The non-partisan budget referee agency also substantially revised upward the US gross domestic product (GDP) growth projection for this year to 2.5 per cent from July’s 0.9 per cent.
The slowdown expected next year and a reduction in its previous projection for 2025 growth to 2.2 per cent from 2.4 per cent in July is due to slower-than-projected growth in consumer spending, investment and exports, the office observed.
The office now projects the personal consumption expenditures price index, the measure the Federal Reserve targets at 2 per cent, to fall to 2.1 per cent next year from an estimated 2.9 per cent this year, due to improvements in supply.
ALCHEMPro News Desk (DS)
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