The Congressional Budget Office (CBO) said this week that the U.S. economy is poised for real GDP growth at an annualized rate of 12.4 percent in the second half of 2020, with unemployment to peak in the third quarter before falling rapidly through this year and next.
Released on July 2, the CBO’s ‘Update to the Economic Outlook: 2020 to 2030’ (pdf) represents the baseline figures that the office uses to update its budgetary projections for the period 2020 to 2030, and is its first complete set of projections since January. The update incorporates relevant data available up to June 26.
