Magazine article HRMagazine

Job Market May Bounce Back by 2018

Magazine article HRMagazine

Job Market May Bounce Back by 2018

Article excerpt

"Four more years of this?"

That's often the disgruntled voter's refrain in a presidential re-election year. But it also could be the response to findings in a new report from the nonpartisan Congressional Budget Office (CBO) that U.S. unemployment and labor force participation rates won't approach the levels experienced in previous recoveries until 2018.

The agency estimates that the nation's unemployment rate will fall to 5.8 percent by the end of 2017 and to 5.5 percent in 2024. No word on when, or if, it will drop to 4.8 percent, the level at the onset of the Great Recession in December 2007.

According to the CBO, the country's unemployment problem is largely due to weak demand for goods and services and, to a smaller degree, structural factors. …

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