Economy
September 19, 2020
CRU: Fed Raises U.S. Outlook, Interest Rates Stay at Zero Until 2023
Written by Jumana Saleheen
By CRU Chief Economist Jumana Saleheen and Economist Anissa Chabib
The U.S. economy has seen a faster than expected resumption of economic activity since the “stay at home” orders ended in May. Most notable has been the improvement in the labor market. The number of people who lost their jobs in March and April was 22 million, but since then an astonishing 11 million (nearly 50 percent) have returned to work. The unemployment rate has fallen to 8.4 percent in August, from its April high of 14.7 percent. Other indicators of economic activity have been positive, too, including retail sales and housing market activity.
