The Congressional Budget Office projects slow growth and high unemployment for years to come as a result of the financial crisis and recession, a new report shows.Technorati tags:
In its semiannual update of budget and economic data, the agency -- which serves as the official scorekeeper for President Obama and Congress -- projects the jobless rate will fall to 8.9% by the end of this year but remain above 8% until 2014.
Economic growth will remain slow but steady, it says, increasing by 2.3% this year and 2.7% next year. In a blog post on the agency's website, director Douglas Elmendorf notes those projections were made in early July before financial market gyrations and some lackluster economic indicators.
"Incorporating that news would have led CBO to temper its near-term forecast for economic growth," he said.
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