Economy

CBO report foresees rapid growth recovery, labor force revival by 2022

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A worker uses a hoist to assemble a car seat at the Lear Corp. manufacturing facility in Hammond, Indiana.

Jim Young | Bloomberg | Getty Images

U.S. economic growth will recover “rapidly” and the labor market will return to full strength quicker than expected thanks to the vaccine rollout and a barrage of legislation enacted in 2020, according to a government forecast published Monday.

Gross domestic product, or GDP, is expected to return to its pre-pandemic size by mid-2021 and the labor force is forecast to rebound to its pre-pandemic level in 2022, the nonpartisan Congressional Budget Office said.

Importantly, the CBO said its rosier projections do not assume any new stimulus, including



Source cnbc.com

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