Job market predicted to bounce back in 2024
WASHINGTON (CNN) — The Congressional Budget Office (CBO) says U.S. jobs won’t return to their pre-pandemic levels until 2024.
While the economy is predicted to bounce back by the middle of 2021, the job market is still a long way from recovering.
This CBO report could pressure lawmakers into passing President Biden’s relief bill and economic recovery package quickly.
April of 2020 saw more than 20 million jobs lost and a nearly %15 unemployment record, a peak for the pandemic.
According to Moody’s Analytics, Biden’s $1.9 trillion stimulus package has the potential to speed up the economic recovery.
In turn, it’s hoped the economic recovery will boost the labor market and consumer spending.