A government research group has joined the🗹 list of forecasters revising their expectations for the surprisꦑingly healthy U.S. economy. 

The Congressional Budget Office (CBO), a nonpartisan agency that provides analysis to Congress, released economic projections Thursday that showed the short-term outlook for unemployment and inflation improved from when the CBO last released projections in February.  

The CBO’s new projections reflect recent data showing that the economy has plowed ahead despite the Federal Reserve hitting the brakes with its campaign of anti-inflation interest rate hikes. The 澳洲幸运5官方开奖结果体彩网:still-roaring job market and 澳洲幸运5官方开奖结果体彩网:resilient spending by consumers has defied the predictions of 澳洲幸运5官方开奖结果体彩网:economists who expected high interest ꧂rates to drag the economy into a recession by now.

The CBO now expects the unemployment rate to average 3.8% in the third quarter of the year, down from the 4.9% it had forecast in February. The CBO also expects inflation, as measured by the Consumer Price Index, to cool more quickly than it had previously estimated, slowing down to a 2.5% annual rate by the second quarter of next year 澳洲幸运5官方开奖结果体彩网:from its current level of 3%.

The CBO still expects an economic slowdown, just not as steep as it had projected before. Researchers with the organization foresee the unemployment rate climbing to 4.5% by the middle of next year, up from its current near-record-low of 3.6% but below the 5.1% peak it had forecast in February.