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CBO Real GDP Percentage Change
6 2 Artuol 1 Pioieded l -4 1999 2004 2009 2014 2019 2024 CBO projects that the growth ot real (intlation—ad]usted) GDP will increase after this year, to an annual average rate 0t 3.4 percent tram the tourth quarter 0t 2014 through the tourlh quarter 0t 2016, betore moderating in subsequent years. Note: Values trom 1999 through 201 3—the thin line—retlect revisions to the national income and product accounts that the Bureau of Economic Analysis made on July 30, 2014. Values trom 2013 through 2024—the thick line—retlect the data available and projections made betore July 30. 2
CBO Contributions to the Growth
of Real GDP Percentage Points 1 Addition to Growth in 2015 11.9 Compared to 2014 Business Investment Consumer Spending More rapid growth in business investment and consumer spending will significantly boost economic growth in 2015, CBO projects.
CBO Capital Services Percentage Change
7 _ Arlual j Projerlerl l 0 l I l I l 1954 1964 1974 1984 1994 2004 2014 2024 Over the next tew years, business investment is likely to grow more rapidly as the ettects ot weak demand tor goods and services tade, boosting businesses’ incentive to increase capital services.
CBO Real Compensation of Employees
Percentage Change 6 7 1-(1lltil 1 Pilijiiitliil _4 I I I I 1999 2004 2009 2014 2019 2024 Faster growth in the compensation ot employees will support taster growth in consumer spending in the next tew years. Note: Values trom 1999 through 201 3—the thin line—retlect revisions to the national income and product accounts that the Bureau ot Economic Analysis made on July 30, 2014. Values tram 2013 through 2024—the thick line—retlect the data available and projections made betore July 30. 5
CBO GDP and Potential GDP
Trillions of 2009 Dollars 24 20 16 12 l'l1S10ll(tll 1 Projcrtrirl 1 Potential GDP 2004 2009 2014 2019 2024 The gap between the economy's actual and potential output narrows to its historical average by the end ot2017 in CBO's projection. Note: Historical data tor GDP retlect revisions to the national income and product accounts that the Bureau of Economic Analysis made on July 30, 2014. Historical values tor potential GDP and all projected values retlect the data available betore July 30.
The Labor Force, Employment, and
Unemployment Percentage of the Population 70 Actual 3 Projected 65 Unemployed 60 Employed 55 Labor Force Participation Rate 50 0 1954 1964 1974 1984 1994 2004 2014 2024 The labor torce and employment are projected to grow more slowly than the population alter 2015, primarily reflecting the retirement of members ot the baby—boom generation. CBO
CBO Unemployment Rate Percent 12
T Actual 10- 1999 2004 2009 2014 2019 2024 The underutilization ot resources—or ”slack”—in the labor market, partly reflected in an elevated unemployment rate, is expected to largely disappear by the end ot2017.
CBO Workers Who Are Employed
Part Time Percentage of Total Employment 24 — All Part-Time Workers 20 K-% 16 — 12 ~ Workers Who Work Part Time 8 — for Economic Reasons 4 0 l I l I l 1994 1998 2002 2006 2010 2014 The incidence ot part—time employment tor economic reasons remains much higher than it was before the 2007-2009 recession. 10
Measures of the Underutilization of
Labor Percent 20 P 16 12 U-6 8 ’ Short-Term Unemployment 4 _ Long-Term 0 I Unemployment 1994 1998 2002 2006 2010 2014 By some measures, the underutilization ot labor remains quite high, but the rate ot short—term unemployment is close to its average over the 2001-2007 business cycle. Note: The U-6 measure at the underutilization of labor combines the number at people who are unemployed, the number ot people who are ma rginally attached to the labor force, and the number of people who work part time for economic reasons. CBO 11
CBO Measures of Wages and
Salaries Paid to Employees Percentage Change 5 _ Average Hourly Earnings 4 _ 3 2 _ j _ Wages and Salaries for Private Industry Workers 0 I i I i l 1994 1998 2002 2006 2010 2014 Despite the decline in the unemployment rate in recent years, wages and salaries paid to employees continue to grow slowly. 12
CBO Inflation Percentage Change in
PCE Prices 5 T Actual Projected Overall Inflation Core Inflation 0 l I 1999 2004 2009 2014 2019 2024 CBO anticipates that prices will rise at a modest pace over the next several years, retlecting the remaining slack in the economy and widely held expectations tor low and stable intlation. Note: Values trom 1999 through 2013—the thin lines—retlect revisions to the national income and product accounts that the Bureau of Economic Analysis made on July 30, 2014. Values trom 201 3 through 2024—the thick lines—retlect the data available and projections made betore July 30. PCE = personal consumption expenditures. j4
CBO Interest Rates on Treasury
Securities Percent Actucil ‘ Piojectecl 10-Year Treasury Notes 3-Month Treasury Bills 1999 2004 2009 2014 2019 2024 From 2014 to 2019, interest rates will be pushed up by market participants’ expectations ot on improving economy and an end to the Federal Reserve’s purchases ot long—term Treasury securities and mortgage—backed securities, CBO anticipates. 15
About This Document Alexander Arnon,
Maureen Costantino, Kim Kowalewski, Mark Lasky, Leah Loversky, and Charles Whalen prepared these slides. For more details about CBO’s economic forecast as well as the agency's most recent budget projections, see An Update to the Budget and Economic Outlook: 2014 to 2024 (August 2014), wvvw. cbo. gov/ publication/45653 That report is the result of work by many analysts at CBO.