The nation’s unemployment rate will not return to its pre-pandemic levels through the rest of this decade, meaning millions could be out of work even after vaccines are widely distributed, according to a projection released Monday by the nonpartisan Congressional Budget Office.
The nonpartisan budget office also projected a faster-than-expected rebound in economic growth as the nation’s economy recovers more quickly than analysts had initially expected.
The U.S. economy is expected to grow by 4.6 percent this year before returning to more typical growth levels of slightly above 2 percent by 2023. Last year represented the worst year for gross domestic product since World War II, with the pandemic leading to a 3.5 percent contraction in the economy. Continue reading.