The Congressional Budget Office lowered its forecast for U.S. economic growth this year

The Congressional Budget Office (CBO) released its latest economic outlook report on the 12th, lowering its forecast for US economic growth this year while raising its inflation and unemployment forecasts. The CBO report indicates that US real GDP will grow by 1.4% in 2025, lower than the agency's January forecast of 1.9%. Meanwhile, inflation will rise to 3.1%, nearly a percentage point higher than the January forecast of 2.2%. The report also indicates that the US unemployment rate is expected to reach 4.5% in the fourth quarter of 2025, higher than the January forecast of 4.3%. The report cites the main factors contributing to the CBO's revised forecasts as the tax and spending bill enacted this year, higher tariffs, and a decrease in net immigration to the US. (Jinshi)