The White House expects strong GDP growth in 2021 and 2022 but sees it dropping to 2% in 2023 before retreating to 1.8% through the mid-2020s, the NY Times reported on Friday.

Regarding the labour market, the White House projects an unemployment rate of 3.8% from 2023.

Market reaction

This report doesn’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 was up 0.38%, the Dow Jones Industrial Average was gaining 0.4% and the Nasdaq Composite was rising 0.75%.

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