The Congressional Budget Office upgraded its U.S. economic outlook, saying GDP growth will recover "rapidly."
GDP is expected to return to its pre-pandemic size in mid-2021 and the labor force is forecast to rebound to its pre-pandemic level in 2022, the CBO said.
Importantly, the CBO said its rosier projections do not assume any new stimulus, including President Joe Biden's $1.9 trillion plan.
The CBO projects the unemployment rate to fall to 5.3% in 2021 and to 4% between 2024 and 2025.