The nonpartisan Congressional Budget Office on Nov. 29 released an analysis describing its “current view of the economy in 2023 and 2024 and the budgetary implications.” In short, everything looks bleaker than it did a little more than six months ago, when the CBO published its Budget and Economic…
would grow by 2.2% in 2023. The newest CBO update suggests there’s only a 1-in-6 chance that the economy will grow by more than 1.8%, and it’s as likely as not that the economy will shrink in 2023.rate to rise. The report suggests joblessness will jump to between 3.8% and 6.4%, implying anywhere from a couple of hundred thousand to about 4.5 million more Americans will be unemployed next year than today.
greater increases in interest rates than the CBO had previously expected. The CBO now expects 3-month Treasury bills to pay between 3.4% and 5.6% interest rates in 2023, way up from the 2.0% they projected in May 2023.
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