good news is we’re looking to see a pretty sharp increase in the third quarter, and, just so you know, we are just beginning the third quarter. The bad news is this is projected to be a sugar high. In other words, the long term damage this global pandemic has caused the United States economy is projected to last decades. You’re probably most interested in the employment projections. This is projected to follow the same general pattern. The unemployment rate, even though it is expected to sharply decrease, is NOT projected to return to what it was before the pandemic by 2030.
I know how this sounds, but just bear in mind, these are merely projections, and projections do change– especially given the current level of uncertainty. Sorry to be the bringer of bad news.
- An Update to the Economic Outlook: 2020 to 2030. https://www.cbo.gov/publication/56442. Last Accessed: 7/3/2020.