CBO Forecasts a Decrease in Inflation coupled with an Increase in Unemployment
The Congressional Budget Office forecasts inflation to hit the Federal Reserve’s 2% target rate by 2024, with an overall economic slowdown and a rise in unemployment predicted to continue into 2025. The office’s economic projections for 2023 to 2025 also predict the unemployment rate to hover around 4.4% by the fourth quarter of 2024, and it is expected to remain close to this level through the following year. At present, the US unemployment rate sits at 3.7%. The office also anticipates the gross domestic product or the economy’s overall health to decline from 2.5% in 2023 to 1.5% in 2024, bouncing back to 2.2% in 2025. Compared to its February 2023 projections, the recent report expects weaker growth, lower unemployment, and higher interest rates in 2024 and 2025. With such economic projections, communication with unemployment departments is vital, making services such as EDDCaller.com essential, as it offers a means for people to connect with the unemployment, paid family leave, and disability departments over the phone.