The world’s largest American economy faces several major challenges in 2023, and the difficulties do not seem to be easing in the new year.
In this regard, according to the Congressional Budget Office (CBO) report, millions of Americans may lose their jobs in 2024 and the unemployment rate in the country is expected to increase from 3.9% to 4.4%.
Presenting a picture of the US economy, the report claims that the country may face many other problems besides unemployment. This includes many economic issues such as weak consumer demand, reduction in unnecessary spending, reduction in consumer spending, decline in exports etc.
The report also hopes that the government can take some necessary steps to provide tax relief to the public by increasing its spending by next year.
According to the CBO report, there is still a shortage of jobs in the US market in December 2023 and more than 200,000 people filed for unemployment benefits in the first week of the month.
In such a situation, the number of beneficiaries of this allowance across the country has exceeded 18.70 lakh. According to the report of the English daily ‘Hindustan Times’, the Federal Reserve has also released its data regarding the US economy. Accordingly, the country’s GDP growth rate in 2024 is estimated to be 1.4 percent.
Along with this, the unemployment rate in the country has increased from 3.9 percent to 4.1 percent, but according to the CBO report, this number is lower.
The CBO has expressed hope in its report that after March 2024, the Federal Reserve may cut its interest rates to stimulate the economy. Also, the inflation rate in the country is expected to be 2.1 percent by 2024.
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