About 8.9 million are expected to lose all unemployment benefits, while 2.1 million will lose only the extra $300 federal aid connected to COVID relief.
More than 11 million Americans are estimated to lose some unemployment benefits as extra funds distributed since the onset of the COVID-19 pandemic are scheduled to expire, the Associated Press reported. The extra benefits provided an additional $300 a week to beneficiaries already receiving general aid on a state level.
The unemployment cuts"could itself lead to job losses, potentially offsetting any gain" from pushing people to return to work, McCrory and Silver said.A judge on Tuesday, August 31, sided with Missouri Gov. Mike Parson in his decision in June to end several federal programs that provided enhanced jobless benefits for Missourians. Parson delivers the State of the State address in Jefferson City, Missouri on January 27, 2021.
More than 2.7 million people were receiving traditional jobless benefits in the week of August 21, down from 2.9 million the previous week and the lowest level since the pandemic struck. "The expectation remains that labor supply shortages will ease over coming months as benefits end and schools reopen," Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a research note."Even so, health risks, which could influence decisions regarding return-to-work arrangements and school re-openings, could be a constraint for the labor market going forward.
Vaccinations for COVID-19 have been supporting the job market by encouraging businesses to reopen or expand hours and consumers to return to restaurants, bars and shops. In response, employers across the country have been boosting hiring to meet a surge in consumer demand. Still, a resurgence of cases tied to the highly contagious Delta variant has clouded the economic outlook.
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