The Congressional Budget Office predicts that the US economy will shrink during the second quarter of this year, by 11 percent of GDP compared to the first quarter of the year, equivalent to a 38 percent annual decline.
The Congressional Office said that the economy is expected to start recovering in the second half of this year, with closure measures eased and fears of an emerging Corona Virus pandemic (Covid-19) eased.
On the employment front, the Congressional Budget Office predicts that the United States has lost about 26 million jobs compared to the last quarter of last year. This will be the fastest deterioration of the American labor market since the 1930s
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