The US economy is expected to shrink by 37.7% in the second quarter

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      The CBO said Tuesday that the US economy should rebound strongly in the third quarter after a sharp contraction dragged down by the new coronavirus epidemic, but it may be some time after next year to fully recover the lost land.
In its latest economic forecast, CBO expects the U.S. economy to shrink at an annual rate of 37.7% in the second quarter, but expand at a rate of 21.5% in July September.
Even so, the agency does not expect us gross domestic product to return to its high level at the beginning of this year in the forecast period to the end of 2021.
With the closure of novel coronavirus in most parts of the country, the US economy has suffered the biggest blow since the Great Depression of 1930s.
Alarmingly, 20.5 million people lost their jobs in April, and the unemployment rate jumped from 4.4% in March to 14.7%, the highest since World War II.
The CBO said it expects the unemployment rate to peak in the third quarter, with an average of 15.8%.
Although the agency expects unemployment to fall steadily after that, it warns that the road to recovery will be long.
"Sustained social alienation will inhibit economic activity and labor market conditions for some time," the CBO said


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