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Millions of Americans to Lose Their Jobs in 2024

Posted on AllSides December 28th, 2023
From The Center
Stephanie Keith/Getty Images

A Congressional Budget Office (CBO) report on Friday forecasts a rise in U.S. unemployment from the current 3.9 percent to 4.4 percent by the end of 2024, signaling potential job losses for millions amidst a contracting gross domestic product (GDP).

The projected increase in unemployment, affecting an estimated 7.4 million Americans within the workforce, will come amidst economic adjustments and policy shifts, the CBO said in its "Current View of the Economy From 2023 to 2025" report.

The nonpartisan office said it expects weaker consumer spending into next year, as...

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