On top of the, the forecast is riddled with uncertainty in terms of the virus it self, changes to consumer behavior and policy responses, the CBO cautioned.
Meanwhile real US gross domestic product, the broadest measure of the economy, will soon be an average 3.4% lower over the next decade than the thing that was originally predicted in January. It will require until 2028 until GDP will grow in line with long-term trend growth again.
But whether the worst is already behind us remains to be observed. The CBO projects the unemployment rate to peak in the third quarter before falling rapidly in the remainder of 2020 and through the duration of 2021.
Still, with worries about rising Covid-19 disease rates in parts of the country, some states are putting their reopening on hold. For people who were laid off, meaning more time out of the labor market.