Fox Sports is taking a look at what the economic recovery will look like for the US economy and what it could mean for the next 12 months.
The top economic issue on the agenda is unemployment, with President Donald Trump’s administration making a series of announcements on Wednesday.
The US economy grew at an annualized pace of 2.9% in the first quarter of 2017, the weakest growth since the Great Recession.
The number of people who are officially unemployed fell to a seven-year low of 12.9 million.
The US economy has been growing by about 3% per year for most of the past three decades.
The Bureau of Labor Statistics, which tracks US unemployment, says the unemployment rate is currently at 4.3%, down from a peak of 5.9%, in the third quarter of 2016.
But there are many signs that the recovery is already underway.
The jobs market is expected to grow by a whopping 11.1 million jobs in 2021, the most recent quarter.
The Bureau of Economic Analysis, a private group that tracks the US labour market, projects that employment growth in 2021 will average 3.1%, compared with 2.5% in 2021 last year.
The economy is projected to create about 3.9m jobs over the next four years, according to a separate study from Bank of America Merrill Lynch.
That’s down from 4.5 million jobs projected in the second quarter of 2021, which was the second-fastest pace in the past five years.
In the meantime, the Fed has been keeping a close eye on the economy and will likely continue to do so.
The Fed said in a recent report that it was expecting the unemployment level to rise to 7.3% in 2022, which is the most since 2010.
The rate is set to rise again in the fourth quarter of 2019, when the Fed is expected in a report to raise interest rates again.