ABSTRACT

Economic Report of the President 'Together' with the Annual Report 'of the' Council of Economic Advisers (January 2021)   [open pdf - 27MB]

From the Introduction: "In 2020, the U.S. economy experienced its worst macroeconomic shock since the Great Depression. As a direct result of the arrival of COVID-19 [coronavirus disease 2019]--and consequent measures to contain and mitigate viral transmission, real output was on pace to contract by as much as 12.3 percent in 2020, which would have constituted the worst economic contraction since 1932. Professional forecasters projected that the unemployment rate would reach as high as 25.0 percent in May 2020, its worst level since the Great Depression and more than twice its peak in the aftermath of the 2008-9 global financial crisis. The Congressional Budget Office (CBO) forecasted a contraction of almost 6 percent during the four quarters of 2020, and that the unemployment rate would remain over 11 percent through the end of the year."

Author:
Publisher:
Date:
2021-01
Copyright:
Public Domain
Retrieved From:
White House: https://www.whitehouse.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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