The latest projections are well above where they were at the start of the year.
One critical ingredient will be missing to sustain higher inflation: a tight labor market.
Households’ debt service burdens have eased considerably.
The deficit as a share of the economy surged to 16%, the largest since 1945.
The projected deficit for this year would equate to 16% of gross domestic product.
Record-low borrowing costs help make residential real estate an economic bright spot.
The coronavirus-induced spending splurge weighs heavily on the national debt.
Output slumped 13.7% from the prior month after a revised 5.5% decrease in March.
The number of job losses for April was more than double the total jobs lost during the Great Recession.
More U.S. consumers than at any time in the last 11 years said prospects for the economy were deteriorating.
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