The nonpartisan Congressional Budget Office (“CBO”) projects U.S. economic growth will slow to 1.5% in 2024, with the unemployment rate seen rising to 4.4% from what it estimates will be a 3.9% average in 4Q 2023. The updated projections also included a substantial upward revision to expected GDP growth in 2023 to 2.5%, from 0.9% seen in July. The CBO said the growth slowdown expected for 2024 was due to slower-than-projected growth in personal consumption, private investment and exports.

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