The Congressional Budget Office expects the unemployment rate to fall over the next few years
The U.S. economy is expected to grow at a normal pace over the next decade, beginning in mid-2021, once the coronavirus pandemic is brought under control.
That’s the prediction made by the Congressional Budget Office.
The nonpartisan office said that as millions of Americans are vaccinated against the virus, “the economic expansion that began in mid-2020 will continue” through 2031.
The administration said the $20.8 trillion U.S. economy, the largest in the world, “is projected to return to pre-pandemic levels in mid-2021 and surpass its potential, that is, maximum sustainable levels, in early 2025.
The department predicts that U.S. unemployment, which stood at 6.7 percent in December, will gradually decline through and including 2026, and that the number of people employed will return to pre-pandemic levels in 2024.
Labor Department officials said about 10 million of the 22 million workers laid off as a result of the pandemic remain unemployed.