The economy is slowly starting to recover from the Great Recession and is now on track to grow at a faster pace than at any time in its history, a new report from the Congressional Budget Office says.
The unemployment rate is now 6.4 percent, slightly below the 9.9 percent peak in late 2009, but the unemployment rate for people ages 16 to 64 is down to 2.7 percent.
That’s the lowest rate since late 2007.
The CBO report also finds that the nation’s net interest burden has fallen from about $4 trillion in fiscal year 2017 to $2.6 trillion in 2021.
In the current fiscal year, net interest costs are expected to be about $2 billion lower than in fiscal 2021.
The net interest rate on government debt is expected to remain at its historic low, about 0.7 percentage points below its peak in December 2009, the CBO said.
While the economy has rebounded from the recession and is on track for the fastest economic expansion since the late 1980s, the recovery has been uneven, according to the report.
For the past three years, wages and employment have been weaker than expected.
The jobs report, based on government data, said that more than 14 million jobs have been lost in the economy over the past five years.
And more than 4 million workers are still unemployed, about 6.5 million of them full-time, the report found.
The CBO said that the jobs and wages report also found that wages and earnings growth have been flat or down since the recession, and the average monthly earnings of hourly workers fell 2.5 percent.
In 2021, the average annual earnings are expected the average worker will earn $2,800 less than in 2017.
That is more than a 2.4 percentage point increase, but still well below the 4.1 percent average annual growth rate in the early 2000s.
The report also said that in 2020, average hourly earnings rose 4.6 percent, but that rate is expected this year to fall 3.4 points, or about a 1.9 percentage point drop, from last year.
Job growth is still weak, but not as weak as many economists expected, the nonpartisan CBO said in its report.
Its economists say that despite the sluggish economy, employers are still willing to pay a little bit more to attract workers, and are likely to hire more.
In 2021, there will be a shortfall of about 7.4 million jobs, or roughly 9.6 million workers, that would be lost because employers are not hiring enough workers, according the report, which was written by the CBO’s economic analysis office and its workforce development arm.
Economists have been looking at the labor market to see if the economy can recover.
The labor market is still fragile, as it is in every recession, they say.
“What we’re seeing is that the labor force is growing but there’s not much labor force participation.
The economy as a whole is growing, but labor participation is not as strong as it was in 2009,” said Stephen Largent, a senior economist at the Economic Policy Institute.
A job is an important component of any recovery, Largents research shows.
If there are more people looking for jobs, employers will be able to hire and retain more workers.
As the economy recovers, many employers are finding it harder to recruit workers and pay wages.
That can cause unemployment to rise and cause businesses to lose revenue.
One thing that is clear from the CBO report is that employers are going to have to do a better job of recruiting workers, said Robert Hogue, director of the Center for Economic Policy Studies at the Brookings Institution.
Even though unemployment is still low, employers need to be able get their workers back into the labor pool, said Largens.
That means increasing the hours of workers who can be hired.
Hogue said that employers have to be willing to raise wages to compensate for the extra labor, and employers need the government to help them do that.
But even though the CBO reports that the job market is improving, there is a lot of uncertainty in the job markets, he said.