CBO projects unemployment above 7.5% for all of 2013
(CNSNews.com) – The Congressional Budget Office (CBO) said in its most recent budget and economic forecast that the economy is expected to continue its sluggish pace of growth – just 1.4 percent – and unemployment is expected to remain above 7.5 percent again this year.
The CBO said that 2013 would set a record for the longest period of high unemployment since the Great Depression.
“CBO expects that economic activity will expand slowly this year, with real GDP growing by just 1.4 percent,” the Office said in its Budget and Economic Outlook report on Tuesday. “[T]he unemployment rate is expected to remain above 7½ percent through next year; if that happens, 2014 will be the sixth consecutive year with unemployment exceeding 7½ percent of the labor force—the longest such period in the past 70 years.”