Congressional Budget Office predicts slower economic growth and 4.7% unemployment into 2024

By FATIMA HUSSEIN and JOSH BOAK
Associated Press

WASHINGTON (AP) — The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024. The latest 10-year budget and economic outlook from the nonpartisan office shows how difficult it is to figure out where the United States is going in the wake of the pandemic. The CBO said it expects interest rates to continue to rise, as well as slower growth in the gross domestic product for the rest of this year and unemployment reaching 4.7% by the end of 2024.